Why Acquiring Relevant Business Data Matters
Knowledge is power, and the quest to constantly gain more comes through how information is acquired and processed. The best way for a business to be as transparent as they can requires knowledge of as much data relevant to business operations as possible, which is where business data reporting and analysis plays a vital role.
The following is a breakdown of why acquiring and effectively using business data is crucial:
‘The pace of change requires companies to be able to react quickly to changing demands from customers and environmental conditions. Although prompt action may be required, decisions are increasingly complex as companies compete in a global marketplace. Managers may need to understand high volumes of data before they can make the necessary decisions. Effective business intelligence (BI) tools assist managers with decision making.
BI tools provide decision-makers with the information that they need to make insightful decisions. Company data is often stored in multiple, unrelated software applications and databases. BI tools gather and process data from multiple sources. They produce reports on the information to increase the knowledge of decision-makers. Effective BI helps companies identify growth opportunities, understand customer preferences and increase competitiveness. BI is most effective when it is presented in user-friendly formats, such as scorecards and dashboards.’ (Lynne Macdonald, smallbusiness.chron.com)
At Horizant we offer a range of different product/service offerings designed to help empower a wide range of organizations, and our ARCHIBUS software allows organizations to use a single, comprehensive, integrated solution for informed strategic decisions. Contact us to learn more about how we can help.