Seven ways today’s analytics prepare your business for future success
Anybody can sit down and analyze data to derive actions for business change. The challenge is, do you have the time, are you analytically inclined, can you effectively turn the sea of data into insightful information? Do you have sufficient industry experience and domain knowledge? How do you know the appropriate actions to create the desired outcome? Can you deliver on the scale and volume required to make a difference for your organization?
The good news is you don’t need to be a rocket scientist to handle the sophisticated analysis capabilities needed to answer these questions. Best-of-breed analytics technology can do this for you. The developers of these tools have committed lots of money and time to research and development to make powerful mathematics, statistics, and artificial intelligence capabilities accessible and simple.
The analytics tools that can achieve the greatest value provide actionable analytics, not just visualization and insight – business intelligence – and predictive modelling alone. It is one thing to know something needs to be done, and another to know what action ot take to produce optimal results.
By making powerful, transformative analytics accessible, great analytical products bring power to the people. Let’s look at seven key trends that make this possible:
Beyond Business Intelligence (BI): BI is the next generation of reporting, providing you with dashboards, delivery to mobile devices, ad-hoc query, and various other alerting and visualization tools. BI can provide great insight, but only after you custom build your solution. Even then, BI falls short from helping users understand the actions required to deliver business value.
Bigger business value with smaller time investment: Provide an industry specialized framework designed to guide users through a process of delivering significant business value in the smallest portion of time. Guidance on where to spend time to deliver the greatest value is important in any analytics package.
Sophistication delivered with simplicity: Just because it is a complex business problem doesn’t mean the user needs to be exposed to this complexity or need to know the details behind it. Keeping things simple allows all user types to be effective in delivering benefits.
Industry domain knowledge automatically applied: These solutions enrich your data with relevant industry analytics and convert data into information, moving us from gut feel to data driven, fact-based decision making. Providing powerful analytics to the fingertips of all empowers all users to apply the right optimization strategies, minimizing risks and maximizes benefits.
Recommendations for optimal action: It is not enough to just know there is a problem, or even know the cause. Actionable analytics allow business change and continuous improvement.
No need to re-invent the wheel when you can drive a new car off the lot today: Home grown solutions seem like a good idea at the time -- but this approach doesn’t leverage the compound learnings from industry research, development, testing, and proven market use. Many home grown BI and spreadsheet solutions commonly suffer from budget blowouts, requirements misinterpretation, reoccurring manual and lengthy data acquisition across different business units, inflexibility to rapidly evolving requirements, complex algorithms and erroneous results, and frustrated business users.
Coming soon to your cutting-edge analytics solution: Wickedly smart analytics will search and deliver opportunities on a silver platter. These software tools continuously search for opportunities by analyzing data, searching for trends and patterns, applying predictive models and artificial intelligence, and presenting realistic, sensible opportunities at the moment they become available to you. This proactive form of delivering value doesn’t require users to apply analytical thinking to try to hunt out opportunities for business optimization.
In business today we are all asked to do more with less. Achieving this can’t be done with dumb luck, hard work and elbow grease: It requires us to work smarter and empower our people. This is an incredible challenge – and an exciting opportunity
Once when I was struggling with an engine bolt underneath my first car, my father-in-law gave me a great piece of advice. He said, “If the job is too hard, you’re using the wrong tool”. I employ this advice daily as I build innovative solutions to empower businesses
How can you empower all your people to drive the continuous delivery of business value by working smarter with analytics tools?