The Portuguese business landscape has been subject of several compliments in recent years for how it can overcome the lack of resources to invest in innovation. At the end, what is at stake is the renowned national ability to do a lot with a minimum and to be undoubted, at the level of the best.
If we take as a principle the logic that innovation brings innovation, this means that, for example, to achieve the desired results in the development of new products and services or the improvement of the ones which already exist, the bet on disruptive solutions must start at the baseline, in other words, in management. One of the solutions that is making the most difference in worldwide organizations, is embracing Data Analytics and AI technology solutions, becoming data-driven organizations, where data is critical to organizations’ decision-making process, allowing to respond with higher precision and speed, and greater process agility. In practice, we are talking about how good, well-defined and well-founded management capability can serve as a starting point for meeting business challenges. Only in this way, will it be possible to gather the necessary conditions to stand out from the competition and achieve the best results.
Considering the common business needs to all organizations, we are facing three vectors that everyone seeks to achieve: increased productivity, cost optimization and profit maximization. In practice, this means that is it not just what we do that must be on top priorities – the way we also do it, needs to be looked with full attention. For this to happen, we need to ensure that we work with complete visibility and control over our operations. When we have further and better information and indicators it means better decisions, and we have before us the “secret” that will allow to safely and assertively manage our operations and to anticipate which changes the market may be going through and what are the steps that we need to take.
It is here that the use of disruptive technological solutions at good management disposal, act and assume utmost importance, implying to get as much information as possible. Only in this way will it be possible to understand the organizations status and identify areas of potential improvement. Areas across the entire organization from business, marketing or finance to human resources or, of course, technology.
To understand specifically from which aspects can these areas benefit, we can set the example of the commercial and financial departments. In the commercial area, we have easy and immediate access to detailed organization’ performance analysis, being able to use the information and improve practices to reach new business opportunities, looking with higher confidence to the costumers and products we have, noticing which are the best performers or creating accurate and reliable sales forecasts.
In the Financial Department case, we have right before us, a revolution in the way how we work: from optimization process to automation processes that avoid the need for contact financial reporting activities, practical and immediate control of the organization’s financial indicators, risk analysis and scenario simulations that are realistic and completely adapted to the organizations´ reality, or rigorous and detailed control of budgetary management.
Logically, all organizations areas have much to benefit from a consolidated bet on Data Analytics & AI Solutions, solutions that come with truly avant-garde disruption characteristics. However, this represents an even greater evolution for the organization’s top managers, because by gathering a consolidated set of data transformed into information about the organization, we are enabling managers and CEOs to make more assertive decision-making processes which are more likely to succeed. Only then will disruptive solutions have a real impact on the organizations business challenges.
Opinion article published in PME Magazine – August 23, 2019