The phrase “information is power” is often repeated by personnel and managers of different areas, businesses, and governments. However, despite having lots of information or reliable sources, if you do not know how to handle, manage or interpret correctly all the compendium of data that reports and technological compilations show, it’s like going back to square one.
So, under this paradox, we prefer to use the phrase: information is decision-making power. With the appropriate resources, it is possible to anticipate situations, understand the organization’s status, the supply chain’s performance, or the risks that any business might face.
But if it is used as a deeper, specialized analysis, it is possible that it transforms in the key to detonate non-explored opportunities. All for the benefit of the company and its commercial advantages.
Analytics, quality data, insights?
Before delving into it, let’s be clear about some terms:
- Analytics: in general, it is the use of quantitative and explanatory measurement to find answers that will be used in different ways such as decision making, or project implementation.
- Quality data: all the information that can generate greater value and is predisposed for a specific purpose. The quality of this data will depend on the context for which it is required.
- Insights: it is the key information resulting from an accurate and adequate analysis to provide hidden situations and opportunities that have not been explored yet. Those possibilities are invaluable.
Correct interpretation brings a business to life
The importance of properly analyzing and deciphering all the insights and data to the needs of a company will be a decisive factor in triggering its success. And this will be reflected in the implementations originating from these initiatives. But what is there to keep in mind for this interpretation?
- Understand business priorities: when clear and quantitative goals are established for the organization, it is easier to identify where to start or the status of the stage in which we are.
- Select the ideal metrics for the business: the information that for one industry may be highly relevant, for another it may not have the same impact. For this reason, it is necessary to choose between the quality data that will benefit us.
- Detailing objectives while still looking at business goals: For sustainable strategies, modern finance leaders know that data implementation does not happen overnight. To achieve the expected results, it is necessary to remain constant.
The key: information transformation
Although the most visible is the implementation of initiatives, projects, or strategies, before getting there, you must understand what the key and relevant information is. But how do we get there? Through the analysis. The finance leader must have the ability to use all the tools and metrics that he has at his disposal to generate an informed and comprehensive decision-making. We believe that this is the key for a company to have a healthy, beneficial, and productive relationship with quality data.
Understanding and discerning among all the available information will enable hidden opportunities and take all the transformations and implementations created through information to the next level.
According to data from KPMG International, in 2016, 87% of high-performing companies made analytics and data a strategic priority. For their part, companies such as Amazon, Netflix and Coca-Cola have been making Big data and strategic analysis a fundamental part of their brand and commercial decisions for years.
Trust in the Source
It seems that everything is based on data, but trusting in the source of it, in the reliability of the metrics involved, and in all the analysis delivered, becomes the foundation to improve the relationship of our company with the data.
In this regard, and as the most present example for us, all the solutions and tools designed by CIAL Dun & Bradstreet are aimed at generating a real, visible and profitable impact throughout the entire company, especially in supply chains and processes that need to be followed in detail. All of this is driven by the CIAL Dun & Bradstreet Data Cloud, the world’s largest business database.
Strengthening your business through these possibilities will be vital for future business prospects to grow. Our best advice for you is to see this as an investment and not as an expense, because tomorrow’s results are built today.