The last few years have been rough for companies around the world.
From a business perspective, we’ve faced ongoing global uncertainty, constantly changing market conditions and continual disruptions that have brought serious consequences for many organisations right around the world.
But, as we enter the second month of 2023, now is not the time to focus on the hardships of the past few years.
Instead, we’d like to focus on what lies ahead
See, as many businesses struggled to stay afloat, others not only survived but thrived in the face of adversity.
How?
Because they remained agile.
And if 2023 is going to be anything like 2022, then you’re going to want to ensure that your business is prepped to remain agile as well.
So, how can you create business agility?
Well, that’s exactly what we’re going to discuss today.
The importance of agility for your organisation
In a business sense, “remaining agile” means having the ability to make fast decisions on the trajectory of your organisation.
However, part of the key to business agility is not only making fast decisions but making accurate ones as well.
Unfortunately, the speed at which you are now required to make business decisions has increased substantially in recent years. On top of that, the margin for error has also decreased dramatically in this same period.
Now, failing to make the right decisions quickly can open your business up to several risks, including the loss of time, resources and opportunities for growth.
Of course, when you do have the ability to make fast, accurate decisions, however, your business is much better positioned for success. You can pivot with changes in market conditions and take up more opportunities as they arise.
So, what’s the best way to provide your business with the agility it needs in 2023?
The key to business agility is data
Everything in your business is made up of data. Little pieces of information that all come together to show you the bigger picture – and this data is paramount to the ongoing success of your organisation.
For this reason, you need to have complete transparency and accuracy in your business data reporting, while also ensuring that every component of your business is operating together as a single cohesive unit.
Without this, you cannot expect to build agility and make the best, most accurate decisions for your business moving forward.
Now, when it comes to using your data to make faster business decisions, what you really need is a live feed of daily data that allows you to easily see everything that is going on in your business, as well as provide insight into what’s going to happen in your business in the future. A live data feed enables you to always have your finger on the pulse of every business unit.
The ability to forecast is also pivotal to your agility. It will allow you to understand how your business is going to perform in 2023 and can help you to better manage and allocate your resources to maximise return on capital
So, how can you gather this live feed of data for your business?
To build a live data feed, you need to utilise the best technology available for your business today. This includes artificial intelligence, predictive analytics and machine learning technology that can help you to collate your data from various sources within your organisation and gather the insights that you need to improve your forecasting speed and accuracy and support your decision-making.
While this may sound like an impossible task right now, the reality is that global uncertainty is only becoming more and more prevalent. You cannot afford to put your data agility in the “too hard” basket and kick the can down the road for another year.
Without a live feed of data, you’ll simply be flying blind and leaving yourself at the mercy of market conditions.
Don’t stress, though. Building a live data dashboard is much easier than you think, especially when you’ve got the help of data experts that can tailor your feed to your unique business needs.
This is where Minerva can help your organisation
At Minerva, we provide you with the solutions you need to be a data-driven business and shift your decision-making from reactive to proactive.
When it comes to data, you don’t just need a dashboard – you need a predictive analytics system.
Minerva can analyse your existing data set-up as well as your current data maturity levels to help you determine exactly what you need for the new year.
By providing you with direct access to your data at a granular level, we help you take back control of your business and make better and more strategic decisions for the future.
Minerva can make your business dynamic and agile
With Minerva’s business and technology expertise, you’ll get access to tools and solutions needed to effectively execute scenario planning and stay prepared for whatever the future may bring.
We can work together with your organisation to understand your goals and requirements, before providing you with the right systems and procedures that you need to get the most out of your data and make better business decisions—helping you to become truly better at what you do.
If you’d like to learn more about how Minerva can help your business, contact us on 1800 646 378 or email info@minerva.com.au.
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