THE IMPORTANCE OF BUSINESS INFORMATION
CIBI Information, Inc. | 09 November 2015
“Entrepreneurs are not risk takers. They are calculated risk takers.” – Louie C. Green, Founder, The Green Group
As entertaining and awe-inspiring some famous rags-to-riches business stories may be, they leave out one important fact about achieving success as an entrepreneur – one does not simply leave it to chance.
A real businessman does not jump into a well blindfolded; he weighs all the pros and cons, considers every possibility, and assesses every decision before investing his hard-earned money into a venture. He must know what he’s dealing with, and he does this with business information.
Put simply , information is precise and relevant data that’s been analyzed within a context to give it significance. When used wisely, it becomes a powerful tool that can help the growth of an enterprise. So it’s no surprise that, over the years, people have built an entire industry around this very valuable commodity.
Though often linked to computer programming, system design, and telecommunications, information industry has a much wider range of influence in different disciplines. In the corporate world, it takes the form of business information where news, market research, company and executive profiles, economic analysis, IT research, and credit and financial information are the key products.
In this age of fast-paced and ever-changing market trends, economic activities have become information-driven, which means that those who have better access to firsthand information have the greater advantage. A solid background check before making any crucial financial decisions could save a company millions and billions worth of badly invested capital. It is also much easier to plan and allocate resources since when you have an insight as to which ventures are potentially profitable.
Numbers don’t lie. And when it comes to business, it’s wise to rely on numbers for a good indicator of economic trends. Reliable business information helps by painting a big picture of a scenario so that one would see the pattern of changes in each variable. By looking at these fluctuations, companies would see which variables are affected by others and how certain economic catalysts change the way the market behaves. This now turns into actionable information that aids in formulating strategic corporate decisions in the future.
Business Information companies can help support you in assessing risk through data. Analytics is already the name of the game these days. It is best to select a company that can help you transform old data into analytics report. This can support the decision making of the companies especially if this regards with employment attrition or other marketing strategies.
In the Philippines, there are number of business information companies that provide background checking of companies or individuals for both vendor or partner accreditation and even pre-employment screening.
Credit Bureau companies are also efficient in providing the credit details as your reference to any business dealings. Fortunately, Philippines is now moving ahead of the curve and took the initiative of building a centralized credit information exchange system. You can check Wikipedia for the list of accredited credit bureaus in the country.
Not everyone will have an outrageous stroke of luck or uncanny business instinct, but everyone can have access to good business information if one knows where to look. Insight is an asset and one that is definitely worth investing time and money into.
After all, the best decision is an informed decision.
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