Benjamin Gordon the primary challenge of making use of massive data that any business collects is the part of consolidation. Companies have to think about the data arrangement process so that they can get automated. Leaders should also be able to gain useful insight from the data quickly, leading to several advantages. The question is how to get there, and also can organizations take proper action surrounding these oppositions during the COVID-19 pandemic?
What Benjamin Gordon of Palm Beach has to say?
It is imperative to have a consolidated business view because it will help companies navigate the impact of the pandemic. Hence, it is necessary to respond at the earliest time possible. According to Benjamin Gordon of Palm Beach, the following steps can help businesses get started with data integration during such testing times.
- Delve into crucial business metrics
You obviously need to know the crucial metrics to make intelligent business decisions. There are several KPIs (Key Performance Indicators) that business owners can track. However, if they can’t focus on it, the tracking becomes futile. It is essential to take the KPIs through a set of prioritization tasks that enables you to see the metrics that work and also those that don’t. During the pandemic, the parameters that work make use of the external data sets to recognize the target market segments. On the other hand, the metrics that don’t work help you understand the number of weeks you can pay costs using cash reserves when the business has a chance to shut down.
2. Recognize data sources backing up the crucial metrics
The moment you know the type of data you want to use, you will also know its source. Are you able to link directly to the ERP system for high-end data? Or do you need to set up data points? A holistic business view needs authentic data. However, when you wait for perfect data, this will slow the pace. Fortunately, you don’t need that for attaining a consolidated view of your business. The primary goal during the pandemic is to arrive at decisions using directional and also conceptional datapoints. You can save the audited financials for the finance systems.
3. Link the data to a business intelligence platform on cloud
The entire objective of the business intelligence (BI) platform is to gather and also visualize data. The cloud business intelligence platform comes with several advantages. It allows you to begin quicker and execute the on-premise solution.
It’s essential to note that the new age BI tools have a flexible design. You don’t need to set up a dashboard design before you get connected to the data. The moment the data gets linked, you start working and then determine a useful way to visualize it for the leadership of the company.
4. Generate a truth source
The COVID-19 pandemic crisis makes the decision-makers more siloed than ever as they are all working from home. The business depends on their decisions to arrive at correct metrics and also facts. Arriving at a single truth source for metrics indicates that everyone sees similar numbers. There isn’t anyone that depends on a singular person in a department to assemble a report manually. The entire data is in a single place, which ensures that the numbers are specific and that the leaders are using similar names.
During this pandemic, businesses cannot deploy the best-practice change management plan as they create the dashboard. Since people in the market are busy and want to bring down the dependencies to get to the BI platform, they want the processes to be seamless. If you can embed the tooltips, information, and also instruction in the design or platform, you will find that the users adopt the tool faster. People will then start to take their own initiatives instead of asking.
5. Number visibility
It is essential for business leaders to have access to the BI platform to look at the insights and also metrics. It is also necessary to applaud the business’s wins and to demonstrate organizational security. Especially during this pandemic stage, there is more uncertainty than ever amongst employees. It would be best to show others that you are receiving orders, and new clients are willing to join. You also need to opt-in for initiatives like cutting the 401(k) matches and highlighting the numbers that reveal your company doesn’t need to reduce any amount from the “take-home” salary. To help give assurance to employees, explain through the data, and numbers how your company is still in a winning position.
Leveraging analytics and also correct data integration tactics during the pandemic is crucial. It keeps the business robust and allows you to withstand challenges that come with COVID-19.