PIP Business Intelligence Can Make Your Data More Valuable
You’re about to make a critical business decision. You yearn for just a few more facts. You think to yourself, “I know the data’s there but I don’t know how to get at it…”
So, what do we do? Doing nothing is not an option. And, using just gut instinct may sound macho, but is it really the way to be competitive in today’s global economy?
Often, we find ourselves asking our subordinates to rekey selected data into an Excel spreadsheet. As we have come to believe, numbers don’t lie. From Excel, the numbers become “the truth.” Unfortunately, study after study shows that most spreadsheets have arithmetic or data integrity errors in them.
The truth of the matter is that organizations large and small have dozens of internal databases that they use every day. How can you merge the data into a single, practical format that can be used for truly informed decision-making? The fact is that even the most sophisticated companies wrestle with combining multiple databases into one actionable database without rekeying the information into Excel or a similar program like Access.
Enter the world of Business Intelligence: Making data more meaningful by finding a way to combine the most important variables into concise, actionable, quantified data. Data that will find the real nuances in your business.
Let us give you an example of BI at work. A retail business had critical information stored in five separate data silos. Reports were only produced monthly as the consolidation process was time consuming and cumbersome. Perhaps, more importantly the lengthy consolidation process resulted in missed business opportunities because the process itself was self-limiting. With Business Intelligence, the 5 data silos were efficiently consolidated and management was able to sharpen its strategic focus, accelerate informed operating decisions and increase speed to market. In fact, this particular retailer was able to earn a return on their investment in upgraded BI technology within 18 months in the form of increased gross margins and sales. Why? Because they now had timely access to the information that really mattered.
The smartest business and IT strategies without effective and efficient execution will under-deliver on expectations.
“Monomoy acquires/owns portfolio companies that have difficult operating environments and significant IT requirements. PIP is our go to IT consulting firm for all of our portfolio company projects because they understand business operations and implement technology quickly, efficiently and effectively. Their style of work and practical approach is like no organization we have worked with before.”
-John Stewart, Operating Principal
Monomoy Capital Partners