Two major changes are taking place in the world of business today: the value chain now begins with the buyer, not the seller, and big data keeps getting bigger. In order to stay competitive, companies will have to become more customer-centric in the way they do business, and they must take control of their data to do so.
Until now, decision makers have measured success using traditional KPIs, benchmarks, and other established metrics, but in this new reality, it will take more powerful tools to know whether your business is succeeding or not. This is where the value of Business Intelligence (BI) comes in.
Business Intelligence (BI) refers to technology tools and applications that help companies make better decisions based on real-time data, reporting and analytics. It can provide insights into practically all areas of your business -- customers, products, services, revenues, locations, inventory, distribution, etc. BI solutions use cubes, which are powerful tools that analyze data in multi-dimensional formats so it can be viewed in any combination. With the ability to put large amounts of complex data into more intuitive formats and view it from all angles, you can see what’s really happening throughout the supply chain instead of what you think might be happening. This empowers you to make timely, informed decisions with reduced risk and increased efficiency.
Some companies already recognize the value of Business Intelligence and are spending hours equal to that of a full-time resource to slice and dice data through manual formulas. Instead of your CFO spending half his time sifting through complicated piles of information, it’s more cost-effective to invest in a BI solution that can do this for you and provide even greater insight.
Here are a few points to consider if you are thinking about implementing a BI solution:
Strategic goals - Before buying any software, you should have a clear vision of how it fits in with your overall goals. For most businesses, the long term strategy should include becoming more agile to meet the challenges of a customer-led value chain.
Agile processes – Once you have access to the insights provided by BI, what will you do with them? Are your operational processes agile enough to act on your findings? Using BI along with a powerful business management system such as Microsoft Dynamics AX or NAV will give you the ability to respond quickly to changing market demands and maintain your competitive advantage.
Data integrity – If you know your data is inaccurate, the value of BI software is highly diminished. Depending on the BI tool you choose, you may also need to consolidate your data into a single source before it can be effectively sliced and diced.
To maintain your competitive advantage in the future, it’s essential to put the customer first, take control of big data and improve your business agility. Business Intelligence can show you what is and is not working in your organization. Why continue to prepare for the unknown, when you can prepare for the known? Contact OmniVue today to find out more – we can help you take the first step toward becoming more agile.
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