Data is now more accessible than ever. To improve efficiency in business processes, every organization collects relevant information. However, very few companies are effectively analyzing this data to drive the business in a direction of improvement or change.
There are some key, strategic questions that organizations still find difficult to answer:
- How should we query the data to extract good information?
- Which data should we use and what is the source of this data?
- What tools or technologies should we select for analysis?
- How should we implement the analysis findings?
Data trends can provide hidden insights to identify problems and help provide alternative ways of working. Moreover, this information helps companies become more efficient, productive, and better able to predict future market trends.
Data Analysis and Implementation of Insights
To apply data analytics to business processes, companies must first develop a strategy and plan. If an organization wants to improve its effectiveness and efficiency, it is important to manage performance of employees and processes which implies an ability to measure these factors. And these measures must be sufficiently meaningful and linked to the desired outcome or goal. This can be a tedious task, particularly when the data is often scattered and unformatted.
Getting help to develop the strategy and identify the business benefits is a critical first step.
Competitive Advantage of Data Analytics
While most companies gather transactional information about their business (finance, sales, inventory, etc.), many don’t have an easy way of organizing the data which are often sourced from disparate systems, nor do they collect broader industry and available competitive data. As such, they can miss the opportunity to achieve competitive advantage because they are not able to see where improvements are needed/possible and where trends in their business can be better managed.
The ubiquity of data, and effect use of this data, provides opportunities for staff to increase productivity and enhance decision-making for better customer service and bottom line results. It’s no surprise that data analytics has become a critical success factor for business seeking to stand out.
Visualizing the Analysis
Due to the large volume of structured and unstructured data, it often becomes difficult to manage and glean relevant information. Data analytics tools are capable of handling heterogeneous data and provide insights from them. Data visualization tools like Power BI, Tableau, and Qlik make it even easier to present those insights in more impactful ways. These tools allow decision makers to see connections between multi-dimensional data sets and provide new ways to interpret data via graphical representations.
Data analytics enables both prediction and knowledge discovery. It helps in understanding the current state of the business processes and provides a solid foundation to predict future outcomes. Data analytics enables businesses to understand the current market scenario and change the process or trigger a need for new product development that matches the market needs.
Knowing what customers want beforehand makes marketing campaigns much more effective. It enables companies to customize their advertisements to a specific segment of the customer base and become much more deliberate in the messaging. It also helps determine which segment of customer base will respond best to the campaign.
Data analytics can also help companies identify other potential opportunities to streamline operations or maximize their profits. As an example, it helps identify potential problems with the adoption of products or services which means the organization can act more quickly based on relevant feedback. Companies can better see which operations have yielded the best overall results under various conditions and identify which operational area are error-prone and which ones need to be improved.
Litcom helps organizations navigate the Data Analytics minefield and turn a vast array of data into valuable information that drives decision-making in a corporation. Our services and solutions ensure that our clients can better organize, collect, analyze and act on the relevant information at the right time. For more information please contact us: email@example.com.