Data and information are the heart of almost every company. Therefore they are essential for understanding and improving business processes. Peter F. Drucker, the founder of the management theory, already knew in 1969: “Knowledge and information [represent] the central resources of modern society …”. However, in today’s increasingly digitalized business world, managing these large data sets is a challenge for many companies. Data volumes and structures are often too large and complex for traditional data processing and management applications.
However, this challenge can also be seen as an opportunity for optimisation in terms of a competitive advantage over direct competitors. Smart analysis tools can provide a solution. Personalized dashboards and reports can be created if the available information is used and linked to each other. These reports increase business productivity and efficiency by showing relevant information that would otherwise have been manually captured in a time-consuming process. For example, processes with automation or elimination potential could be identified and appropriate measures could be taken based on the available data.
While sales and finance deparments can often build on years of experience in this field, the topic is also becoming increasingly important in procurement and supply chain management.