Unwieldy Data Rules
Companies today create treasure troves of data from their daily operations. Call center interaction with customers, product preference histories, manufacturing process data and financial transaction histories are just a few examples of the data that can generate untold business insights and drive increased profitability. All too often though the data is never converted into information and, in a sense, the organization flies blindly when changing business conditions reduce executives to strategizing by the seat of their pants.
To contrast, the company that collects data and processes it into actionable information can gain competitive advantage while rationally improving operations and profitability. Officially dubbed ‘Business Intelligence’ (BI) this transformation of data to information can, for example, provide insights into how price changes might affect buying behaviors or whether a supply chain is properly aligned with consumer demand.