The readiness for adjustment is, to a degree, about the ability to make decisions - and therefore also about having the correct foundation for making these good decisions that will benefit the company.
Both decision-making ability and good judgment are founded on knowledge about changes in the behaviour of users and customers in the supply lines; in the company’s access to resources in the form of material; employees; etc. Therefore, insights and data are the building blocks of good decisions.
The unused data
Many companies do not use their data efficiently. Therefore, they have an uncertain foundation for their decision-making processes associated with adjustments in purchase, production, and marketing.
It is risky to base decisions on numbers from last year, a report from the IT department, hand-carried digital workflows, or sensitive communication between employees and departments transmitted via paper. The company can quickly become affected by many factors – e.g., fluctuations in supply and demand as one of them comes from outside the company.
Simultaneously, the company’s data is often located in many different systems. It could e.g., be that data from sales and marketing are stored separately and are not being used efficiently.
Therefore, strong system architecture and a great foundation of data are important strategic tools for business development.
Understanding from an outside perspective
How do you spot the signs that there is a major change in the market or world on the way, which will affect your company?
It requires connected data from all departments of the company – combined with relevant knowledge of third-party factors. Beneficial strategic decision-making is built on the right foundation. This is something many companies are starting to realise.
This has resulted in an increased demand for digitalising, integrating, and automating these processes. People want to be able to quickly spot new tendencies and act upon them. They want to quickly and on-demand be able to collect and compare data from all departments – e.g., from all sales departments or all production departments.
This will help you quit guessing and actually know how sensitive the company is because you will be able to work from actual insights. You can easily spot patterns and tendencies.
The best conditions
The adjustment ability of the company is closely linked with the ability to continuously collect knowledge and act on it.
At Combine, we often work with a Data Broker approach. A Data Broker allows us to collect and analyse data, which will upgrade our knowledge about the world around us. At the same time, it makes it possible to execute and activate data on different channels.
The Data Broker
- Helps make the process of changing systems easier
- Provides full insight into accessible data across all company channels – both historical and behavioural data (current data)
- Makes it possible to display data on different channels
The Data Broker should not be confused with a Datawarehouse, since the Data Broker does not own the data. It just collects, standardises, prepares, and displays data – the connected systems are still the owners of the data.
In other words, the Data Broker creates structure in a company’s data. Hereafter, the data can be the foundation for the analyses that reveal your potential for optimisation and possible weaknesses. The company can automatically react to single changes, and this allows you to make routine adjustments.
It provides you with the best possible foundation to act in time, which will give you a great competitive advantage.
Simultaneously, forecasts and other information can become accessible to customers, employees, or users via a user-friendly platform or app. From here, the customer can digitally interact with the company and be independent of analogue or manual processes.