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Information Sharing in the New Business World

Most companies still manage by spreadsheet. They may have top of the line systems/business solutions but we have found that they are not all integrated allowing for a single view for informed decision making and sharing of key performance data.

 

Companies are constantly looking at ways to reduce costs while providing more or better services to their clients. The largest cost to most companies is normally staff costs. The next would normally be technology, which includes both IT and business technologies/solutions.

Companies today still suffer from not only working in a siloed/divisional manner , but also the fact that in most cases these silos/divisions purchase technology for their requirements independently of the larger group . The problems are further compounded as most silos/divisions have their own divisions and these also purchase independently for their requirements. For instance the change management team purchasing a solution for change management.

 

The world has become virtual, sharing of information has never been easier, especially in the social media/internet space.  So why are most companies still purchasing in silos independently of each other, and why is there normally no process to ensure that there is the ability to integrate and share information and systems across the company?

I believe companies need to re look at how they purchase technology/business solutions, there should be a strategic group view or guidelines that would allow for things like better integration, sharing of information, fewer technologies for staff to work with learn or support a single solution that is viewed as the single version of truth for the company and is used to plan and strategize.

Only when companies start to share or have easy access to consolidated relevant information can they innovate and start to improve performance, drive down costs and do better planning based on fact rather than guessing. Some of the major costs areas would be reduced by being able to

  •        Understand demand versus resource/staff across the business instead of within the silos , offering possible efficiencies and cost savings
  •        Understand where the profitability lies within the group as an overall, so where to invest
  •        Reduce purchasing costs for technology/ business solutions along with savings on training users or support staff along with maintenance agreements savings
  •        Have all the relevant information in a single integrated view that allows for better decisions and mitigates risk
  •        Having as many people as possible using the same minimal tools across the business, the same language, the same vison and the same goal (sharing of information)

We live in a world that is ever changing as are the requirements to succeed in the market, information needs to be easy to access and change to meet these requirements.