In an economic downturn, there's little margin for error. Having access to the right information and predicting demand, can mean the difference between success and failure. When the market is down the value of data becomes more important - Which products actually do provide our profits? What customers and locations are driving the most revenue? Does revenue success translate to profit success?
In today's fast-paced and changing business environment, simply having timely and accurate data isn't enough. Data and, by extension, is particularly important in a down economy. Decisions are always easier when you have the relevant information at your fingertips, and in a down economy critical decisions are about survival not bragging rights.
So you may ask, how do I know if I need a business intelligence tool for my business? It starts by asking, "What do I need to measure if I want to keep my finger on the pulse of my business? How do you know if my business is or isn't working? The answer to that question gives you an idea of what KPIs (key performance indicators) to capture. Next, you'll also want to look at if your business decisions are reactive, based solely on past performance (aging, inventories, etc.) or are they proactive, based on predictive business intelligence?
The economy is unpredictable right now, but having the right data and intelligence put in place that will facilitate more rapid decision-making will serve you well now and into the future. Having a proactive approach to your business is always more profitable.
You don't have to spend a lot of money to get good tools. You may already have some in place. Business intelligence tools such as reporting and dashboarding applications should give you a big picture view. They should also let you drill down to get the details you need to make better decisions.
Business Intelligence allows companies to work smarter and when the economy turns-as it inevitably will-those that have the right in place will be in the best position to seize the next wave of opportunities. For more information on how business intelligence can help your business, feel free to visit .
by ERT Group -
