Episode # 84, Your Business Intelligence System Could Be Your Secret Weapon
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Episode # 84, Your Business Intelligence System Could Be Your Secret Weapon
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Knowledge management transforms business outcomes by organizing critical data into actionable insights. Women business owners are leveraging these systems to fuel incredible growth, with women-owned businesses growing at twice the rate of male-owned businesses from 2019-2023.
• 14 million women-owned businesses in the US (39% of privately owned businesses)
• These businesses employ 12.2 million people with combined revenue of $2.7 trillion
• California hosts 23% of all women-owned businesses in America (1.5 million)
• Knowledge management combines data, information systems, and analysis
• Effective systems deliver the right data to the right person at the right time
• Create a plan identifying key knowledge points about your business
• Implement systems consolidating internal and external data
• Establish quality control procedures to ensure accurate data
• Experiment with data to find hidden opportunities
• Dedicate 2-3 hours weekly to analyzing business data
• Look for unexpected patterns like unusual customer demographics
• Use technology including AI tools to gain insights
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