Business intelligence the key to good strategy
When it comes to effectively implementing a successful business strategy, there are a number of different factors which need to be taken into account in order to get the most from your system.
This is true now more than ever, with firms experiencing an ever-changing landscape of external factors which can undermine their company model without notice.
In fact, a recent study from Deloitte has identified eight key factors which are now shaping the way that business strategies are being formulated and executed under these conditions.
Many of these factors are becoming increasingly important for companies around the world. Issues like highly connected and informed consumers have had a huge impact on business strategies, while talent is becoming increasingly sought after.
However, one of the most important key trends is the growing importance of reengineered business intelligence. Deloitte suggested that modern businesses are turning towards new digital and cloud-based strategic management tools in order to better understand the performance of their company.
The study suggested that existing business methods, hinging on the perceptions of senior managers, are often not enough to keep on top of changing market conditions.
Instead, companies need to embrace internal measures which can provide value based on solid data and input from various stakeholders. These next-generation business intelligence services are expected to be crucial for realising the long-term success of companies in an incredibly competitive marketplace.
Another key development which the study noted was the use of cloud-based services in order to scale company capabilities, especially among small and medium firms. Whereas high-tech analytical systems were previously the territory of larger businesses, now SMEs can also afford to tap into accessible IT solutions which increase their competitiveness.
However, the same trend has resulted in a reversal of positions, with larger companies becoming more agile thanks to these technologies, a feature normally associated with smaller firms.
As these trends become more pronounced, company strategies are going to need to become more agile and responsive in order to remain competitive.