The power of data is immense. It can help companies discover unique opportunities for growth in new markets. With the help of data, organizations can gain a competitive edge by supporting a positive and more personalized customer experience. Moreover, incorporating data analytics into a business is likely to open up even more possibilities for a company.
From standardized data visualization approaches to AI-based programs, data analytics has always been at the forefront of innovation. But… has it stopped doing so?
To answer that question, let’s take a look at some of the ways data analytics revolutionizes today’s businesses — and how much of a difference it actually makes.
1. Data analytics can support decentralization.
Companies that operate in different geographic regions can significantly benefit from decentralization. However, decentralization comes with a significant challenge – coordination. With advanced data analytics tools, companies can develop a more agile business model and make small groups more reactive.
For example, Red Wing Shoe — a retailer specializing in work boots — expanded into Canada by carefully collecting and analyzing data across its stores in North America, as per Datameer.
The company conducted a region-specific market analysis that looks at factors like potential customer profiles and trades requiring safety footwear. By incorporating country-specific industry requirements for safety footwear, Red Wing Shoe could grow its presence in Canada.
2. Data analytics helps to make reliable predictions.
With the help of innovative analytics, companies can make reliable predictions simply by examining previous trends and patterns.
For example, AstraZeneca, a pharmaceutical and biotechnology company, incorporates innovative analytics to analyze previous data and predict likely treatment responses. This has been tremendously useful during the entire course of the COVID-19 pandemic.
Of course, data analytics is beneficial not only in the pharmaceutical industry but also in all others. Lynn Wu, Wharton professor of operations, information, and decisions, said:
“We can use lessons learned from past generations of IT and analytics technologies to inform us about what the future could look like.” A hundred percent true.
3. Data analytics leads to decision intelligence.
Decision intelligence is one of the innovations in data analytics that can help companies bring together several disciplines, including decision management and decision support.
According to Gartner, more than 33% of large organizations will have analysts practicing decision intelligence by 2023.
Decision intelligence can provide a framework that helps data and analytics leaders design, align, execute, and monitor decision models and processes in the context of business outcomes and behavior.
In sum, has data analytics stopped innovating?
After the long story above, the shortest answer can simply be ‘no’. The path of innovation might not be as fast-paced as in some other data-related fields, but data analytics most certainly always delivers. From new approaches to new technologies, it is data and its analytics that makes the world go round, after all.
So, how do you ensure your company stays on top of the latest trends and innovations in data analytics? As Enterprise CIO reports, your company must ensure that it:
- Chooses the right use case for data analytics;
- Collaborates widely not only with the technical teams but also stakeholders and management;
- Ensures the right tools are available for use;
- Understands the company’s data landscape.
An if you’re unsure where to start with your data analytics, HICO-Group is here to guide you!
Whether you need to build a data-driven enterprise from scratch or you’re looking to improve your existing processes, we are the team of business intelligence experts you need in your corner.
At HICO-Group, we offer a holistic approach to customer solutions for business intelligence. From KPI identification and planning to building future-proof data solutions, we implement state-of-the-art BI concepts customized for your company that meet the needs of your business and market.
If you enjoyed reading this article, make sure to share it with others. You can follow HICO-Group on social media for the latest updates here.
