‘Data is the new oil’

Data is the new Oil Business Intelligence

‘Data is the new oil’

This quote is an interesting perspective on the importance of data in our digital society. This isn’t a particularly new quote but is very relevant for businesses in Calgary, Edmonton and other areas impacted by the energy industry. Our interaction with the digital realm has become an ingrained part of our daily lives, affecting how we interact socially, how we shop and access services, and how we conduct business. Data plays a critical infrastructure role for businesses both internally (being able to accurately forecast and track sales, manage and analyze inventory), but also externally (managing customer relations to improve sales, building a brand’s identity, delivering targeted advertising). To remain competitive and innovative, companies must stay up-to-date on managing the flow of data: how it is captured, analyzed, and leveraged to inform solid decision making. Forward thinking organizations are interested in making the most of this data resource as a means of reducing costs and operating efficiently in dynamic markets. The need for data analysts to interpret and turn data into actionable knowledge will continue to grow as organizations struggle to keep up with the volume and complexity of big data.

Business analytics/ business intelligence: propelling business forward

Business Intelligence has several functions and can be used in the corporate environment to detect fraud, reduce wasted resources, increase revenue and save time. Perhaps most importantly, it empowers decision making at all levels of management, moving away from “gut” or instinct-based decision making that can lead to sub-optimal performance. Key functions of business intelligence include advanced reporting and analysis capabilities, and the ability to compare data to improve tactical and strategic management. Data that is properly managed can be an incredibly powerful tool, and the industries that are adopting business analytics are growing. In the restaurant industry, for example, data analytics can be used to predict how busy a restaurant will be based on factors such as weather, special events (if there is a conference in town, sporting event, or concert), and seasonal demand. With this demand forecast, the restaurant manager can then accurately plan the number of staff to schedule and how much food to order, reducing operational costs, increasing profit margins, and offering a better guest experience. Businesses that know how to leverage their data have a competitive edge against their competitors and are able to plan dynamically according to data trends.

Ask us how we can help you make the most of your data commodities and how our customers in Calgary, Edmonton, Saskatoon, and British Columbia are saving time, reducing costs, and increasing revenue with business analytics.  Contact us at info@bowriversolutions.com or (587)-885-1090.