Real Time Visual Data

This snippet discusses the power of business intelligence data and what difference real time and visual data makes to the business management decision making process. This is smart business improvement for the modern age and for the first time is available with minimum investment.
Transcript: "Real Time Visual Data"
Hi everybody. It’s Peter Selby from Business Drivers, and this is a snippet number nine of our growth and profit series. And today’s topic is business data, that does not sound very exciting I know, but this is really for me to give you some observations around how this is done well and what a difference it can make.

Data comes in many forms in a business from just binary numbers through two 3D data such building information modelling or BIM management systems, digital engineering, and digital twins etc, which is very sophisticated data. Therefore, there’s a whole range across a normal business.

The most important thing about data is it’s presented in some form that enables the business to make decisions, especially timely decisions. So real time data is pretty critical in any organisation and the single simple rule where we see people can trip up, is making sure there is only one source of the truth for data.

If it is safety data or financial data or whatever it may be, that when somebody references that data, it says the same thing, no matter where they reference it from.

Where we see organisations tripping up, is where they might have multiple platforms where people can access data and it is telling them different things, depending on how they access it and therefore various forms of the of the truth.

Of course, you cannot make decisions unless you are certain that the data, you’re making the decision on, is right. Now the trick to data is making it real time. The other trick to data is making it visual. People don’t read spreadsheets with hundreds of lines of data; they can’t make decisions on that. You can’t see patterns in data unless it’s visual.

Data needs to be trended. It needs to be accurate. It needs to be real time and it needs to be visual. It also needs to be represented in a way that makes sense for the level of organisation it has been observed from. For instance, the type of data that a board would want to see is quite different than the data that say, a line supervisor would want in a manufacturing environment where the data needs to be much more real time and much more immediate.

Now the collective term for data that has now got a lot of airtime in business generally is “Business Intelligence” (BI) and BI platforms. They are platforms that pull the data together and represent it in a way you can make decisions. They are pretty critical to a business nowadays that wants to be competitive.

You know, your competitors will have some sort of business intelligence and be making decisions around it. Business intelligence platforms have been extremely expensive and also the consultants that bring them in tend to be as well, especially if they are connected to the software and there’s often ongoing subscription fees or user fees etc.

Now I am here to tell you that’s not the case all the time. In fact, we promote platforms for instance, that are probably10% of the cost that you normally see in some of the more popular platforms, with no subscription fees at all.

You don’t need to pay loads of money to get real time, visual business intelligence data. That’s probably one of the key critical messages here, you don’t need to pay a lot of money for this and it often puts businesses off trying to have those platforms to make decisions because they rightly, up until now, consider it to be a significant investment and not something they could afford to do at this time.

So the message is, keep your data current, keep it visual, keep it trended, make sure it’s relevant to all the business levels where you’re trying to make those decisions and it does not need to be expensive. There are very cost-effective ways of having real time data dashboards across your business.

Okay. That is all I’m going to talk about today. The last topic, snippet number 10 will be about business models and though that sounds quite dull, but I’m going to draw you one and give you an example of that.

Now, if you want any more information around business data, and certainly how you can do that very competitively without spending a lot of money. Just give me a call as always, we’ve got these complimentary sessions set up, so you can call into me and I can spend a bit of time talking to you about what you’re trying to do with data. Give you some tips, give you some steerage around where you can get very cost-effective solutions to help you out. Just follow this link to book a slot that suits you.

https://calendly.com/business-advice/coaching
OK, so until next time, I’ll say goodbye.

As usual. if you have any questions about anything I’ve talked about, um, you can email us at enquiries@bizdrivers.biz or go to our website www.bizdrivers.biz. You can contact us there and we can certainly steer you in the right direction.