A business strategy is an organisation’s plan for realising its vision and achieving its goals. It involves prioritising objectives, determining how to compete successfully and maximising financial performance - earning, maintaining and increasing revenue. Business strategy is key to strengthening, aligning and driving decision-making across your business.
Strategic success depends on having timely and reliable information on individuals, companies and industries. Today’s technology and tools are essential for accessing, collecting, analysing and interpreting this data; they play a critical role in helping define today’s business strategies. With modern tools and technology, you can:
- conduct thorough company searches, legal searches and in-depth market research
- investigate the competitive landscape
- identify emerging market trends
- monitor merger-and-acquisition activity and other important business developments within your industry
- pinpoint new business opportunities
Armed with a well-defined, robust business strategy and the right tools to implement it, your organisation will be strongly positioned to grow and thrive.
Importance of data in business strategy
In today’s fast-paced world, data has become an essential component to successful business strategy and a crucial asset for organisations. Big Data has transformed the way most companies operate. An organisation’s ability to take advantage of available data, apply analytics and capitalise on new technologies is key to gaining a competitive advantage.
But given the sheer volume of data in today’s digital world, it can be easy to get bogged down with information overload. What’s more, it can be difficult to know where to begin and how to successfully incorporate data into your business strategy. In fact, many companies, worried about being left behind, simply jump on the data bandwagon and gather as much data as they can without really thinking through what they want to do with it.
Yes, it’s important to collect data, but rather than more data, it must be the right data. Whether you’re looking to expand your business into new markets, create new products or solidify your competitive advantage, having better data leads to better results.
So part of developing your business strategy is determining what your business needs - and how data can help you get it. To do this, you need to outline your organisation’s key challenges and other business-critical questions, and then gather and analyse the appropriate data to tackle them. And to do that, you again need the right tools and technology.
These tools should:
- be able to access to comprehensive company, industry, market and regulatory data
- feature powerful indexing and filtering functions
- deliver reliable and relevant documents and data points to support predictive modelling and other data-intensive applications
- generate industry reports that textually and visually pull together your data more so you have a more complete view of your industry
LexisNexis solutions aim to support you on your business strategy and data journey, from collecting information to analysing your findings so you can understand where new opportunities lie.
It starts with best-in-class data. With Nexis, you can turn our data into your actionable insights by finding precisely what you need - when you need it.
With its rich analytical tools and customised news alerts, Nexis:
- strategically curates the most robust global collection of trusted premium and web news, company profiles, legal content and industry information, all of which are standardised and indexed for you to easily uncover the most relevant data
- tracks key players in your field, so you can see the complete picture
- provides a bird’s-eye view of relevant mergers and acquisitions
Nexis aggregates information from more than 36,000 international news and business outlets, as well as from thousands of business-relevant websites, blogs, and forums. Tens of thousands of sources and millions of documents are at your disposal for company research.
Plus, Nexis’s archives date back more than 40 years, so the tool provides results that can serve up the big picture - not just today’s headlines. And Nexis adds to its archives every minute, every hour, every day.
With Nexis a part of your business strategy, you can glean vital insights that will help drive more informed, impactful decision-making.
The LexisNexis Newsdesk® Media Monitoring and Business Intelligence Software platform provides a global news search, social media analysis, video analysis, transcript searches, market trend analysis, competitive analysis, campaign effect measurement, blog analysis news alerts, newsletter distribution and more.
Plus, you can customise Newsdesk® to cater to the specific needs of your business strategy.
With Newsdesk, you can:
- conduct media monitoring and analytics across the most comprehensive collection of global news and business information available, including more than four million daily news articles, broadcast media, blogs, and social media channels from more than 150 countries and in 75 languages - all specifically curated and indexed to provide actionable insights quickly
- share relevant business intelligence across your organisation with customisable distribution tools, such as alerts, branded newsletters and RSS feeds.
Ultimately, Newsdesk enables you to confidently make timely, data-driven strategic decisions in today's fast-paced, competitive environment.
Metabase is a single, unified application programming interface (API) that allows you to integrate targeted near-real-time news and social media into applications to support your business strategy. Delivering billions of relevant documents and data points, Metabase makes it easy to extract business intelligence from the most comprehensive, global content collection of print, online news and social media sources in the industry.