For a lot of businesses today, data analytics represents just a collection of plain numbers that don’t make much sense. For others, is a vital tool used to improve business operations, services, and performance. Data analytics has numerous benefits and purposes for any sized business.
Looking at the situation from an idealistic perspective, analytics should be the “food” for business survival, where each business reaps as much as it needs.
Here are the most common perspectives of data analytics shared by business managers.
How Do Business Leaders View Data Analytics?
1. It reduces time to business value.
All companies strive to achieve a higher return on investment (ROI) with every new project – be it a capital investment, new product launch, advertising, or business process improvement.
Many managers believe that the most significant benefit of data analytics is that it reduces the time to business value for every initiative. Thanks to data analysis, businesses are able to carry out competitor performance analysis, project progress, risk reporting, and even net income trend analysis quickly and efficiently which helps “speed things up” along the way.
2. It promotes self-service reporting.
Generating business reports was never a task that every employee could carry out. However, nowadays, self-service analytics allows business users to run queries and generate reports without the requirement for specialized analytics expertise, and with little to no help from IT.
Thanks to analytics-capable business intelligence (BI) solutions that are simple to use, almost all employees are able to generate reports on their own. Self-service analytics can bridge the gap produced by a scarcity of trained data analysts by delivering data directly to the users who need it most to complete their tasks.
3. It creates the most efficient data management methods.
Companies find it challenging to manage massive and growing volumes of data from various sources. As a result, their analytics efforts might be hindered. In other words, they might just be “hoarding” numbers that don’t make much sense.
A solution can be found by deploying data analytics tools to help manage data across the company.
There are numerous data management platforms that can unify, access, and analyze data across multiple internal and external sources. The main aim of these platforms is to maximize the potential of data and gain the necessary insights needed to optimize various business processes.
4. It creates more intelligent business processes.
By analyzing data, companies can develop intelligent business processes that allow for better overall performance. How, you may wonder? Since information is used to make decisions in workflows and processes, data analytics helps filter the relevant information and add value to the data that is collected.
This way, the companies can make data-driven decisions and ultimately automate certain business processes and tasks to improve the organization’s processing efficiency.
5. It helps to gain a competitive advantage.
Data analytics, without a doubt, can be a big competitive differentiator for businesses, providing insights that can increase sales and market share, predict future trends, and prevent financial loss. However, how much an organization gains from analytics is highly dependent on how well it utilizes the current technology and how well it is prepared for future advances.
It boils down to data “utilization”, and not just having analytics for the sake of it.
Is your business utilizing data analytics properly? At HICO-Group, we offer a holistic approach to customer solutions for business intelligence. Our team of BI experts can help you make the most out of your data analytics efforts or set up a custom BI solution for your company that meets the needs of your business and market.
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