When it comes to deriving maximum value from your data, you're on a journey with three distinct destinations. First and foremost, building a dataset you can trust forms the cornerstone for informed strategic decisions. This endeavor demands a profound understanding of your business processes and systems. Interestingly, this quest for data trust often reveals inefficiencies and redundancies lurking within your organization. These are prime candidates for cost-saving measures. As an example, consider a scenario where you find two software applications that serve nearly identical purposes within your organization. By strategically redesigning your processes and optimizing the use of supporting applications, you can eliminate one of these redundant tools. This streamlined approach results in an immediate cost reduction, specifically in the form of reduced licensing expenses for the redundant application.
However, the magic of data doesn't stop at cost reduction. While enhancing revenue primarily hinges on data related to core business processes, the journey towards reducing costs can commence even when your data primarily resides in supporting processes.
Picture it: you're building a dataset you can genuinely rely on. As trust in your data grows, so does the peace of mind that your decisions are well-informed and risks are minimized. Simultaneously, you're delving into your business processes, uncovering hidden inefficiencies and redundancies, potential gold mines for cost savings. This harmonious approach ensures that while you may initially focus on boosting revenue through data from your core processes, you're also laying the groundwork for efficient cost reduction, all while basking in the reassuring glow of data-backed peace of mind.
Now you can start tuning the performance of your business!