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How can I convert business intelligence into a competitive advantage?

Business challenges are rarely related to not having enough data. But many find it difficult to separate the actionable information from the noise.
 

Start by asking the right questions

87% of companies agree that digital transformation — the capability of a company to increase the share of digital services that it's delivering to customers1 — is a competitive opportunity.2 So the question shifts from "Do we really need digital transformation?" to "How do we facilitate a change of this magnitude?"
 

Put the right information to work

 
At the end of the day, even the best, most actionable data is merely information if the right actions aren't taken. That's what separates insight-driven companies from the rest. Organizations that are insight-driven rely on their business intelligence to identify opportunities and then use that information to ignite employee productivity and inspire exceptional customer experiences.

Now, that's far easier said than done. And in today's fast-moving business economy, sometimes the best way to keep up is to admit you could use a little help.

Take a deeper dive

Why analytics are mission-critical

Even when equipped with the appropriate data, how can you be sure you're making the right decisions when tasked with change? And are you prepared to accept the cost if you make the wrong decision?

85% of companies are striving to be data-driven. Roughly 37% have been successful. — 2017 big data executive survey3

The effective use of analytics can offer critical business insights that help companies break into new markets, build stronger relationships with consumers and streamline processes in supply chain and workforce management.

As a business leader, one of the best steps you can take to future-proof your company is to enlist a skilled partner to help you navigate the world of analytics. Look for someone who is ready and willing to jump into the trenches with you, track business trends and deliver recommendations with the power to give you a competitive edge.

Giving structure to your data

 
Before you can realize the business benefits of big data analytics and make effective data-driven decisions, you first need to implement a solid, actionable framework for information or data governance. Start by trying to understand how you currently manage data and what gaps exist between your current state and the desired end state. Once you've quantified this information, then you can construct a focused plan for improvement.

Proper information governance empowers your employees to collaborate more effectively while managing both risk and costs. The end result should enable you to leverage information for a competitive advantage, as opposed to just offering visibility into your data.

More information

 
Take the next step

Ready to transform your business?

Talk to a Ricoh professional about your specific business needs and how we can help you overcome your unique challenges.

 
 
1Nick Ismail. "Digital transformation is now a matter of survival." Information Age, July 20, 2017. https://www.information-age.com/digital-transformation-matter-survival-123467460/
2"The Digital Talent Gap: Developing Skills for Today's Digital Organizations." Capgemini Consulting. https://www.capgemini.com/wp-content/uploads/2017/07/thedigitaltalentgap27-090.pdf
3"Big Data Executive Survey 2017." NewVantage Partners, 2017. http://newvantage.com/wp-content/uploads/2017/01/Big-Data-Executive-Survey-2017-Executive-Summary.pdf
 
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