The success of your business relies on your ability to make the right strategic bets. It feels like a tenuous line to walk with failure one wrong decision away. So how can you increase your chances of making the right decisions and ensuring you do not steer your company in the wrong direction?
The accuracy of your predictions boils down to data quality and the effectiveness of your systems integration strategy. Systems integration collates data across your organisation to create a complete view of your business and deliver information for making informed adjacency moves.
Know which strategic bets to make
Making adjacency moves is a key part of any business strategy, but before making such moves, you need data highlighting the trends and changes occurring in your industry.
Systems integration helps you place the right strategic bets by providing data that illuminates where you might reap the most success when moving your business in a new direction. Making an adjacency move this way saves money by preventing you from initiating costly and unsuccessful moves.
By integrating data from multiple sources, you can get a clear picture of the market and move your company in the direction of least risk.
For example, Apple bought Beats Electronics in 2014. Not for the headphone technology most would have assumed, but to beat their competitors in subscription-based music streaming. The decision came from data that indicated the growing popularity of subscription-based streaming services, such as Spotify.
Make strategic decisions based on customer preferences
Understanding your customers is one of the most important aspects of making strategic business decisions. Data pulled together with systems integration accentuates products or features of most interest to customers and allows you to position your company to meet emerging trends.
If you want to make sure that you are making the right strategic decisions for your business, you need to integrate data on customer preferences into your decision-making process. By doing this, you will be able to gain a competitive advantage and support business growth for years to come.
Removing bias from strategic decisions
Data created via systems integration removes biases from the room when the management layer gets together to make big decisions.
Bias compromises your ability to place the right strategic bets, and the wrong moves can hurt your bottom line. Systems integration prevents biases from affecting your decisions by delivering the facts you need to make informed strategic decisions.
Failure is a risk, and the data gathered from systems integration can help you pick bets with the least risk. So, will you make your next ‘big bet’ strategic decision on the back of data?
How Creative Folks supports systems integration
When we work with customers who need their systems talking to each other, we look at their applications, the underlying services these applications offer, and then overlay that with their strategy, goals and initiatives. Our expertise lies in understanding your ecosystem, highlighting the possibilities, presenting the options and deploying the right solution - in the right order - for you.
Visit our Systems Integration page for more on our capabilities.