Data is all around us and we often feel swamped by how much there is to understand, digest, and analyse both personally and in business. We are constantly bombarded by updates from mobile apps, emails, and texts, which can put us off wanting to analyse and review data on an ongoing basis.
We have data overload & our mental capacity to accommodate and retain all of this information is restricted. I am going to set out below why I believe timely information and analysis is critical in the success or failure of business performance.
All too often I read in the press that a business has failed by not understanding its current financial position and not being aware of the current trading performance or possessing the ability to adapt to pivot to a changing environment, until it is too late.
An agile business should be able to use its resources (often people) in the most productive and profitable ways to drive business success. This mindset will allow the business to adapt. However, in order to change you need information.
Information allows us to be informed. Having the information available to make such decisions can be critical and the difference between a profit and success or loss and failure.
Business analytics and intelligence is just one area which needs to be covered sufficiently in every business, and I mean every business as it enables reliable decision making. If you are not able to retain in your mind all of the critical information such as knowing your most profitable product, region, sales performance statistics, cash balances, money owed and money due and in addition, be able to identify trends, then I believe you need to have a system in place which allows you to achieve this.
Having a good handle on your own BI is only a start, you need to understand and monitor lots of information in business, including competitors, market conditions (spotting threats and opportunities), the economy (both macro and micro), political and regulatory impacts and changing technology, to name just a few.
Too often getting in depth analysis of your sales, product, customer, supplier and cash performance is deemed as too costly and troublesome. This may be a task which is performed on a monthly basis and most likely more time is spent collating the data (in excel) than analysing and reacting. Does this sound familiar?
My top 5 tips to getting the most out of your BI:
- Review the time taken to prepare existing weekly/monthly reports.
- Estimate the % of effort for: Data collation Vs Time spent analysing e.g. 80/20.
- Plan which data you would like to see and understand. Write down your biggest challenge which you would like to prove through your data (send it to me if you would like).
- Prepare your data with analysis in mind e.g. tagging customers and products with their segment/category/location/sales manager.
- Break the data fatigue cycle – move to a constant review, rather than periodic cycle. Become more agile.
Ultimately, I believe Business performance should be a continual process and adapting constantly, not seen as a “review” process. Challenge this norm, explore how Cascade.bi can help you improve your business performance.
BI for SMEs used to be an expensive task which only larger companies could afford. With modern cloud based technology, the cost of distributing and analysing this data can be as little as the price of a mobile phone contract each month…….pause……who runs their business without a mobile phone?
Contact us for a free no obligation trial:
Cascade.bi packages start from just £45 month, no set up fee , no installation cost or training required. For a free 14 day trial, contact us on: firstname.lastname@example.org or call 03330 112882