Analytics always seems to be the hot topic at board meetings and continues to make it in strategic planning documents. Many decision makers, such as a board of director, are now pushing to understand data analytics, how it can improve the company and how it can support the board for better decision making and help with meeting efficiency.
Through our experience there are many benefits that data analytics can offer to a board of directors:
1. Identify new opportunities that can assist in strategy planning.
2. Gain support from members by having the ability to get insights into the company, resulting in evidence based decision making
3. Can become your competitive advantage
4. Creates accountability for board members if they have access to a dashboard where they can continually assess the current situation and not just during meetings
5. In relation to number 4, this increases trust and communication
It’s all about providing the board with the information they need, at the right time and creating a clear picture of the specific ways it can create business value. Because companies can no longer stick with the approach of “let’s invest and hope for the best” mentality. The capital is not available nor is their time for these types of mistakes because one mistake puts the competition two steps ahead.