Page 14 - Report- Procure 2020 FMi INDUSTRY

2020 FMI INDUSTRY REPORT

Where Improvements Can Have the
Greatest Impact

In addressing their concerns, firms expect to Access to data enables more informed,
see the greatest impact across three key areas: strategic decision-making. Plus, it helps to
bridge a deepening knowledge gap resulting
1. Financial performance/margins
from the industry’s changing demographics.
2. Schedule/productivity
Today, many strategic decisions are based on
3. Reputation
leaders’ past experiences, hard knocks, and
gut instincts. But as the 30- to 40-year-old
A closer look at the survey responses reveals
demographic grows and more baby boomers
a pattern: the underlying objective across the
retire, experiential knowledge is dwindling—
board is to improve the financial position of the
making data intelligence ever more critical.
company—whether increasing margins through
An added bonus is that technology automates
improved productivity or securing more client
information collection, which reduces workload
opportunities through a stronger reputation.
and frees up employees to focus on their core
It is worth noting that although industry leaders function. The result is more work with fewer
are not concerned with drawing insights from data errors, translating to increased productivity and
and are lagging in this area, they nevertheless improved margins.
believe data intelligence can have a significant
positive impact on financial performance.

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