Does your business have the right information to prepare for the future?For any business owner, the execution of business strategy can often be hampered by a lack of reliable information. In today’s constantly changing business environment, it’s more important than ever to have ready access to continuous market insight to ensure you have the ability to react quickly and make informed decisions about the business. Privately-held companies continuously need to adapt to new situations, and business intelligence should be an integral part of this evolution, placing information at the heart of all decisions. One of the biggest business myths is that more data will automatically improve performance, but information is only useful if it helps you make better decisions. Business owners are drowning in a sea of data when what they really need is greater clarity and insight. The vast majority of reports end up in a black hole and makes no contribution to important strategic or tactical decisions an owner or management team may need to make. While financial information is generally reported effectively, it’s probably defining the key performance measures and the analysis of market and competitor data that frequently creates the most value. The key for a business owner is to find a way to shift the focus beyond the efficient delivery of information to a strategic approach emphasizing the value of the information itself in order to achieve accuracy from the insight that will drive better business decisions and performance. By aligning information requirements with strategic needs you can create a foundation for better performance measurement, competitive intelligence, and effective decision making.
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