If you have more data and context around that data, you can see patterns, assess multiple conditions, and ultimately drive transformative insight. The key is to compare, contrast, and characterize. Dig deeper, and ask probing questions.
For many service organizations top priorities include:
- Improving service revenue and cash flow
- Reducing costs and optimizing working capital
- Increasing employee and partner productivity
- Maximizing return on asset performance, and working toward zero unplanned downtime
- Staying compliant
Balancing these priorities with internal and external pressures can be challenging. For example, as a service leader, does increasing headcount necessarily equate to improving service productivity? When it comes to reducing costs, does it make sense to immediately limit overtime, delay new hires, and restructure incentives? Maybe, but maybe not. It comes back to focusing on the right data, understanding that data in context, and thinking beyond an immediate reaction. Dig deeper.
We are living and leading in a time of fast-paced change and innovation. Uncovering and delivering on business insights is much more impactful than ever before, so let’s fine tune our previous definition of insights. True business insights are actionable, data-driven findings that create business value. Here are a few situational challenges where looking at real-time, contextual, and service specific information can provide insights that lead to better decision making for the organization. You may even find a few surprises along the way!