Loosing the Race for Insight, Accuracy and Innovation has a Real Cost: Talent, Opportunity and Money
Updated: Jan 18, 2020
Businesses that can not bring all their key decision making data together as a trusted resources available throughout their their organisation rapidly and at a sustainable cost are facing a vicious circle of drained energy, lost opportunity and ultimately an accelerating drain on their financial resources.
Talent leaves when good data is AWOL
Great Talent can achieve great things but not out of thin air. A good supply of accurate and timely data is vital for great innovation and great decisions. Great talent knows this and if their organisation is not capable to bring together the data they need for great results. Frustration can set in fast and is hard to cure once it festers. Sooner or later people either give up or move to a business where the right data for great results is available.
Opportunity becomes elusive good data is Out-of-Sight
Opportunity is out there - you just need to find it. This old lore is as true as it is old. The trouble is finding opportunity. Finding means looking in the right place and actually seeing what matters in what is often a confused picture. This is where data enters the picture. Data is like an extra set of eyes. Eyes that can see things our own eyes can't. Data can help locate the best places for hunting opportunities and it can often pick up the one camouflaged golden opportunity in a shoal of red herrings. Without good data, without that second set of eyes we start to wander half blind and the only opportunity we find is the one that literally finds us and knocks the door in - a very rare event indeed.
Losing Talent and Opportunity leads to Financial Losses
Loosing opportunity quickly eliminates profitable growth and soon starts eroding your well established revenue sources too as the needs and expectations of your current and future customers constantly evolve and your competition is likely to use all available tools for finding opportunities in your hunting grounds too.
Talent loss through frustration, staff turn over or even just talent being hampered in their productivity buy the lack of good data quickly opens up another front. Loss of productivity. If a shortage of opportunity scares you than get worse now. Imagine competing for the falling numbers of opportunities with your hands tied behind your back while your competitors are fully rested, armed and ready to win.
Each opportunity fought for but not won is adding a further darin on your finances. Not exploiting the opportunities you find and win to the full is siphoning off vital funds your need to compete.
Its a painful vicious circle that's hard to escape. A vicious circle you can avoid by building a sustainable capability for sourcing and exploiting the decision making data vital for your success.