Why Data Analytics is Vital in Managing a Business Today
Companies that use data analytics find that they stay up-to-date with their operations and are more efficient. Because data analytics, also called Business Intelligence, allows them to get up-to-the-minute data about their operational systems and business transactions, information is critical for a business's success. Unfortunately, companies that do not use data analytics may discover that their business is suffering because they can't uncover hidden patterns and gain other insights.
Data analytics can provide your business with a continuous solution to monitor your product or service performance. In addition, this solution can help you quickly apply any corrective measures that are needed.
You can use analytics to track trends, customer behavior, and market shifts. This data will allow you to stay on top of things and make any necessary changes. For example, the data can be used to study analytics information about your customer's demographics, interests, or purchasing behavior. You can also analyze your sales numbers or financials. Real-time data can also help you analyze social media information like how many Facebook likes, tweets, or followers you have.
Data Analytics can use past information to determine what products customers might be interested in based on recent numbers. Analytics help to look at year-to-year data or seasonal data to compare and make any adjustments for the current year.
Business analytics allows you to identify problems that may occur in real-time, saving your company money, time, and resources.
The Challenge of Putting Data Analytics into Practice
Every organization has insufficient data. No organization has everything neat and clean.
According to a study by Forrester that Microsoft commissioned, one of the most common reasons that most organizations haven't started using analytics is fear of security threats. This can prevent decision-makers from working with customer data until they know it is secure.
Another common problem is that most organizations have issues with analytics failing because they don't train their employees on how to use the tools to consume the analytics; that's when user adoption drops. Goals won't be reached if people don't know how to use the tools.
To fix these issues, you need to have data management solutions in place for the purpose of empowering the user with analytics to help them understand the data.
What You Need in A Data Analytics Tool
If an analytics tool provides information that's not actionable, it's useless.
You need a data analytics tool to help you provide data at the right time and in the proper format. Because you're not just getting information; it's about timing and how it's presented.
You want to provide actionable insights. After all, making money is great, but you need to know where that revenue came from and how it compares to your goals.
You'll also need to apply data validation and integrity checks before you provide the information to users. Again, this is key to a successful implementation.
Finally, you'll need a reliable platform integrated with other user tools, which has enormous benefits.
Contact Sayed Saeed today to find out how Aspirant can help you with your real-time data needs. Fill out the form below to get in touch!
Sayed is a seasoned technology executive with a distinguished career in design and development of Business Intelligence & Analytics. Over the last 20 + years, he has a proven track record of effective leadership and execution, having implemented end-to-end BI solutions, including data engineering, data visualizations, infrastructure design, and execution for various multinational companies to provide actionable insights, increased resilience, and higher profits.