We don't need more information, but more IMPACT!
Getting the most out of the 'Big Data' you already have...
For many years, we have all been told about how we need to make data work for us. And the amazing thing now is that with the internet and Social Media, we have never had so much information at our fingertips.
When there’s something we don’t know, how often is it our first instinct to google the answer? I recently read that everyday social media users receive so much information, that by 2020 there will be 57 times more bytes of data than grains of sand on the Earth!
So, we have lots of information or ‘Big Data’, but what is the data doing for us? How is it changing or challenging what we are doing?
For some organisations and departments the problem is not that they don’t have the information, but rather:
1. They are not able to 'mine' the information - the classic issue for a credit manager is that they have all the payment dates for their customers but are unable to turn that into any kind of reporting, let alone intelligence.
2.The information is available but they have limited or no technology to deliver intelligence. Therefore, the most likely approach is to download the information into a spreadsheet, or something similar, to ‘analyse’ the data. This often needs someone to complete a pivot table or two and v-lookups…
Nothing is as sleep inducing than an enormous spreadsheet to read with so much information and jargon you cannot possibly absorb, let alone utilise to its fullest.
Advances have been made with Business Intelligence and data warehouses but my question is what is it telling us? How quickly does it give me the answer to my question? Or, does it only give me lots of other questions to answer?
Now, do not get me wrong, data and information are both vital and important but it needs to be the right analysis and at the right time. It needs to be available on demand, up to date and in a useful format.
Information needs to become Intelligence - in other words, the information we are using needs to change the actions and behaviours we undertake, for the better, in the processes and tasks we perform. This leads us to a change in results in the leading and lagging measurements, and so efficiency in what we do.
What we want is intelligence to change what we are doing, to be able to make a decision with comfort and confidence on the outcome expected. What we need are the right tools to do that.
You need to ask yourself, what real impact has been made from the information that:
1. you receive from your systems?
2. you provide to your stakeholders?
3. you hold in large spreadsheets?
If you’re still finding that you have far more data than actual useful information, then it’s time to look at utilising new technologies to unlock it’s potential. Delve into the 'big data' mine and use Robotic Automation and Artificial Intelligence to create real impact, where you need it the most.
In Rimilia's cash allocation, credit management, bank reconciliation and e-commerce solutions we use Artificial Intelligence alongside Robotic Automation. Our cutting-edge technology maximises information, provides dynamic intelligence and really impacts on both the effectiveness and efficiency of your department - just ask our customers!
If you’re interested in finding out more about Rimilia automation solutions, why not Request a Demo. We’ll show you round the software and give you some ideas of how you could benefit with lower costs, more efficient resources and world-class performance.