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Latest Blog Post

Bad BI data

Posted 11 Nov 2010 10:23

How does bad data affect brokers?

Bad Business Intelligence (BI) data is an issue across any organisation and ship broking is no exception.

Shipbrokers receive a phenomenal volume of market information each day. Sifting through raw data and transforming it into a format which can be analyzed and exploited for informed decision making is a time-consuming process, which is easily prone to errors of omission and accuracy – after all we’re only human.

So smart brokers reach for BI tools – however a recent article by UK business technology industry magazine ‘Computing’ makes an interesting point about generic BI tools, “Business intelligence (BI) tools often produce inaccurate, poor-quality data, forcing disappointed end users back into using spreadsheets’
http://www.computing.co.uk/computing/analysis/2271147/bad-scuppers-bi-usage

Shipbrokers need BI tools which are relevant to them, to their industry and their often frantic pace of work. There’s no real use in paying out for poorly designed software which delivers data in a format that doesn’t match or cannot be adapted to the individual shipbroker’s needs. Generic BI tools (which are those often favoured by the IT manager) simply don’t offer the Shipbroker the ability to customize and interrogate data to a finite degree – thus keeping ‘bad data’ at arms length while responding with speed to valuable data.

Industry-specific and individually tailored data management tools are available that can automatically and methodically filter out the real nuggets of gold-value information according to pre-defined rules set by the brokers themselves – thereby rapidly improving productivity without great upheaval of internal processes. Appropriate use of technology to filter information means deals can be acted upon more efficiently, driving up revenue and profit, while deepening relationships with business contacts.

One thing is for sure, though, those who don’t do their homework when adopting BI Tools and opt for generic tools, will miss out on opportunities, as their rivals refine their own practices and exploit strategic information management to their commercial advantage.


SDSD
The developers of SD MatrixShipbrokerPortal.com and other Strategic Dataworks products