August 23, 2018

Optimizing Business Performance Through Strategic Data Management

 

In consulting with our clients across various industries, we often find that a number of them face challenges in terms of business performance. Many business owners manage their business based on what they know and believe, but still struggle to achieve their desired business goals. Inglewood helps the business owner step back, review and analyze the operating data to help understand the real story of what is going on and make data-driven decisions.

According to a recent article in MIT Sloan Management Review, 59 percent of managers reported they are using analytics to gain a competitive advantage, yet only 20 percent of their firms are considered analytic innovators, and 34 percent stated they are “analytically challenged.” Middle market firms, in particular, tend to feel that they either do not know where to start or cannot afford to invest in data analytics. Strategic Data Management is the foundation for business data analytics. 

Our team has extensive experience in providing assistance working with organizations on optimizing business performance through Strategic Data Management to help them achieve their goals for growth and profitability.

What is Strategic Data Management?

Strategic Data Management can mean many things to different people. Simply put, Strategic Data Management is a method to optimize business systems and processes necessary for the collection, analysis, and delivery of timely information to help achieve your strategic goals.

What Does a Strategic Data Management entail?

There are three principal steps to our Strategic Data Management approach:

  1. Understanding Key Business Goals. This includes a focus on the company’s articulated business strategy and an understanding of the underlying critical goals of its management, investors, and other stakeholders. 
  2. Assessment of Current Data and Gap Analysis. This includes a strategic review of business operations and financial, manufacturing, customer, and market data. From there, we identify the key drivers, metrics, best practices, and, most importantly, a gap analysis between current state and desired future state. 
  3. Recommendations and Implementation. This last stage includes recommendations to improve data governance, infrastructure, applications, analytics, staffing, communications, accountability, and incentives to manage the business to key metrics. We assist the company in prioritizing operational improvements, establishing goals, monitoring progress. and reporting.

Looking Forward

Call Inglewood for a no charge initial assessment of how Strategic Data Management might help your business achieve its desired goals. We look forward to the opportunity to work with you to successfully improve your operations, reduce costs, and achieve your business goals.

About Inglewood Associates

Since 1983, Inglewood Associates has been delivering valuable business acumen to assist clients with a wide range of business challenges. Inglewood principals bring their wide-ranging experiences as interim and full-time CEOs, CFOs and Chairmen of the Board to assist clients with effective solutions for their needs and circumstances. Inglewood Associates specializes in business performance advisory, business turnarounds, interim management, M&A due diligence, expert witness and project management.