Organizations are constantly on the lookout for methods to better utilize the data they’ve collected in order to improve, identify strengths, and realize market opportunities. One of the ways this is accomplished is by leveraging a business intelligence (BI) solution to gain actionable insights to strengthen company performance. If you haven’t started using BI, keep reading today’s Throwback Thursday article to find out why you should, and how it will help your business thrive!
Competitive advantage means a company has or does something uniquely excellent. This is important because as you are reading this, your industry is changing and shifting under your feet. Competitors are watching how you evolve and are copying your products and services. Do you have flat rate shipping? They’re offering free shipping. Released a new product? They’ve already started working on the next version. The only way to do something uniquely excellent is to constantly push the envelope through continuous improvement.
In chess, the best of the best; the Grandmasters think many moves ahead for both sides. They know what will happen before it happens. More important than this, they are skilled at evaluating possible decisions before they take action. The most successful Grandmasters notate their games, collecting data from each round. They can then learn from, and leverage the data from thousands of games in order to beat their opponents.
Intuition is valuable, but intuition based on data wins every time.
The good news is, your company likely already has the data it needs to make a bigger impact in the marketplace. You have valuable information to help you make better decisions. Think financials, customer databases and sales pipeline data, just to start. The question is: can you use this data to outperform the competition?
Best-of-breed companies understand their data is a company asset…it’s just that raw data, rows and rows of data, can be difficult to analyze. With the right approach and toolset you can begin to combine, slice and compare this data to find new relationships.
The insight happens when you start asking questions of your data and you get quick answers in return. Questions like: who are my top salespeople and what are they doing right? What’s going on in the warehouse? What product mix is performing better for region A? Region B? Why?
One of our customers, a wholesale distributor, uses Jet Enterprise to spot and react quickly to regional buying trends. Since implementing Jet Enterprise, the company has seen revenue growth of over 32%.
With actionable information you have the opportunity to quickly respond to customer needs. Do this better than your competitors and the advantage is yours.
Read more to learn how you can use technology to strengthen your competitive advantage.