Business Intelligence After Brexit.
It’s Time to Recognise New Opportunities. Get the Right BI Solution and Strategy. Learn more here!
Brexit has begun. The countdown has started and two years of very intense negotiations, and considerable changes, are underway.
When signing Article 50 on 29th March 2017, Theresa May made promises of clarity for the cloudy future ahead. However, the UK’s decision to leave the European Union means many organisations will face challenges that could significantly impact the way they operate.
Stock market uncertainty, a record 31-year low for the pound, implications for cross-border businesses and increased supply chain costs, have all enforced the idea we are entering the unknown. With a greater need for untested decision making, many businesses have taken a ‘batten down the hatches’ approach to limit the preconceived consequences of leaving the EU. Unsurprisingly, cutting costs, suspending hiring and reducing unnecessary spend, are top of the agenda for many.
Plan for a Post-Brexit World
The truth is, none of us really know what the effects of Brexit are going to be. So, preparing your organisation by ensuring your Business Intelligence (BI) solutions are braced for any potential impact is a good place to begin.
Brexit has created conditions where costs need to be minimised and challenges are increased. Yet, a predominantly negative reaction to the situation could lead to long-term detrimental effects. After all, there’s no guarantee the decisions you make today will benefit your business as the Brexit process unfolds.
How can you cut manufacturing costs and source cheaper materials without lowering product quality? How can you lower staffing costs without impacting service levels and losing vital skills and resources? If you suspend salary increases, can you risk your best staff going elsewhere?
The last thing you want to do is harm your brand’s productivity and reputation, and be left with fewer customers, revenue and profit. If that happens, you’ll need to cut more costs, source even cheaper materials and reduce pay further. Without devising a strategy that enables you to cater for your objectives, whatever the situation, your post-Brexit world won’t be a happy one.
It’s Time to Recognise New Opportunities
There’s no doubt changes are on the horizon, but however drastic they may or may not be, businesses need to recognise the opportunities Brexit presents. Instead of focusing on the negatives, get smarter about what you do and use challenges as a driver for positive change. That’s where effective BI comes in.
BI is an excellent way to ensure challenges are met, so your business doesn’t just survive Brexit, but flourishes. Our unique 4dDX methodology guides you towards creating true, high value BI and facilitates the low-cost, highly-effective conditions that Brexit necessitates. By making the right decisions, at the right time, you’ll remain on the path to meeting your objectives.
Now is the time to review your BI and the goals, people and processes it supports. Are your organisation’s goals still realistic? Are the processes your people follow to achieve them fit for purpose? Are your BI solutions providing your people with the valuable and actionable information needed to come out the other side of Brexit more successful than your competitors?
Developing a clear strategy which allows you to reach your goals means covering every eventuality. We’ve put together some examples where BI will benefit your organisation during Brexit:
- If you’re a manufacturing business, reduce costs by streamlining your processes. By identifying the key areas you can use materials more effectively, you can determine the quality checks that make a difference and get rid of those which don’t.
- If you provide services, reduce costs by revisiting your delivery processes. Use business intelligence to see where you can change to a more profitable staff mix without compromising on quality.
- Ensure you have the right people doing the right things, the right way, and use BI to measure and improve their effectiveness. If you can’t increase their pay, try to increase their enjoyment by giving them more control, with your BI as a safety net to check the changes are working.
Get the Right BI Solution and Strategy
The need for excellent BI has never been greater, and regardless of your political views, it’s important to make sure every penny you spend is spent wisely. Brexit will be disruptive, and in disruptive times the right BI solution and strategy is imperative to effectively ‘weather the storm’ without harming your business.
If you would like to speak to any of our dedicated consultants about the above you can book here for an hour free discussion with no obligation.