Do you recognise this scenario? It is time for the monthly management meeting and the heads of department are sitting round the table with their reports and presentations. The Managing Director asks about last months financial performance and business prospects going forward. This is where the confusion starts, because when it comes to revenue the Finance Directors figures differ from those of the Sales Director and the Marketing Director figures on the future orders differ from those of the Property Director.
The Managing Director starts to look a little concerned and realises that any decision made today will not be smart.
The Managing Director has concerns, because not having a consistent and accurate picture of your business is a serious business risk. A risk that in a difficult economy may prove to be catastrophic.
Need for Intelligence
Research from an annual survey of 1,500 Chief Information Officers, shows that for the last four years, Business Intelligence (BI) is the number one priority for a company. Over this period the economy has gone from growth to recession yet, irrespective of the economic climate, the need remains for BI to provide smarter decision making possibilities.
BI is a key asset, just like bricks and mortar; it allows risks to be better managed, hidden value to be found, ideas to be generated and promotes business agility. In a business environment of survival of the fittest it is a factor that allows your business to stay ahead of the competition.