Information overload

No-one can complain that we’re suffering from a lack of information. Information is everywhere, whether you like it, want it, need it or not. We are living in an information age, where news is not news for very long, and data has become as ubiquitous as the air that we breathe – and almost as free. Access to information is now a right, not a privilege. Like an all-you-can-eat buffet, it’s the principle of unlimited information that’s appetising, rather than the fact that you can’t possibly consume it all.

For businesses, the release of all types of government data should be seen as enormously positive. However, the sheer volume of data now available can sometimes be more of a hindrance than a help. We’re all familiar with the expression ‘paralysis through analysis’; well, this has now been joined by ‘data asphyxiation’ – the suffocating feeling of just too much information.

Public sector spend data could easily fall into this category. Government is doing its utmost to publish details of all transactions with a value of over £500 in a bid to increase transparency. For a local authority, this can mean thousands of individual line items of spend being published every single month. Multiply this across all government bodies and, over the course of a year, you end up with millions of line items of spend data.

For businesses (and, in fact, for government itself) there is huge value in this data. It can help to identify potential customers and competitors, to show which industry sectors are hot and which regions of the UK are hives of spending activity (or not). Government buyers can also use the data to track their own spending activity, and to identify opportunities and threats in their supply chain.

This is all positive stuff, but spend data in its rawest form – basically a spreadsheet consisting of spend requirements, values and supplier names – is not that helpful. Converting it from interesting information into actionable intelligence is the key. This is where new services such as Tracker Spend Analysis come to the fore.

Tracker Spend Analysis soaks up all published spend data, cleansing, classifying and categorising it and then allowing users to interrogate it to find out pretty much anything they need to know – about their customers, their competitors and even themselves. So, far from being smothered by too much information, users of this service can turn information to their advantage – being selective about what they want to know, and using the intelligence provided to make smart, informed and effective decisions for the future.

As more information becomes available, so the importance of services such as Tracker Spend Analysis increases. The ability to convert information into intelligence has never been so precious; and in the future it will be those organisations that use information to their advantage that will enjoy success.

Find out more about what Tracker Spend Analysis can deliver for your organisation – sign up for FREE today