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Excellent Data Analysis: The Key to an Excellent Business Strategy

The overall success of a business depends on many factors, including leadership, vision, economics, competition, and analytics. But it is data that is the driving force behind a business’s success or failure.

According to Ovum Research, a business receiving poor quality data could lose revenue of at least 30 percent. Business leaders across the board are now recognizing the significance and importance of using high-quality data to ensure a successful business–and making changes to do so.

Smart Data Management

For many businesses, the answer is to invest in high-tech data processing applications and advanced predictive analytics to rein in the data and make it work for them. However, some businesses are finding that even the latest data processing equipment doesn’t help when the core data is a mess.

Expert business analyzers have found that there is a better way for companies to manage data; it’s called master data management (MDM). Although this isn’t a new concept, it has come to the forefront for many business leaders because of data’s vital nature.

Leaders know the importance of collecting data on customers, suppliers, products, location, assets, and employees. Although the overall success of a business depends on this critical data, it can be hard for managers to focus on it because of other priorities, business mergers, or siloed systems.

Smart Data Analysis

Eventually, though, it becomes glaringly obvious that there are gaps between what they do know about these critical data categories and what they should know. Such a realization compels leaders to start looking at these critical concepts:

  • Sales are optimized by knowing the customer, the product they purchased, the location of purchase, and the supplier.
  • Recalls can only be effectively and efficiently handled when the business knows where the defective part came from, where it went, and where the products are located.
  • Marketing new drugs requires knowing the researcher, the research site, compounds used, and test patient data.
  • Product models, date of manufacture, and location of manufacture play an important role in meeting regulatory reporting guidelines.

Many times, this data is easy to manage until the business begins to grow. The larger the business gets, the harder it can be to track the data. As the data becomes fragmented across applications, it’s harder to see the “big picture.”

Smart Adaptation

Moreover, the data keeps changing when the following occur:

  • Customer demographics change.
  • Suppliers move or change.
  • New products launch and old products discontinue.
  • Assets are gained or retired.

All of these changes result in inconsistent, scattered data that’s hard to find and possibly not accurate. This costs businesses time and money and can result in frustrated, overworked employees.

Adapting, forward-thinking leaders can take a different approach:

  • They can locate the data glitches.
  • They can focus on the process of receiving and storing data.
  • They can find a product that is designed to manage business data from one location (like MDM).

MDM can help a variety of industries achieve a streamlined method of data management by helping marketing teams optimize the cross-sell and up-sell process, helping the procurement team optimize sourcing, and helping the compliance team manage data needed to create regulatory reports efficiently. MDM brings all of a business’s data under one umbrella, resulting in the most up-to-date, accurate, critical business information possible to help businesses thrive and grow.

Despite the management style of choice, it’s clear that smart approaches to data analytics is what puts one business ahead of another.

8 Ways Businesses Are Innovating with Cloud

Many companies have joined the cloud to cut costs and enjoy easier scale, but the technologies that power the cloud can also help companies innovate within their own markets. When companies begin experiencing the benefits of cloud adoption, the savings and flexibility can be used to alter revenue streams or reinvent an entire industry.

Cloud propels innovation through intrinsic benefits and by inspiring and enabling changes. Here are eight important ways that the cloud fuels innovation:

Collaboration

When employees have greater access to and communication with each other, possibilities emerge for innovative ideas. Businesses even find new revenue streams. Cloud technology enables collaboration across different locations and departments more easily– within the building and across the globe.

Faster innovation

The most popular cloud solution, SaaS (Software as a Service) helps the vast majority of companies using the cloud get results faster than ever. The agility and scalability of SaaS encourages companies to experiment with transformative new projects and disrupt their market rather than simply gaining efficiency.

New revenue streams

Rapidly changing technologies fuel companies to quickly alter their own business models. While selecting from SaaS and other cloud services, companies are taking the new value added and applying it toward reinventing the business with new revenue streams added.

Making the jump from specialist to leader

In addition to collaboration and crowd-based information, the cloud also helps businesses search and discover specific talents and specializations. When you need a revolutionary thinker, the cloud helps you find the right person for the task. Cloud takes the value in a niche skill and brings its benefits to scale.

Sharper insight, better decisions

The cloud brings together big data and provides access to highly sophisticated analytics. In turn, companies can use this information in decisive moments to propel innovative ideas into successful projects. The cloud pulls people and ideas together and gives executives the information they need to move forward confidently on new projects.

More mobile tech projects

With mobile apps fully ingrained in both internal use and consumer platforms, companies need cloud to integrate IT, product development, customer relations, and other departments. Cloud technologies offer the perfect solution for generating better mobile products that change how business is done or create an entirely new model of the customer relationship.

No more red tape during development

Innovation can unfortunately be slowed down by clunky testing and deployment processes. Companies that are innovating quickly are doing so by using cloud-based tools to integrate IT development and operations teams, cutting the red tape and enabling productivity in innovative teams.

Engaging and learning from customers

The cloud makes it easy to interact with customers, creating a new font of information and the opportunity to test new products quickly. Innovation leaders are using cloud-based data to source ideas about what customers want next. Cloud solutions also serve as an agile way to test new ideas and engage customers during product testing.

Many companies are using the cloud for cost reduction without leveraging the technology to grow or disrupt the market. Increasingly, though, businesses in the cloud are finding the tools necessary to innovate in profound and fundamental ways.