Poor Data Causes Poor Business Decisions
Business Intelligence systems can help your business perform better and help managers make more informed decisions. You must have relevant, recent data in order for the system to give you useful information; poor quality data can lead to poor business decisions.
Data creation has accelerated beyond our control, which is why the data must be harnessed, deciphered and understood to create meaningful insights. Business intelligence brings cadence to the madness, helping businesses derive knowledge within operations. This improves performance and benefits the customer experience.
Poor business intelligence can harm numerous aspects of your business, such as the ability to meet compliance. Meeting compliance ensures your company does not violate federal, state and local regulations. Without correct, current information, your compliance reports will not provide the most up-to-date information and can lead you to believe that you are meeting your compliance requirements. This can lead to violations and penalties, which are costly.
Lack of Communication Leads to Unmet Business Goals
Poor business intelligence can lead to business goals not being met because management was not aware due to lack of communications. Often businesses have siloed-operations which don’t communicate with each other; each operation has its own repository of data, which is not shared across the organization. Without information from across the enterprise, business goals may be missed, which can lead to cash flow issues or lost market share.
Command Alkon’s COMMANDperformance combines all the data from your operational systems, financial applications, and time and attendance programs into one single, integrated platform to help you improve your decision-making and optimize performance.
Lose a Competitive Edge
Business intelligence helps managers better understand sales pipelines and forecasts. With good data from across the organization, you will be able to analyze specific sales trends or monitor customer segments to better understand your market. Business intelligence is crucial in helping businesses determine if their marketing strategy is producing a return on investment. In today’s competitive market, any business that isn’t using data to make decisions runs the risk of falling behind.
When you have to compensate for inaccuracies due to poor data, and need to work around deciding how to deal with it, there is a loss in productivity. Good, useful and timely data is critical for improving competitiveness, along with operational efficiency, risk reduction and customer satisfaction.
Gain Confidence in Decision-Making
With Command Alkon’s COMMANDperformance, simple dashboards help you stay on top of trends at a glance so that you can make informed decisions quickly and with confidence. Business intelligence systems like this give executives insights into the true health of an organization that are not readily available from a profit and loss statement.