I passionately believe in good quality Business Intelligence. It plays a central part in developing great companies. In my 30 years’ of experience in providing leading multi-national companies, government bodies and trade organisations with strategic market information, I have never seen this to be more relevant than it is today.
We have entered into an era where business information has become a vital key in carving a successful way forward. Whether it be for innovation, product development or effectively capturing the imagination and interest of target groups.
The arrival of the Internet has been both a blessing and a curse. The blessing is of course that basic information has become truly accessible; the curse is that processing it into meaningful intelligence has become a time consuming and costly affair.
The perception of ‘free information’ is, as a result, a bit of a red herring. The reality is that this information has always been free, and for good reasons – it serves a purpose for the purveyor of it! Guaranteed unbiased, independent, quality research always carries a price.
The processing, interpretation, contextualisation and turning of basic raw information into relevant and statistically significant data requires investment, skill, experience and attention to minute details. Moreover, the information offered must also be unique and of the highest possible quality to be of value to the user. Only then does it become “Business Intelligence”.
But Business Intelligence is fairly redundant unless it delivers tangible results for everyone involved. It must fulfil the strategic needs at boardroom level, as well as being directly implementable by your sales functions.
Business Intelligence can be a great leveller. Whether you are big or small, with the right intelligence, any sized organisation can gain a significant competitive edge.
So with that in mind, have you considered the quality and utility of the Business Intelligence in your business? Do you have any? Do you use it effectively?
Answering these questions is the first step on a business’ journey to smashing sales targets and developing new markets.
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