Companies that encourage collaboration of data from all departmental functions see improved forecasting and internal/external client data that can be used to achieve strategic goals. Sales, Marketing, Accounting, Production, and Procurement departments should be encourage to share data through cloud productivity solutions like Google Docs/Sheets.
However, this plethora of information can cause delays in decision making according to a Harvard Business Review article. Data that is analyzed in small batches and matched to critical strategy variables can be a best course of action to reducing the strategy process cycle time.
In other words, matching insights from small data batch analysis with strategic objectives and then proceeding with a strategy implementation framework. For example, say a business wants to increase revenue from 10 million to 20 million this year. When they analyze their data and use the voice of the customer, they realize that the customers that hate them want the software to load faster and integrate a picture feature for all their menu items so that their customers can see how their meal looks like before they order. The company then translates this customer requirement into product specification and increases their client base by 25%, in turn, reaching their goal and making their competitors run for their money.
The production team would also have to manage this new feature to client requirements and ensure load times stay at acceptable levels. A financial impact/financial modeling analysis is also required to provide top management a sense of what would drive the most revenue for the company.