Industry intelligence sounds like software, but it’s not. Knowing where we’ve been is important and history is too often overlooked. Understanding the dynamics that surrounds a business gives us better tools to plan for the future. Understanding the expectations, trends, demographics, finances, and various other indicators allow us to make better. well-informed decisions about all areas of our business.
What if you think you’re doing well if you’re growing by 7% this year? What if the industry is growing by 20%? What if you declined by 7% and you didn’t know the industry as a whole took a 20% decline?
How is your competition really doing? Are they doing better or worse? How do their numbers compare to yours? Are your cost of goods in line with your industry? What about labor, materials, and workers comp?
Without understanding how you stack up against your competition, how do you change strategy to address real weaknesses? How do you begin to understand what might be real strengths?
Business intelligence is key to the effective management of a company. Smart companies rely on it.