1) You Must Maintain Your Competitive Advantage
There’s zero doubt in my mind that current circumstances have impacted everyone in some way. The coronavirus has flipped daily routines on their heads, making business anything but usual. The way we socialize, live and work on a day-to-day basis, and track performance of individuals and businesses, have completely changed.
What typically happens in uncertain times like this, is companies make the decision to scale back. They stop making purchasing decisions and investments in their business. They choose to wait it out and see what unfolds. But there’s a difference between what typical companies do and what successful companies do. The most innovative, successful companies don’t wait. They take action.They quickly adapt to any and all changes around them – including what we’re experiencing globally right now. Companies who take charge are better positioned to capitalize on future opportunities.
In uncertain times, you may be forced to streamline your operations and work with fewer resources. There’s potential for reduced worker capacity and newly remote workforces to manage. As we’ve seen over the past few months, how you manage your business, as well as where you do business from, can have a massive impact on your success.
Your ability to maintain a competitive advantage can suffer tremendously without the proper tools to manage all of these moving parts. Catapulting your business above the competition – requires an investment in Business Intelligence and Data Analytics.
2) You Can’t Afford to Run an Inefficient Business
Do you know what inefficiency costs your business? According to market research firm IDC, “companies lose 20 to 30 percent in revenue every year due to inefficiencies.” And this is in normal times – converse to those we currently find ourselves in.
Without a complete understanding of all the inner workings of their business, executives and business leaders are blind to serious weaknesses and can’t plan for future growth. If they aren’t aware of how the business is being impacted by certain activities – or a lack of activity – it’s near impossible to prioritize and be efficient – let alone maximize efficiencies.
Leaders who make smart decisions for their business have real-time, relevant insights at their fingertips. Most likely they have invested in a Business Intelligence and Data Analytics platform and discovered early on its value to their business. This is a technology that provides them with the information they need to drive their decision making – and empower them to take action.
Business Intelligence and Data Analytics keeps everyone, and everything connected in your business. Companies that adopt these technologies will see an increase in productivity – everyone will know which activities move the needle and which activities are most impactful to the goals of the company – and will ultimately become more efficient.
3) You Need to Base Your Decisions on Cold, Hard Facts – Not Fiction
A lack of insight into the real story of what’s happening in a business is a common complaint shared amongst leaders. But it doesn’t have to be this way.
Consider the World Health Organization (WHO) and the challenges they’ve been facing the past several months, trying to understand this global COVID-19 pandemic. What if they made the decision to wing it and neglected to look at any data or facts? Think of the chaos that would ensue. Instead, the WHO uses data in real-time to make sure they are seeing – and understanding – the full picture and can act accordingly and quickly. They rely on Business Intelligence and Data Analytics to save lives. They rely on it to power their organization and empower their team to make the right decisions – at just the right time.
Take for example the following publication in The Bulletin – one of the world’s leading public health journals – which illustrates the power of data and analytics – specifically in regard to the health industry – and the growing enthusiasm for its potential usefulness in transforming care and research. In 2015, during the Zika virus outbreak, “The value of health research based on non-traditional data streams from Internet-based applications… has already been demonstrated… analyses of reports in the online media helped to supplement existing information, close knowledge gaps and allow researchers to estimate transmission dynamics and plan response measure that extended beyond vector suppression.”
Why is your business any different? Business Intelligence and Data Analytics will help you uncover insights in your data – and supplemental data – so you can make the right decisions, at the right time. See what is happening – in real-time – and use those insights to guide decision-making with facts and not fiction.
The time to invest in Business Intelligence and Data Analytics is now. This is your opportunity to close the gap or surpass your competitors. This is your opportunity to increase the efficiency of your operation at a time when it’s paramount to do so. This is your opportunity to ensure a positive bottom line, regardless of the current climate around you.
If you don’t have a Business Intelligence and Data Analytics platform, what are you waiting for?
I can’t think of a better time to act than now.
About the Author
Jordan Zenko is the Community & Content Manager at Dundas Data Visualization. As Dundas’ resident (and self-proclaimed) story-teller, he authors in-depth content that educates developers, analysts, and business users on the benefits of business intelligence.Follow on Linkedin