Only half of all small businesses last longer than 5 years.
There are many reasons why a business may fail. But it’s safe to say that many of those reasons have to do with one thing: decision-making. That’s why decision-making tools like Business Intelligence software can be a key differentiator for small businesses today.
That is the warning in a recent InformationWeek (gated) article and online discussion, pointing out that just because you have flashy, powerful, big data metrics, they are not the only valid or pertinent metrics. Recently ousted CEO Ron Johnson of JC Penney cited all kinds of detailed data to justify major reorganization for the company in 2012, and then made fundamental alterations based on it. Deep discounting ended, private labels would no longer be as emphasized, and online product lineups were slashed.
As we now know, the changes upset the company’s core market while failing to attract much new interest from other demographics or clientele, resulting in a sharp drop in sales overall: $12.9 billion in 2012, down from $17 billion in 2011.
Creativity drives innovation. That’s not news to anyone in tech, software, or any other industry. But there’s been a significant embracing of think-tank approaches to innovation in top-tier companies. It’s an investment in creativity that all small businesses can use as a source of inspiration. IT innovation is an essential part to remaining competitive today. Done on a small or large scale, it has to be done within every business, yours included. Computerworld put it this way:
With globalization, changing customer behavior, the spread of consumer technologies and cloud capabilities lowering the barrier of entry to new competitors, organizations are increasingly looking to technology-induced innovations to distinguish themselves in the market.
Computerworld did an extended series on some top-tier enterprise companies, filled to the brim with relevant tips to make creativity possible. Take inspiration from these major companies and the ideas and approaches they are using to get creative in enterprise.
It’s a buzz word that has spread across seemingly every industry, from healthcare to media analytics to education. Not only are leaders across industries still trying to wrap their heads around this concept, it seems like everyone is tripping over their competition to have “the most” — and the most advanced — big data first.
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