The Vision Statement (also called the Strategic Plan) is the plan by which you and your organization will move in a new direction with a focus on increased efficiency, competitiveness, and profitability. This is accomplished through the implementation of strategic initiatives, starting from the implementation of an organizational vision.
Without an effective business intelligence system, one can hardly attempt to formulate the Strategic Plan without a shaky foundation. No matter how much information can be collated and sorted out, there is no such thing as a stable and solid foundation without a solid base. A business intelligence system is needed to enable the formulation of this kind of Vision Statement for the business enterprise.
In today’s world, there are computer systems that are capable of turning anything into data. Hence, to formulate a strategic plan, information must be collated and analyzed through computer systems. This is one of the main advantages of employing computer systems for the purpose of Strategic Planning.
A business intelligence system can also be used to record and store information on the activities of employees. These types of systems can also be used to track the flow of capital investments. Hence, when the company develops a new initiative or an expansion project, the development of this information can be rapidly analyzed through a business intelligence system.
For any business to succeed in the present market environment, the Vision Statement must be able to address the issues and challenges related to the economic and monetary crisis prevailing in the present market. All issues and challenges should be addressed in the statement.
All organizations lack the ability to identify issues and challenges in their own organization. For this reason, the Vision Statement should contain specific details on the achievements made by the enterprise in the past and will be able to outline for the future. Any information required for the formulation of this statement should be updated every quarter.
In addition, the Vision Statement will be more effective if the organization uses the business intelligence system. A computerized system can collect, process, collate, and organize the necessary information required to form this Strategic Plan.
Business intelligence systems can not only help formulate the Vision Statement but can also ensure that it becomes a success. This is because such systems can help the organization make intelligent decisions to make the business more competitive in the current market. The increased competitiveness of the business is achieved through the implementation of Vision Statements.