FBO IDCompanies gain no advantage from being data hoarders. It doesn’t matter how much customer data a business can gather and store away. And it doesn’t matter if it’s from social sentiment data, geospatial data, data from log files, or machine data. If all of that data isn’t combined with the organization’s structured data and made available to all business users, it offers no value.

The true power of data lies in its interconnectivity. This is the premise of collective insight. When data sources can combine and business users can easily engage with and visualize all of the information, they are empowered to quickly discover what’s happening, share their insights with others, and drive better decision making across the entire enterprise.

Collective insight tells you the full story behind your business operations – not only what happened, but why it happened, what will happen next, and what’s the best that can happen. Hidden or even unknown insight can be unlocked. Your company can transform itself into an agile enterprise that has the ability to gather customer and market knowledge and rapidly incorporate it into its decision-making process to capitalize on new business opportunities.

Imagine the potential:

  • Predict demand or supply across your entire supply chain immediately
  • Provide exactly the right offers and services to every customer as they need them
  • Understand what your customers and potential customers are saying about you right now
  • Forecast market trends and customer need and use this information to innovate and bring new products and services to market quicker

Drive Innovation Through Collaboration

Sounds great, doesn’t it? While probably all of us are nodding our heads in agreement, research shows many companies still haven’t unleashed the power of collective insight.

According to a research paper from Business Application Research Center – BARC GmbH, “Information Culture: Leveraging the Power of Collective Intelligence for Better Decision Making,” only 50% of all available information in an organization is actually used for decision making. It also states that more than half of companies (58%) base the majority of their regular business decisions on gut feel or experience rather than on data and information.

This type of sense-and-respond decision making is no longer enough. In today’s fast-paced economy and competitive business environment, organizations need to predict and act in real time to stay ahead. To truly exploit the value of Big Data and drive business transformation, organizations need to engage people and empower them with a powerful combination of structured and unstructured enterprise data.

Enable Collective Insight with Analytics Solutions

Analytics solutions that enable collective insight give business users the power to engage with all their data, on any device, across any platform. Agile visualizations let users explore and present data intuitively and drive real-time understanding of the business. And by applying advanced predictive analytics to more information and business processes, users can confidently anticipate what comes next and guide better, more profitable, forward-looking decision making.

There’s a reason for the letter “B” in BI – it’s business, not technology, intelligence. Creating an information-driven culture in which information is considered a strategic asset can lead to a competitive advantage.

Use Information to Your Advantage

As the amount of data increases, so does the opportunity to gain advantage from it. Analytics solutions from SAP include business intelligence, agile visualization, predictive analytics, enterprise information management, and in-memory computing technology that enable organizations to create an information-driven culture and unleash the power of collective insight.

According to BARC, 62% of companies are putting plans in place to use information to their advantage in the future. It’s critical that you start investing in your data today, enhancing it and making it effective, so you can stay ahead of the competition.

Check out our resources to learn tips and strategies and read case studies on how connecting all your information to your processes can transform your business potential.