1 April 2019

The time of “being good in business” is over

The current global economic landscape places us before the realization that the adaptability of organizations to the most favorable and / or adverse conditions determines their success or failure. For this reason, the need to make a decisive decision for its success becomes evident: to be at the forefront of the process of change and adaptation.
In this context, it is worth noting a 2018 study carried out by Forbes magazine in partnership with Cisco, in which it says that 58% of the leaders of organizations that are betting on the analytical side in their business, indicated a clear correlation between the bet on technological solutions that privilege the analytical capacity and the success of the organization, evidencing a significant improvement in its competitive position. In addition, 60% of the leaders reported an increase in turnover of more than 7% in their organizations impacted by this type of solutions.

From this study, the strategic options that distinguish who is a leader in this process of technological evolution from those who are behind are clear. Here, I highlight the fact that who leads and bets on Analytics, Big Data, Data Science, Artificial Intelligence,... builds a more robust and assertive set of analytical skills. This option comes with a strong perception of the importance of having a solid technological base that is capable of supporting the entire machine and analytical processes.

Having said that, and taking into account the multiplicity of potential gains from the use of analytical skills, it should be emphasized that focusing on this aspect as support for an organization's decision-making processes should be both a leadership and a technology option. This is the only way to get the right benefits for different areas of organizations: from process efficiency, human resources performance, customer experience improvement and customization, massive data analysis, market data analysis and investment analysis (already carried out or being launched), among many others.

Still, whether we are talking about companies, public entities or even associations, the doubt installs itself in the minds of the highest managers between risking and innovating or waiting to see what happens in the market and replicate the success stories. Doubt is more than legitimate: after all, investment capacity is not finite and there is no guarantee that everything will go well. However, there is something we must never forget: in business, information is the key to success. If we can get meaningful data to support the decisions we want to make with a high degree of probability, we will be in a better position to succeed.

In short, these types of solutions that privilege knowledge and information, to the detriment of an intuitive approach to the leadership of an organization, demonstrate that we must face the predictability of what happens with the market and our organization as positive. The time of "being good in business" and an intuition-based decision-making has come to an end!

Opinion article published in IT Insight – april 1, 2019

 José Oliveira BI4ALL
  José Oliveira