What is business intelligence? It’s having an in-depth understanding of the way your business currently operates, and the opportunities for savings and income that you have.
In many businesses – particularly in the waste and recycling sector – day-to-day operations often overshadow this type of business analysis. These businesses are under both operational and finance pressures, and the emphasis is on keeping the business running and keeping clients happy.
But that approach results in businesses missing the true gold – the hidden value that’s almost certainly there in your business, if you just know where to look.
Hidden in plain sight
Where is all this intelligence? It’s in the waste data that’s already in your business. You may be collecting it in different systems and different ways, or you may not be collecting it at all – but it’s there, and it’s the source of everything your business needs to make better commercial decisions.
Why is waste data important? Properly collected, collated and analysed, your business’s data shows clearly how you are operating. It can give you insights into the way your business operates, which in turn shows you what you could change and where you could exploit new opportunities.
According to an article by Pinsent Mason, “…the most successful companies will be those that treat data as an asset, something as tangible and important as cash reserves, inventory and intellectual property.”
The great news about mining your waste data to unlock new business opportunities is that it’s easier than you think. When you bring all your data together and apply good quality analysis to it, you could:
- Realise important efficiencies that save money.
- See what’s making you money, and what’s not.
- Refocus your efforts to increase profitability.
- Direct staff efforts more productively.
- Optimise route planning and fleet expenditure.
- Improve performance management.
- Manage regulatory reporting with confidence.
- Deliver better services to clients.
- Exploit new market opportunities ahead of the competition.
When you already have this information in your business, how can you find it and use it?
Making your data work harder
Businesses usually ask for our help when they know they want to expand their operations and grow their market share. They understand that they don’t have the business intelligence in the business to allow them to do this. That’s often because:
- Data is stored across lots of different systems and departments.
- Many processes are still handled manually or by Excel spreadsheet.
- Previous growth has come by acquisition or merger, bringing data into the business from new sources.
- Some systems are now unsupported by the original provider, so data is difficult to access or merge with other sources.
- The business wants to take on digital transformation to maintain competitiveness but doesn’t know where to start.
In order to deliver true business intelligence, the first step is to centralise the data in your business. This means that all the data can be related – for example, what impact does customer payment delays have on stock and inventory? Or, if collections were better managed, would the business save money on fuel?
These may seem like small nuggets of business gold, but they add up to significant efficiencies within the business. They also highlight ways in which the business could expand – by moving into secondary material markets, for example – bringing in new revenue that supports growth plans.
Why not take a look at our client successes? Working with waste and recycling businesses around the world, we’ve helped companies to:
- Access real-time data on a central platform.
- Automate processes to save time and money, and allow staff to focus on more important tasks.
- Increase profitability without increasing costs.
- Identified realistic areas for growth.
- Improved transparency across multiple-location businesses.
- Accurate, automated reporting that improves compliance.
- Improved forecasting.
What opportunities could be hidden in your business? There are bound to be several areas where data can help you make even more of your business, and support your growth plans with clear facts. You can find out how we can help you access these commercial opportunities by getting in touch with our team today.
