7 ways Business Intelligence gives Prime Contractors the competitive edge
Are you rich in data but poor on insight?
Does your business struggle to transform masses of data into actionable strategies?
Unsure about how Business Intelligence services can help your Prime Contracting Business?
The term Business Intelligence is often just another way of describing how data is converted into something of value.
Without it, all there is, is mountains of meaningless information. Data without context.
“Think of how little value the Library of Congress has to someone who cannot read” Search Business Analytics.com
Business Intelligence describes the process of extracting data and turning it into information that informs and supports intelligent business decisions, and if you are competing in the federal marketplace or hoping to, then you will already know that the stakes are high.
Competition is fierce and is no secret that having access to accurate analysis and trustworthy interpretation is essential if you want to get ahead.
Organizational dependence on dynamic information is at an all time high. Business Intelligence is in huge demand as a SAAS solution right now due to its highly specialized nature and back-end complexity.
“Recent research has shown that the ‘smartest’ organizations (and those that want to act smarter) are seeking to capitalize on increased information richness and business intelligence to gain measurable competitive advantage,” mypurchasingcentre.com
Through necessity, this kind of information needs to be procured from firms having successful models for delivering high quality dynamic information, with a proven track record over some time.
So how exactly can using Business Intelligence translate into a competitive edge for Prime Contractors that is sure to impact the bottom line?
7 Ways Business Intelligence can give you the edge over your competitors
Raising levels of market intelligence positions organizations to foresee changes and prepare to respond to them with greater ease and higher degree of success. Market Intelligence allows you to view situations “downstream” effectively reducing the lag that can cause you to play the usual catch up role with peers. With Business Intelligence solutions you are given accurate data, updates in real time, trending and forecasting means and even allows you to predict “what-if” scenarios, therefore removing the need to guess or estimate.
2. Minimize overwhelm
Using Business Intelligence minimizes the information overload that impedes organizations in today’s fast paced business environment. It enables businesses to cut through the noise of irrelevant information and get straight to the point.
3. Lower upfront costs
Accessing a service offers lower upfront costs, more predictable ongoing costs, and the ability to get the latest technology more quickly than buying and implementing it in-house .
4. Avoid distraction from your mission
Building in-house specialized solutions to achieve reliable data aggregation requires skills that often underestimate the inherent difficulties associated with the task. This can easily distract an organization from serving its core mission.
It’s all too easy to waste valuable time looking for information from different data sources, by capitalising on the benefits of business intelligence, data comes from one source. Removing inefficiencies from the process saves both time and energy.
5. Move from insight to action
Using BI enables companies to adapt to change without feeling stuck or being shackled by sunk costs in computer hardware and software, personnel and lost time.
Without the heavy burden of owning a non-core business function organizations can execute with greater ease, and reduce overall costs associated with acquiring key information.
6. Ready to use information - immediately accessible.
Users gain access to readily usable information, not data. Everything is seamlessly connected at the back-end to enable intelligent action. Data is provided as information that inspires understanding and reduces the need for manual manipulation of reports. You can get immediate answers to questions enabling quicker decisions to be made.
7. Knowledge you can trust
Business intelligence providers have authorized login credentials for government databases which enables the aggregation of data from disparate government sources. This means that the need to search through multiple databases, websites, or publications is removed.
The “what when and how” of federal government spending
Knowing when, on what, and how much the federal government is spending, together with who is winning that federal business, and from where are those federal opportunities are coming from, is key to winning federal contracts period.
If you are struggling to identify opportunities within the marketplace or feel that you are falling behind your competitors then it could be time to consider the Business Intelligence Service providers in the Federal Sector.
Don’t miss our post “Why Knowledge trumps Information for Prime Contractors in the Federal Marketplace“.
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