3 strategies to drive value from existing data with business analytics
Three data-driven approaches to increase value
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For decades, middle-market organizations have focused on collecting transactional data and transitioning it into enterprise resource planning systems. Most organizations have captured a large amount of data, which has been costly. The question becomes how do organizations drive more value from data than the cost of collecting it?
Organizations must implement processes to realize the true potential and return on investment of data. Data should be viewed as a key asset, similar to cash or equipment, and effective business analytics strategies can help turn data into meaningful business insights. Better decision making can improve financial results and help organizations develop a competitive advantage.
An independent, third-party study from The National Center for the Middle Market found that vision focused management was a key trait of businesses that achieved success during the recession. Three business analytics strategies can help middle-market organizations plan, execute and monitor growth:
- Business planning: Use data to objectively plan for where the organization is heading
- Profitability analytics: Drive profitability with enhanced insight
- Benchmarking and performance analytics: Move forward by knowing where the organization has been and how it compares to peers
As companies capture more data, strategies must be in place to put it to use. The three strategies above are achievable, tailored solutions for the middle market and can help organizations maintain and potentially improve that competitiveness in the future.