Every company establishes business growth as a goal since its foundation. However, not all of them grow at the same pace or use the same strategies.
We could mention many experts who have formulated paradigms related to business growth as series production and specialization of production chains. Likewise, how they paved the way to the present when data governance and business intelligence are crucial pillars to reach consistent business growth in any company.
What is the importance of business intelligence and data governance? One of the most relevant aspects is how they help to answer crucial business questions to make better decisions.
By its side, data governance refers to all efforts, policies, and actions intended to homogenize data management in business ecosystems. The main advantages it offers are data accessibility, availability, and quality. So it is much easier to have a complete view of what is happening in the company, avoiding blind or partially informed decisions.
Along with employee commitment, a mature organizational culture, and the proper technology, data governance improves business competitiveness. Overall by enabling companies to have faster answering time in every process with a central role for data.
The business intelligence solutions by its side provide added value to data the company has prepared to be accessible, available, and of quality. This point consists of giving points of view to decision-makers that help them to enrich their criteria when making decisions. They are good when high volumes of data overpass human capacity to check what information is relevant, so it becomes a difficult task. Data representations offer several points of view. If you want to know the recommended use for each one, download our Guide: Visual Vocabulary. Checking the same data set from the perspective of different representations can help you to detect patterns, trends, or changes. Otherwise, they would be unaware. With this in mind, data experts know how to choose the representation that better fits their intentions of viewing issues or highlighting aspects.
To summarize, we can say that the ability to organize the information offered by data governance and the revealing points of view by business intelligence constitute a duo that enhances the ability to make business decisions that mark the growth path for the company. This improvement means the decision-making process can be up to 5 times faster.
And how is this growth consolidated?
The duo we mentioned enables companies to see opportunities for improvement inside and outside. For example, you can improve your plant production times by analyzing the information collected from the machines and making improvements as moving from corrective to preventive maintenance. It is also good to analyze an organization´s processes, for example, those related to human resources.
As for the exterior, it can significantly improve the relationship with clients by providing a comprehensive view of their purchasing behavior and anticipating the risk of abandonment. The last point is vital to carry out retention actions focused on the right segments and with a winning value proposition. It is a crucial front of action since, in general, it is more expensive to acquire a new client than to maintain it.
In a context where more and more companies are advancing on their path toward digital transformation, having this duo goes from being optional to becoming the way forward. Therefore, those who do not update their decision-making models with the help of data governance and business intelligence will be at a disadvantage compared to those competitors who do.
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