Business Insights are Critical to Success
In today’s dynamic business environment, organizations cannot fly blindly and expect to succeed. There is a trove of internal and externally sourced data available to organizations that can and should be used to improve decision-making. Ignoring the valuable information that can be gleaned from the data and simply operating on intuition will not only limit growth and productivity but could actually have a negative impact on business operations. Conversely, seven in 10 organizations reported the top benefit of analyzing data is that the resulting insights improve their efficiency. Another key benefit of data analysis is gaining a competitive advantage.
These benefits are essential in a demanding global economy that does not tolerate inefficient business operations. Organizations that operate on razor-thin margins run the risk of incurring losses if they function inefficiently. Additionally, organizations may see their margins erode if their competition is able to generate and use insights more effectively. In some cases, successful new business models only exist because of the insights provided by data. Poorly informed decisions can have dire financial consequences that not only impact current operations but also long-term potential.