The most successful companies today use the latest technology.
They do this because technology improves revenues, customer experiences, communication, and security.
These effects are the results of using technology to help optimization in business.
1. Connect Multiple Data Sources
Your business likely has many systems that generate data. These could include a CRM, marketing automation software, an ERP, a tool for business intelligence (BI), and even more acronyms that may make your head spin.
Technology helps your team connect these multiple, disparate data systems.
A digital duplicate is one way to achieve business optimization. This trending technology offers infinite navigation, improving line of sight to your entire business.
2. Clean Your Data
Another way technology helps with business optimization is through cleaning your data.
Data is dirty. It comes in an infinite number of formats, and it has many types—integers, strings, and more. Capturing and storing all of your organization’s data can get messy even with only a few employees. When you consider thousands of employees generating data, you’ll need a way to import and store all of that data in a way that makes sense for your company.
We advocate for a four-part strategy in which you plan, invest, aggregate, and automate your data cleaning. Choosing the proper technology solution for your business can provide great support for this.
3. Get Analytics
Now that you’ve begun to connected and cleaned your data, it’s time to start making sense of it.
That’s where analytics comes in.
Business intelligence software can provide this information for you. Having a BI tool can nudge you out ahead of the competition since most companies aren’t yet using one. Collecting and analyzing data is possible now as CPUs and data storage costs shrink, more tools become available, and data scientists begin to understand how to derive value from data.
4. Increase Visibility
Most supply chain data today is managed with Excel spreadsheets, according to Supply Chain Quarterly.
In fact, the publication says that user satisfaction with Excel is low because of poor data quality.
Technology has lept ahead of Excel as of late. By implementing analytics, businesses have seen amazing results.
5. Make Predictions
Technology lets you see the results of what you’ve done in the past.
However, technology now has the ability to predict where your business is headed.
By implementing predictive analytics, companies in multiple industries and of various sizes have optimized their business to achieve stellar results, such as reducing the amount of field technician dispatches, using weather data to predict demand, and increasing sales at a multinational food and beverage company.
As you can see, technology helps with optimization in business in a variety of ways. The results have been incredible.
The best part is that if you haven’t begun to fully leverage technology, you’re not too late.