As modern analytics deployments grow, organisations are faced with the ongoing challenge to curate, manage, and govern larger volumes of data.
Data is everywhere in a business – but individuals across organisations are struggling to find the relevant, trusted and current information they need for effective, confident analysis.
Once a company has a business intelligence system in place, management is able to see detailed, current data on all aspects of the business — such as financial data, production data, customer data. They can read reports that translates this information in pre-determined ways, such as current return on investment reports for individual products or product lines.
This information helps management make fact-based decisions, such as which products to concentrate on, how to improve performance, identify market trends and how to stay ahead of their competition.
How Data Analytics Can Help a Business Grow
A business intelligence (BI) system that provides data analysis tools can help grow your business in 3 key ways:
1) Analysis of business value chain – Data analytics help you in finding the insights of the value chains that are already in an organisation. The analytics will tell how the existing information can aid a business in finding ways to profitability.
2) Industry insights – Analytics results will give your business the ability to access industry knowledge and how to use this to your advantage over competitors that may not possess this information.
3) Identify opportunities – The economy is fast-changing and keeping up with dynamic trends. Data Analytics gives us analysed data that helps organisations in spotting market opportunities.
What do we want out of our data?
Ultimately, after we accumulate the data needed, we analyse it to make necessary decisions that are then shared throughout the company. The goal of this is for organisations to move beyond asking questions of their data to asking questions of their business.
This will instill confidence in people of all skillsets and levels within the organisation to make decisions based on the analysis and understanding of the data.
Encouraging shared access, transparency and strong governance immediately inspires confidence in the power of data.
>>Does your organisation need big data analytics tools to make faster, intelligent decisions?<<
With PXP you can make your data easier to understand, simpler to communicate, and much more useful.