Data’s Emergence Amidst Financial Chaos In the wake of global financial disruption, data’s role surged dramatically. Traditionally, sectors saw data as key to gauge performance. Yet, they often limited it to their specific domains. For instance:
- Business Operations: Focused on measuring productivity.
- Commercial Departments: Looked at market demand.
- Finance Sector: Kept an eye on profitability.
However, a shift occurred. Where once decisions leaned heavily on a qualitative approach, the tides changed, especially as market challenges grew evident. A classic example of this transition is the film, “The Big Short”, which showcases how some experts mined data, spotted hidden trends, and crafted winning strategies.
The Modern Data Era and BI’s Rise Today’s digital age produces a mind-boggling 3.5 quintillion bytes of data every day. The Internet of Things (IoT) further fuels this growth. In fact, a whopping 90% of global data has come to life in just the past two years alone. Alongside this vast data influx, Business Intelligence (BI) tools have also risen prominently.
Bain & Co’s Insight into BI Adoption A revealing study by Bain & Co highlighted the benefits that early BI adopters enjoy. After examining over 400 large companies, findings included:
- Financial Performance: They’re twice as likely to rank in the top financial performance quartile within their fields.
- Decision-making Speed: They make decisions five times faster than their peers.
- Execution: They have three times the likelihood of executing decisions as planned.
- Data Utilisation: They’re twice as likely to use data regularly in their decision-making.
Importantly, BI platforms aren’t just for the elite corporations anymore. Innovative services like ‘Any Data Solutions’, which offers “Analytics as a Service”, are ushering in a new era of market diversification.
The Two Faces of Corporate Data Having internal corporate data is crucial, but it’s only half the story. For a comprehensive business view, one must align internal performance insights with broader market trends. This alignment is where market intelligence tools truly stand out. Let’s explore further:
- Commercial Insight: If a team’s performance drops by 10% YoY, internal data will show this decline. But, what if market intel shows a 50% market drop? Suddenly, that team’s performance appears commendable.
- Resource Strategy: Imagine you’re hiring junior consultants. Market intelligence can guide their placement, ensuring they’re in growth-focused segments.
- Leading with Knowledge: In the ultra-competitive recruitment sector, using BI can shape data-driven thought leadership strategies. These not only provide clients with priceless market insights but also set your brand apart.