A key component of running a successful business is the ability to turn information and data into insights and thereby improving business decisions.
From our experience, it’s not the lack of data that is the real issue. Most businesses will have systems that will capture data be it accounting software, planning and reporting tools or even ERP systems for more sophisticated organisations.
It comes down to understanding what the key revenue and cost drivers are for your business then organising, disseminating, manipulating and reporting your data in a way that will allow you to leverage those drivers. In other words, you must decide what data best supports your strategic goals and business model.