Forrester recently published a report titled Build An Insights-Driven Company, which highlights how important it is for mid-size companies to leverage data and the challenges they face. Following are some of the key findings.
52% of the midsize respondents have inconsistent levels of quality. This means that there is no consistent data management across the company. Data definitions from one system to the next may not be uniform. Field level validation may not exist at all.
41% say the data materializes too fast. This is an indicator that the software being utilized to help analyze the data is either inferior or non-existent. Leading analytics tools, like Vanguard Software’s IBP platform, enable users to analyze huge amounts of data and apply advanced techniques without being data scientists.
Lastly, 37% report they do not have a consolidated view of a customer across all channels. This generally results from inferior technology and the ability to bring multiple data sets together for a comprehensive view. Groups within the organization are not willing to “share” their data across the enterprise, which creates data silos. Both are bad practices and should be corrected.
Many of these issues are solved easily enough through the use of an Integrated Business Planning platform, like Vanguard IBP. Often companies fear the cost to implement such solutions, but what they do not weigh is the cost of doing nothing. Relative to the supply chain, planning solutions can achieve amazing returns on investment (generally our clients see an ROI of less than 12 months). Vanguard clients have seen improvements in inventory turn of 20% or more, easily justifying the investment.
Stay tuned for a future blog entry continuing the discussion for mid-size companies.
About Vanguard Software
Vanguard Software introduced its first product for decision support analysis in 1995. Today, companies across every major industry and more than 60 countries rely on Vanguard Software’s Integrated Business Planning (IBP), forecasting and advanced analytic cloud platform. Vanguard Software is based in Cary, North Carolina.