“Most of the world will make decisions by either guessing or using their gut. They will either be lucky or wrong” – Suhail Doshi
Data management is an integral part of strategic decision-making of any growing or established business. Organizations that forego proper procedures to accumulate and automate data are usually at the receiving end of detrimental consequences. They are either making decisions without timely information, incomplete information or simply wrong information. In the business environment that organizations experience today, effective research and development, forecasting, operational analysis or market analysis are the only things that help them stay ahead of the competition and they run blind if not based on properly automated and reliable data.
There are numerous reasons why enterprise applications like business intelligence, trade and risks, and marketing and consumer resource management are completely useless without automated data:
A corporation is blind with respect to business objectives
Data is the stepping stone for the entire process, irrespective of what it is. It can be anything from planning the next marketing campaign, making a trade decision or preparing a feasibility report for the next company acquisition. Not only is proper automation an absolute necessity, the collection of data according to the predefined guidelines that determine its reliability is also extremely important.
Despite the fact that most companies realize this, they fail to execute it effectively. A staggering 74% say that they want to be data-driven, but only 29% actually convert data analytics into strategic decisions that they implement.
It is like building a structure without a foundation
Data always forms the basis of information that generates insights. Without data about historical occurrences or research input about latest developments, deciding a future strategy and line of action or making accurate predictions is almost impossible. Just as a building without strong foundations might not be able to stand for long, management decisions based on no substantial or unreliable data will stumble when exposed to market realities. Coca Cola’s new coke that was introduced in the 1980s is an epic example of a structure that collapsed due to lack of data.
Recommendations from these applications are rendered unreliable
With appropriately collected and automated data to back it up, business management processes and decisions that direct growth and development operations are hard to justify. You might be a successful enterprise with a proven clientele but in order to make your idea stick and sound bankable, you have to substantiate it with real and timely data search.
Strategic decisions can go haywire
Kodak, Nokia and Yahoo are just a few cases of companies that plummeted to the bottom when they were at the summit because their strategic decisions were not accurate due to their respective inabilities to predict changing market dynamics. Data management, automation picks and highlight trends that are emerging in the market and if they’re going to last for a substantial period of time. Without the research and numbers, as a company, trusting your instincts can be potentially catastrophic.
Without reliable data and the technical means to integrate it with corporate applications there are a number of fronts where business operations can go wrong and the results can range from minute to catastrophic. Corporations that fail to understand the need to base enterprise strategies on appropriately collected and automated data are aiming for the target in the dark with a blindfold on.
The data markets continue to grow at an alarming pace, as more data becomes available, the more tools clients need to capture that data in a systematic fashion. Data automation is an arduous process for corporations to execute on their own and therefore, there are numerous service providers that solve these problems for them.
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