The way in which information is used in your organisation makes a difference to every one of your key performance indicators – including profit.
In every way, information plays a role in success and, therefore, profitability. If building up the bottom line is your ultimate goal, your organisation will need to rethink the way it handles its key information resources.
How information drives profitability
As we say, in the modern era, the quality of information used throughout your organisation can either help or hinder your success. Here are some of the ways it can drive higher profitability:
1) Improve decision making
Those professionals whose decisions rely on timely and accurate information can find all they need within their vast data reserves – but where in this virtual vault could it all be?
Whether it’s the market insight needed to launch a new product or make an acquisition, finding the right resources to inform a decision is integral, though not always possible without the right information management structure. By understanding true data value, and subsequently improving the way information is used, executives are able to make fast, well-informed decisions to the benefit of their bottom lines.
2) Implement new technologies
New technologies seem to launch every other week, each with the ability to make your workforce more productive, more compliant and, ultimately, more profitable. However, if they rely on poor information, and as a result only deliver poor-quality data, expensive technology upgrades hinder profitability instead of helping it. Treating information as a critical asset boosts the success rates of technology upgrades.
3) Boost productivity
It’s no secret that when staff have the right information readily available and easily accessible, they can work more efficiently. The digital age has unlocked huge productivity potential, which allows employees to work more quickly, from more devices and more locations than ever before. As long as they are given adequate information management tools and training for the job there are huge productivity gains to be made. By maximising the output of the workforce, organisations can often save on outgoings while simultaneously increasing revenue.
4) Create better strategies
The masses of data your organisation accumulates will contain an incredible amount of insight, which can subsequently be used to create an effective corporate strategy. As one of the major contributing factors towards success, the profitability of a good, well-structured strategy is integral.
How Experience Matters helps
At Experience Matters, we understand how important profitability is to success – for many, it’s the most revealing KPI. By treating information as highly as you do other business assets – those being your financial, human and physical resources – it’s possible to operate at greater efficiency, doing more with less, to the benefit of your bottom line.
We help organisations first understand why information is so important and then work with them on a way to create true information governance throughout the corporate structure. We do this on an individual basis, and are able to assist in finding the ways each organisation can drive the best results – whether that’s through taking advantage of powerful new technologies or by developing a better structure of business governance or simply putting in place a basic information strategy.
Our aim: to boost productivity, compliance, governance, technology implementation, strategy, decision making, risk management – and, ultimately, profitability. If you wish to find out how we’re able to do this, feel free to get in touch.