Information has become the driving force behind modern business success, and industry experts are always seeking new ways to exploit its potential and maximize their ROI. Whether it’s through data analytics, digital technologies, or social media, companies have come to realize that information-related capabilities are critical for gaining competitive advantage in today’s business world. In this article, we delve into some insights from industry experts on how these capabilities can drive business success and the key takeaways for companies that are seeking to leverage them.
1. Embrace Agility
According to Timo Elliott, an industry analyst at SAP, the ability to quickly adapt to changing circumstances is a key determinant of business success. Organizations need to be flexible and agile to thrive in today’s fast-paced business environment. He suggests that companies should focus on enabling their workforce to use data and analytics effectively to make timely and informed decisions. By integrating information-related capabilities, organizations can unlock agility and respond quickly to changes in the market.
2. Foster Collaboration
In a survey conducted by Accenture, 89% of enterprises confirmed that collaboration is important for their success. Information-related capabilities play a vital role in fostering collaboration within organizations. For example, providing employees with access to real-time data allows them to work together and make informed decisions. Collaborative technologies such as chatbots and project management software can also help organizations create a more inclusive and integrated culture.
3. Prioritize Customer Engagement
Customers are the lifeblood of any enterprise, and leveraging information-related capabilities can help businesses improve customer engagement and satisfaction. Peter Fader, a Professor of Marketing at Wharton School, advises organizations to focus on customer lifetime value (CLV) by using data analysis to gain insights into customer buying behavior and preferences. By doing so, companies can deliver personalized solutions that meet their customers’ evolving needs.
4. Be Data-Driven
Data has become the most valuable asset in today’s business environment. To remain competitive, organizations need to be data-driven and use analytics effectively to make informed decisions. For instance, data analytics can help organizations identify new markets, improve products and services, and optimize supply chain operations. As Oliver Ratzesberger, the President and CEO of Teradata, notes, “real-time analytics are essential to unlocking the full potential of data.”
Conclusion
As we’ve seen, information-related capabilities are crucial for driving business success. Whether it’s agility, collaboration, customer engagement, or data analytics, companies that effectively leverage these capabilities can stay ahead of the competition and thrive in today’s digital age. By prioritizing these capabilities, organizations can gain a deeper understanding of their customers, make informed decisions, and generate higher ROI. In essence, the ability to effectively harness the power of information is a key driver of business success in today’s rapidly changing business environment.
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