With the endless amount of data available, it’s easy to get overwhelmed. In our previous post, “Challenges Mid-Market Businesses Face by NOT Having BI,” we touched on the factors that lead you to that overwhelmed state.
However, you can avoid these challenges by gaining the ability to leverage all of the data that is available in a way that allows you to transform it into useful insight. Equipping your organization with the right business analytical tools to exploit more data prepares decision makers with the right information and improves overall business efficiency. There are a few critical capabilities that need to be in place to establish your organization as a mature, high level business so success is within your reach. How have leading mid-market companies been able to position themselves to become successful and beat their competition by using BI?
Ability to deliver updated information on-time – Nothing renders data more useless than when it is delivered too late. When this happens, the information becomes debatable and important, smart decisions cannot be made. BI not only keeps your information automatically updated, but it also gives the right information to the right person at the right time.
Support from executive level – Gaining solid support from senior executives helps to formalize structure and procedures for BI and analytical initiatives. Ensuring the importance of these solutions puts everyone in your company on the same page, giving them confidence to make smarter decisions.
Data sharing and collaboration across functions – Data can become fragmented and complex when it is separated across multiple business functions. Breaking down these barriers and normalizing your data makes it more accessible to those who need it, ultimately saving you valuable time and money.
Oversight of end-user data access and usage – Having the ability to provide governance of this now centralized data, ensures that all procedures are being followed, data management is consistent, and the right people are getting the right information.
According to research done by the Aberdeen Group, organizations that were able to put these in place and leverage BI achieved:
- 86% greater year-over-year increase in organic revenue
- 4-times greater increase in operating profits
- 3-times greater reduction in operating costs
compared to their competitors who were not using BI.
To get started putting these critical capabilities in place so that you can beat your competition with BI, request a Socius Business Strategy Assessment today.