Information = Innovation

If you are planning for an exhilarating sales year in 2010 focusing on growing revenues of your exciting product lines of typewriters, fax machines and Sony Walkman then you need Business Intelligence urgently. OK, so it’s a silly example because these are long discontinued products but sometimes the market forces that drive old products out and usher in the new are not so visible. We all know what new technology will be released, and by when, but does that apply to your revenue lines, have you assessed any potential markets moves and the possible negative impact on your business which can stimulate innovation out of necessity. Are you using Business Intelligence to very clearly track any slowdown in your product lines. Are the “bankers” in your business still the bankers they always were, and if you have noticed a year on year slowdown in sales, do you know why they have slowed. Are their economic reasons, do you have manufacturing problems or are your products heading for the same scrapheap (read museum) where you will find Typewriters and Sony Walkman. The point is, are you using Business Intelligence to understand your business in 2010. Do you know where you are at risk of losing some, a large chunk of, or all of your revenues and what do you plan to do about it. Do you create a new product line extension to boost the revenue, do you replace with a new product, or has the market shifted beyond your control ie has someone moved your cheese? Without Business Intelligence, you won’t have a clue.