Is your Company Using Data for Decision Making or Intuition?
To get ahead of your competition in this economic market upturn it is vital to understand where your company has been and where you want it to go. Data reliance is the answer to business decision making. With tools like Sage Inventory Advisor, Sage Business Intelligence, Dataself, F9 and other data warehousing applications, you can cut down on marketing and sales failure. These tools will help you analyze and show differentiation. You will know where your company needs improvement and even how to get ahead of your competition.
The Economist recently surveyed several hundred international executives about their decision-making processes and reported on those results. If you would like a copy of this article please e-mail Linda Kiernan at email@example.com
In this article, it eludes that 10% of executives made decisions based on a “feeling”. The rest claimed they relied on data, analysis of that data and collaborative discussion with key individuals in their organization. Sounds interesting, but the article from The Economist uncovers that this statistic is not entirely accurate.
As a business woman who helps many companies move to the next level for their business I can attest to the fact that many businesses are still making “assumption” and “intuition” decisions to launch new products and do marketing. Last year I watched a company that had been in business for over 50 years launch a new website. Please note: The client didn’t know we had multiple business software packages that could’ve managed their website and orders. This new website made itself available only to people who would take the time to sign up on their website, receive an acceptance e-mail, verify their information, and then watch a 15 minute video before they could order product from the website.
A few days before the site launch the customer asked me excitedly what I thought of their website. My reply was simple, “Did you do any research on what your competition is doing?” The phone went silent and I lost a client due to their gut feeling to endeavor into a market they knew little about. I later found out they spent upwards of $275,000 on that website. Sad, but true stories like this abound even in today’s advanced technological world. We can also utilize a very famous accounting firm to remind us that even the big companies fail. Just visit http://www.arthurandersen.com and you’ll see that this shell is all that remains of a powerhouse among its rivals.Tags: How To's, Reviews, Tips