Business Leaders Relying on Data Rather Than Intuition
Recently, SAP SE announced that it had “”¦commissioned a new survey conducted by BARC (Business Application Research Center), a leading independent business software market analyst firm. It is readily acknowledged that significant companies around the world base their decision-making on data rather than intuition.
Businesses generate so much data, in fact, that a large segment of such data is eventually stored somewhere it will be ignored or forgotten. According to a recent study, 62 percent of organizations use less than half of their available data for decision-making. Companies that create an information culture by driving collective insight, based upon trusted, governed data discovery and collaborative decision-making, are more likely to treat information as an asset and use it to identify new business opportunities, predict future trends and behavior and generate revenue.
A growing consensus of analysts agrees with conclusions that a study entitled “˜Collective Insight: Bring People and Real-Time Information Closer Together to Make Better Decisions.’ The study captured the opinions of 743 people with both business and IT backgrounds from a wide range of industries worldwide on the topic of information culture in companies. The study showed that despite having the best technology, a company culture can inhibit information from being treated as an asset and a valuable resource. Other notable findings include:
- More than half (58 percent) of respondents say their companies base at least half of their regular business decisions on gut feel or experience rather than on data and information.
- Less than 50 percent of respondents agree that information is highly valued for decision-making or treated as an asset in their organization today, but two-thirds believe it will be in the future.
- Only one-third of companies currently use information to identify new business opportunities and predict future trends and behavior, but most of the remaining two-thirds plan to do so in the future.
- An overwhelming 78 percent of respondents in laggard companies “” those that believe they do not utilize their data as well as rivals “” said collaborative decision-making is the key to unlocking the value of data in their organization and turning that data into a competitive advantage.
“˜Our study shows that companies understand the value of information,’ said Dr. Carsten Bange, founder and CEO, BARC. “˜But in order to unlock the full potential of their data, they need to address and improve data quality, increase the speed at which information is made available, raise awareness of business intelligence at senior management levels and foster a collaborative style of decision-making.’
“˜The best performing companies leverage the power of collective insight by collaborating across the enterprise and using trusted data-discovery tools to nurture an information culture,’ said James Fisher, vice president, Product Marketing, Analytics and Mobile Solutions, SAP. “˜Analytics solutions from SAP can help businesses achieve their decision-making goals by extracting meaning from data that can help drive real growth. By putting leading analytics solutions into the hands of users, we connect them to their data in a truly agile way, maximizing value through shared insight which drives collaboration. By getting away from the silos of data management, we enable greater trust, governance and scale across the decision-making enterprise.’
Better Business Insights
To enable an information culture driven by collective insight, SAP offers enterprise business intelligence, agile visualizations through SAP Lumira software and advanced predictive analytics. The free personal edition of SAP Lumira is available for download here: http://www.saplumira.com/.
Learn more and download a copy of the survey here: http://tinyurl.com/m8st478 .
Business Analytics, Business Intelligence, as well as Enterprise Resource Planning (ERP) All-in-One Financial Accounting, Customer Relationship Management (CRM), and Warehouse Inventory Management Software Systems and Consulting
Locatted in Tampa, FL, Cornerstone Consulting, Inc. is a business consulting and information technology (IT) company. Not only is Cornerstone an award-winning value added reseller (VAR) of SAP Business One, an extremely efficient and integrated business (accounting, customer and sales management (CRM), inventory tracking-control-management, warehouse management, materials requirement planning (MRP), light manufacturing, accurate real-time analytical reports, and more) software systems, our highly-skilled team specializes in cutting-edge solutions and tech support for:
- SAP Business One Enterprise Resource Planning (ERP)
- Electronic and Mobile Commerce
- Enterprise Mobility
- Bar codes and Scanning
- Business Intelligence (BI)
- Business Real-time Analytics
- Databases (SAP HANA)
- Cloud Computing
- Custom Programming
- Web Development
Enterprise Resource Planning (ERP), Analytics, and Mobile Computer Software and Technology for Your Growing Small or Midsize Company | SAP Business One (SAP B1) and Version for SAP HANA
Cornerstone provides software products, and tech services which support all areas of a small or medium sized business, such as: financial accounting, operations, customer relationship management, sales, inventory control-tracking-management, warehouse management, e-commerce, and more. Cornerstone’s “dream team” of programmers, trainers and consultants specialize in providing our Manufacturing, Wholesale Distribution, Medical Device, and Online Retail clients with optimal business process configuration, integration and automation.
If you’d like your small or medium enterprise (SME) to run better, streamline your financial accounting, enjoy using mobile devices to access your application, out-maneuver competitors, improve interactions with each customer, have better solutions for finding new customers, and transform your business with the latest in technology, you have definitely found the right SAP Business One Software, Training and Services Team to collaborate with and make it happen.
SAP Business One Software Demo, Cost, Training, Services and Tech Support Information
For answers to your SAP Business One software sales, support, and service questions, feel free to Contact Cornerstone Consulting at 813-321-1300. Looking forward to connecting with you!