We are in the era of big data, even though quite a number of organisations are still trying to figure out how to cast their nets into the sea. The end use of business data is Business Intelligence. Business Intelligence simply show you the goose that lays the golden egg in your business so that you can give it the needed attention. It will also show you the weak links in your system for the necessary actions. As much as business data is historical, it still does hold the potential to predict the future. Futuristic-ally, it can either show a possible cyclical pattern of events, or the progression of a possible trend. So much said about that…my focus really is on how businesses can/should consider the use of data, cutting into the minutest details to understand how the different elements of the business contribute to growth and profitability. We have often said that the devil is in the details, so if the details cannot be assessed, then the devil can or will never be seen.
Some of the truths that the clinical analysis of the big data will reveal to businesses are;
1. the highest volume customers may not necessarily be the most valuable customer in terms of profit.
2. the highest-ranking sales representative may not be the highest contributor to the business in terms of profit.
3. That the most volume pulling territory may not be the best profit contributor.
4. That the most attractive channels in terms of volume and customer preference may not be the most profitable.
5. That the most selling company product/SKU may not be the most profitable.
Analysis from credible and substantial business data will be able to reveal the best match of all the variables that give the highest profitability for the organisation, which ultimately translates to business growth. In other words, painstakingly sourced data can show where, when, and how sustainable profit can be derived by the company; just by focusing on the right customers, in the right channels, with the right products managed by the right sales representatives.
On the flip side, revelations of leakages in the system can be revealed. It could be in the area of wrong inventory management, expending too many resources in channels, customers, or territories that do not bring back commensurate ROIs.
Having said all this, it is important to underscore the importance of how much data are obtained. Technology has brought in amazing capabilities for data gathering. The next step is for the organisation to also have the capability to make sense of the data. I am speaking from my experience working with different organisations both as employees and later as a consultant.
At Autusbridge, we have developed capacities for this entire value chain. The importance of real-time, on-the-spot, and sufficient data from all necessary points cannot be overemphasized. From the infrastructure design to human capability and support, we have built experience and capabilities. We can also provide training services on Advanced Data Analytics and Business Intelligence that will ensure that the business is to sustain profitability and growth. Having the right interpretation of data to business intelligence will help the organisation to make the right decisions. No business leader would be happy to repeat the experience of the erstwhile CEO of Nokia “We didn’t do anything wrong, but somehow we lost”.
You need to do something to win!
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