Much as has been said about what’s required to create a “360-degree view” of your business. It’s dependent on access to comprehensive, historical and real-time data business data, of course, and a way to interpret and visualize that data so it’s meaningful to the decision-maker. But what is the real value of this 360-degree perspective? It’s certainly nice to have, but why does it make a difference?
It Comes Down to Data Management
Let’s start this discussion by establishing that it’s challenging to achieve a 360-degree view of your business today without modern, cloud-based software. Yesterday’s approach to data management worked for us, way back when, because organizations weren’t generating “enough” data—or enough data from “enough” sources—to overwhelm our business systems or IT teams. It was manageable, but that was before “Big Data.”
Deloitte reports that90% percent of the world’s data was created in the last two years alone. Organizations need a way to manage all of this information—take what’s needed and deliver insights to the people who need it most. The computing power required to achieve this feat can be found in the cloud, making it easy to see why more and more companies are changing their approach to handing data, adopting cloud technology for significant pieces of their business.
Yes, cloud-based software—from the ERP and CRM systems that collect, store, and analyze data to the BI tools that bring advanced reporting and beautiful visualizations—is developed to help you manage your volumes of data, and accommodate more data as it’s generated from existing and even new sources. But at the end of the proverbial day, what does the 360-degree give you—and what does it make such a difference to the health of your organization?
It means you can make data-backed decisions
A 360-degree view lets you see everything:it’s far-reaching, including financial, operational, and customer data from various, disparate sources. Decisions can be based on the full picture—not assumptions or gut instinct. With a more comprehensive set of data points that can be mixed-and-matched to uncover business drivers as well as bottlenecks, decision-makers have a more comprehensive understanding of challenges and opportunities and can react accordingly, with more confidence than ever before.
It means you know when and where, to optimize
These data-backed decisions may impact the back-office or factory floor. Production environments, particularly those run using a lean methodology, are consistently optimized for efficiency—to reduce waste, make the most of resources, and improve profitability. Data is required to uncover areas for continuous improvement. This process inherently depends on a 360-degree view. But the optimization doesn’t stop there, as even processes in marketing and sales, for example, can be improved with the right metrics.
It means you really know your customers
Having a 360-degree view of customers has become increasingly important in today’s competitive marketplaces—even in B2B markets. Being able to piece together, using demographic and behavioral data (for starters), a full profile of each individual customer and what makes them tick” is necessary for effective marketing and sales. Targeting customers with the right offers at the right time—and serving them quickly and conveniently over a range of communication channels—is essential. It’s also impossible without the right data sets—comprehensive data sets that point to opportunities to extend their lifetime value.
It means you’re agile and forward-thinking
Can an organization be truly innovative if its data and processes are fragmented, not centralized, and not accessible 24/7? Probably not. This is another reasons companies are embracing cloud computing and the modern ERP, CRM, and BI solutions that integrate data and make it usable by decision-makers—in real time, any time from any connected device. It’s really that simple!
If you’re looking for solutions to manage your data and processes in the cloud, bringing 360-degree business visibility to decision-makers, MIBAR can help. Contact us for a free consultation.