In today’s crowded business environment, gaining a competitive advantage in the marketplace is a must. But where does that competitive advantage come from? Traditionally, it’s been about knowing the competition and either differentiating yourself or simply just doing it better. Today, however, Brinqa has developed technology in the form of risk analytics tools that allows companies to be introspective and focus on key areas that may need improvement and overall maximize a company’s potential.
Here are five ways to gain a competitive advantage using Brinqa’s risk analytics platform:
THE NEED FOR SPEED
If you think about business today, everything is about how fast you can do things, and doing something faster than your competitor is always an advantage. Brinqa’s innovations in analytics now allow people to automate processes that were once done manually, such as moving from spreadsheet analysis to analytics dashboards shared across organizations. The end result is a faster route to obtaining the information you need, which could ultimately put you ahead of the competition.
MEASURING THE RIGHT STUFF
Data is scattered everywhere and enterprise risk professionals are tasked with turning volumes of unstructured risk data that is difficult to analyze into actionable information. But how do you know you are measuring the right data? You could potentially be measuring ten things that you’ve been measuring for the past 20 years and it really isn’t showing you what you need to see today. Brinqa gives you a big picture view so that you can immediately find and measure potential trouble areas to resolve the problems faster. If you measure the right stuff, you know exactly what needs improvement.
MAKING BETTER USE OF YOUR DATA
So even if you are measuring the right stuff, up until now, there has been no real way to bring all the information together consistently. It’s been a manual undertaking resulting in documents, spreadsheets and plenty of personal opinion. Brinqa’s risk analytics tools paint the whole picture and make the data richer. Users now have the ability to take that data, break it down and do more with it such as creating charts or visual tables that include numerous categories. The smarter data is not only easier to digest, but derives more value across the board. The analysis becomes business knowledge that is data driven and is a value to the organization instantly.
WORK SMARTER, NOT HARDER
Being efficient is a key competitive advantage in any business and Brinqa really puts efficiency at the forefront. The ability to replace what has been a manual process with an automated one saves time, effort and, occasionally, error. It’s a repeatable process that you put in place that you really don’t have to think about anymore. You set it up once and you get the smartest people to put all the rules in place and then you just let it work. No intervention required. Put scheduled assessments to work for you whether it is gathering information from employees or assessing your third party partners against the latest regulations.
LOOKING INTO THE CRYSTAL BALL
Brinqa not only lets you look at the past and present metrics to make knowledgeable decisions, but also allows you to simulate future scenarios. It’s about knowing the consequence of doing something versus not doing it. It’s about uncovering consequences and making consequences tangible. The ability to use real data to evaluate a decision that you are trying to make is a huge competitive advantage when every decision counts.
THE TRUTH IS OUT THERE
Previously, companies collected data on risk analytics but struggled with reports that were subjective and sometimes unreliable. With Brinqa, that is no longer the case. Our solution allows you to easily bring all of the data together as a single source of truth, resulting in much more informed decisions and overall operational efficiency, ultimately keeping your company ahead of the competition.
The Bottom Line: Your data is your single biggest resource and might just be the biggest competitive advantage you can achieve, so why not use it to your advantage?