Customer expectations are now at an all-time high and competition is ever increasing. Businesses are under constant pressure to increase efficiency and improve results while enhancing the trust equity with their clients. How does an organization deliver on promises to multiple, competing stakeholders? Easy…data and information that is structured in a manner that is insightful and actionable.
The challenge is that the amount of available data that is accessible which is constantly growing. Companies can now collate information from across their entire organization and industry. This gives organizations a serious competitive advantage in seeing where improvements are needed, where trends in performance have increased or decreased, and where there are potential gaps, perhaps more training is required (i.e. driver behaviour). It’s all about being able to refine operations in “real time”.
It’s therefore no surprise that data analytics has become an important tool across organizations.
“Advanced analytics tools enable deeper insights and discovery that will challenge business assumptions. They also put information in the hands of business stakeholders and offer significant potential to create business value and competitive advantage.” – Source: Gartner
Among many benefits, using data can help companies save thousands dollars, improve procurement efficiency, reduce operating costs (such as fuel), support business growth and, critically, differentiate themselves from competitors.
By bringing together data from across the business or incorporating 3rd party data (such as weather), companies can get real-time insights into finance and sales, logistics, and much more. This data enables each stakeholder within the business to collaborate better, achieve better results and perform rival companies.
Using business intelligence to link up different departments’ data across a company is also leading to change in the way operational tasks are done. With increased access to data, analytics, specifically custom dashboards provide more opportunities to spot trends in customer behaviour and peaks in sales (rental of equipment or rig mats, etc.), thus improving the relationship with customers and enabling a competitive advantage.
Further, if employees can view data in context, they can make smarter business decisions to achieve improved services. For instance, in the supply chain, real-time intelligence into deliveries, orders and returns can hugely improve efficiency. Thanks to gathering data, companies can bring together order information, utilization information, geospatial data or other key performance indicators. Creating client portals allows organizations to elevate the trust equity with their clients by providing operational insights into equipment utilization and productivity performance on project sites in real time. Your clients are requesting and wanting more from their service providers. You may have been a “preferred” supplier to your clients in the past but that is highly unlikely in today’s business environment. Service providers are expected to bring forward efficiency innovations forward to their clients in order to optimize and deliver efficiencies.