By: Jim Azar, Sr. Vice President, CTO
“Shooting in the dark” may be a phrase that best describes what many business decision-makers go through when they make decisions without data by their side. Data is the catalyst for a strategic edge in today’s corporate world. It is crucial to position data as a strength rather than as a weak spot in your strategy. The way to make your data posture strong is simple – intelligent analytics.
The Value of Small Data vs. Big Data
While big data has been in the spotlight for many companies, the value of small data is also indispensable. This is data hidden as brief insights – in unstructured and cold data piles. But both small and big data are vital for leading you to better customer insights.
Data Analytics and Types
Data Analytics is the focused approach taken for turning data into insights by applying technology and process changes at the right places. It can be categorized into descriptive analytics, prescriptive analytics, diagnostic analytics, and predictive analytics.
Benefits of using Data Analytics in Decision Making
The impact of intelligent data analytics is a cascading wave. It goes far and wide into higher revenue, new revenue possibilities, and better customer experiences. The power of analytics helps you to unravel so many more insights around:
- Gap analysis
- Real-time revenue monitoring
- Customer-centric business decisions
- Predictive modeling with statistical tools and techniques tailored for your needs
- AI-powered information disruption
- Smart operational awareness
- More robust proficiency for strategic decision making
Getting Started with Data Analytics
The first step to embark upon here is getting your data strategy in order. Start assessing if you have the right data collection, storage, and processing platforms in place. You may need to revisit some legacy baggage and invest in agile, cloud-native, and modular alternatives. This will be the foundation for building a smart analytics advantage for your enterprise.
- Tools and Types of Analysis: A significant number of options can chew the information you compile from your company’s data. There are many tools like Alteryx, Tableau, and Power BI. A host of analytical approaches can be applied here, too, ranging from diagnostic, cognitive, predictive, preventive, real-time, and AI-modelled analytics. The choice can be intimidating, but it’ll prove worthwhile to streamline your investments with unique problem areas, functional needs, and decision environments.
- Industry Adoption: There are numerous use-cases of analytics in the enterprise space. Anywhere from banks to utilities to refineries – everyone is tapping the advantage of analytics to make sure their decisions are aligned to what customers need. According to Analytics India, the Indian analytics industry has risen to $45.4 B. And the analytics function has experienced growth in almost all companies, industry types, services rendered, and geographies. You can see how analytics makes its powerful presence felt in healthcare, retail, and manufacturing.
With an excellent solution, you can convert data into insights that drive business and revenue. Such tools will arm you with custom reports and charts. In addition, they will equip you with a comparative analysis of various categories so that you get the right foot forward in a competitive environment. You can also optimize return on investment by using the right analytics platform.
It’s time to make hindsight, foresight, and insight accessible and easy. Invest right in analytics. Invest wisely.