Many business executives like yourself understand how important a well-rounded enterprise analysis (EA) strategy is for helping your company accomplish any number of predicted end goals or desired outcomes for the business. Knowing what your company needs overall, what its goals/problems are, and how to reach those goals or solve those problems is the core of enterprise analysis. Such a strategy helps you identify trends in your business, implement best business practices, scale efficiently and profitably, and drive overall competitive advantage in your industry.
For example, let’s say you decide to create a mini-EA solely based on your company’s information technology department. By carefully analyzing your core business needs and goals, and what technology is needed to reach these, you might come to the conclusion that you’re overspending on equipment each year. With this knowledge, you can, therefore, cut back on annual expenditures, upgrade current equipment, or reroute those funds to an aggressive maintenance plan instead. Imagine what a highly-efficient IT department could do for your business’s long-term savings and success.
Unfortunately, not all EAs are as complete or as reliable as they should be. According to the book Analytics at Work: Smarter Decisions, Better Results, two-thirds of surveyed major U.S. companies reported in 2010 that they needed to “improve their enterprise analytics capabilities.” Almost three-fourths of these companies also said they were working to improve their business analytic usage.
Your company does not need to be one of the ones struggling with insufficient EA capabilities or feeling like your analytic strategy is incomplete, especially when it comes to including asset tracking data. By including asset tracking data in your company’s enterprise analysis strategy, you’ll find you have a more detailed understanding of how your business operates and therefore be better able to make accurate forecasts and business decisions in a timely manner.
The value of data analytics in a company’s overall EA strategy has become more of a focus for businesses across the board over the last few years. A 2015 report from IDG Enterprises found companies spent an average of $7.4 million on data-related projects and initiatives in that year alone. About 80% of enterprises and 63% of small and medium businesses said they already had or were planning to start big data projects in 2015, while a large majority (83%) of all businesses considered structured data initiatives to be “critical” or “high priority.”
Data is, therefore, the key to developing a successful, competitive EA strategy to keep your business on the cutting edge of your industry. And an important part of data is the information you pull from your asset tracking and management program. Here’s why asset tracking data should be a big piece of your overall enterprise analysis strategy.
If you want to learn more about how Asset Panda’s useful asset tracking data solution helps your enterprise analysis strategy succeed, sign up for a free, 14-day trial or give us a call at 855-898-6058.
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