Businesses without standardized applications and automated functions are less likely to achieve operational excellence than their Future Ready counterparts. ¹
These companies continue to have people perform the same tasks over and over by using manual and clerical methods, such as spreadsheets. The overuse of spreadsheets in business generates excessive costs and risks, and examples of businesses that have suffered financial losses from errors related to poor spreadsheet governance are vast and significant.
On the opposite side of the spectrum, businesses that have implemented Common Data Model (CDM) are able to improve their performance by developing a strong business-intelligence capabilities and manage their companies digitally by means of real-time enterprises. Additionally, a CDM that contains comprehensive internal and external information about a company can promptly facilitate both business intelligence (BI) and the ability to automate business processes.
Continue reading to see how quickly a company can automate once it has a CDM in place and has leveraged the BI to know where to prioritize.
1. Stephanie Woerner and Peter Weill. Update on the Four Pathways to Future Ready. MIT CISR, MIT CISR Research Briefing volume XXI, Number 2, February 18, 2021