As business continues to speed ahead in the 21st century, there are plenty of new buzzwords. But one that captures just about every aspect of what you should be doing is simple: intelligence.
What is the biggest way in which business – and the wider world – has changed over the past decade or two? Again, it’s simple: data. And it’s what the highly competitive world of business does with it that can separate the big movers from those who tread the water or sink.
Luckily, there are ways in which data can be easily and effectively turned into better business by just about any organisation that wants to take it seriously. But why would you bother? Because business intelligence touches every aspect of your business today.
Let’s give a few examples of the areas of your business that can be improved by business intelligence:
Not too long ago, running a business involved plenty of guessing, and the best business managers were often those with the best instinct – or the ‘best guess’. But what’s better than guessing? Knowing. Guessing just means you either didn’t have enough data, or you didn’t know how to process it so that decisions are informed rather than simply a throw of the dice in the right direction.
Following on from that, effective business managers used to be separated by the time it made them to turn information into a decision. So if that vast amount of data is more quickly turned into something actionable, then the lag between the collection of the information and a decision can be effectively erased.
In the past, vital information was in the hands of a select few within an organisation, and time was then burned as it was distributed out. But today, actionable analysis of data – reports – can be accessed by anyone, and modern devices means they can be located anywhere.
A key difference between one business and the next is how well they understand their customers, the customers’ behaviour, and the market more broadly. Business intelligence shows what the market is doing, how to better turn that behaviour into profits, and how to improve products or business models and hang onto customers into the future.
These are just 4 aspects of your business that are touched by business intelligence, but there are plenty more ways it can improve what you do including streamlining, efficiency, identifying costs, turning past trends into future successes – and so much more. Sensus Solutions are experts in data analysis, integrated business planning and invaluable tools like BOARD, so to find out how we can help don’t hesitate to get in touch today.