We are experiencing an event globally that is not only changing the economy but also our personal lives. Businesses large and small are feeling the pressure and implementing a myriad of measures to preserve their cashflows. In order to survive, many organisations have been forced to reevaluate their business strategies and this has highlighted the lack in various processes.
When a company is thriving and the economy is booming, it’s natural not to prioritise investing in business intelligence. Leadership priorities shift to managing expenses and reorganising processes. During these times, organisations big and small wonder what would be the quickest way to identify inefficiencies, protect assets, and keep investor confidence up.
It is estimated that by 2025, we will generate more than 460 exabytes of data every day. With so much data available, it’s important to be able to analyze it effectively and understand it.
BI can help you in many ways, including:
- Identify market trends and opportunities
- Make decisions based on facts
- Track performance
- Analyse customer behaviour
- Increase operational efficiency
Organizations and Big Data
Growing businesses often think they are too small for big data. But data is becoming easier to collect and cheaper to host, making this technology available to companies of all sizes. When facing a pandemic such as COVID-19, it is important to have access to data as quickly and accurately as possible. This is to think fast, make important decisions, and protect your business as much as possible.
Leaders need to make quick decisions and stay one step ahead of the game in an economic climate like the one we are facing today. Business leaders and politicians alike need accurate data to make decisions and if there is not enough information, important decisions can quickly take a wrong turn.
Informed Decision-Making with Business Intelligence
In times like this, business intelligence (BI) and analytics can provide a fundamental benefit for organizations to help them survive. Becoming more efficient in tough economic times will lead to better scalability and profitability when the economy goes back to normal again.
Some organizations spend a lot of money by investing in business intelligence infrastructure, but that’s not the only option. Data and analytics are incredibly scalable and accessible to businesses of all sizes. Every business has different goals and as a result, requires different solutions.
As well as larger projects with some of our more established client base, at Molzana we have worked on delivering automated processes with insightful reporting at more economical prices for clients.
Utilising a mixture of solutions to suit all budgets helps business of any data maturity. In turn this has allowed us to turn information into actionable information and lead to better business productivity.
With a harsh economic climate, it is important for businesses to make well-informed decisions, and having a proper business intelligence solution in place will make all the difference. It will give your business a deeper understanding of your productivity, performance, and profitability.