BUSINESS ANALYTICS

Posted on May 24, 2021 · Posted in Blog, General, Memo Plus Gold, Personal

Business analytics is the process of discovering, interpreting, and communicating significant patterns in data and using tools to empower your entire organization to ask any question of any data in any environment on any device. Business analytics adds even more opportunities to drive desired outcomes, such as optimization, cost savings, and customer engagement. Those who are successful with analytics ignore their instincts and chose their results based on what the data reveals. In a perfect scenario, business leaders set up a methodology without bias so that insights and discoveries can be obtained without adding preconceived notions or experiences to the equation.

Today, every organization is looking to get more from analytics – using more data to drive deeper insights faster, for more people – and all for less. To meet those goals, you need a robust platform that supports the entire analytic process with the security, flexibility, and reliability you expect. It needs to help you empower your users to do self-service analysis without sacrificing governance. And it must be easy to administer. But how can you get the benefits of an enterprise-class system without enterprise-class costs and infrastructure? Business analytics is ubiquitous these days because every company wants to perform better and will analyze data to make better decisions.

With business analytics – using personalization, machine learning, and deep domain knowledge – companies can gain relevant, actionable insights from data across applications, data warehouses, and data lakes. Business analytics should be a complete process that calls for action. Once insights are achieved, a business can then re-evaluate, re-execute, and reconfigure its processes. It is all about taking the action.

Analytics fundamentals

Data in and of itself is meaningless. We can turn over every single rock and learn every possible lesson but if we do not act, if we do not pivot, if we do not adjust, all our work will be for naught. If we do not leverage all the technology at our disposal, we are not getting every single dollar back that we could on our investment. In our world today, we are effectively able to speak with our data; have it answer questions; have it predict outcomes for us, and help us to see new patterns. This is the potential of your data.

The business value of analytics

  • A new way to work

The nature of business is changing, and with that change comes a new way to compete. Keeping up with the demands of today’s tech-savvy workforce means having a method for creating value and running quickly. Deliver speed and simplicity to your users while maintaining the highest standards for data quality and security. A centralized analytics platform where IT plays a pivotal role should be a fundamental part of your business analytics strategy. The combination of both business-led and IT-led initiatives is the sweet spot for innovation.

  • Uncover new opportunities

Advancements in analytics technology are creating new opportunities for you to capitalize on your data. Modern analytics are predictive, self-learning, and adaptive to help you uncover hidden data patterns. They are intuitive as well, incorporating stunning visualizations that enable you to understand millions of rows and columns of data in an instant. Modern business analytics are mobile and easy to work with. And they connect you to the right data at the right time, with little or no training required.

  • Visualize your data

You want to see the data signals before your competitors do. Analytics provides the ability to see a high-definition image of your business landscape. By mashing up personal, corporate, and big data, you can quickly understand the value of the data, share your data story with colleagues, and do it all in a matter of minutes.

Analytics trends

Amid the constantly evolving analytics market, the fundamental shift from IT leading the charge to pursue business analytics initiatives, to one where the business and IT share in this decision is now the new normal. There is no doubt that analytics has become strategic for most organizations today, and as such, has introduced a new wave of both new consumers and new expectations.

What has changed is the way that decisions must be made in real-time and shared with a wide audience. The workforce is changing, and that change brings a new way to work. Gone are the days where training manuals are commonplace in the office – today’s workforce expects to get up and running quickly with an intuitive interface. But it does not end there. While speed and simplicity are key, business leaders still have high expectations around data quality and security. A centralized analytics platform where IT plays a pivotal role is still a fundamental part of any analytics strategy. The combination of both business-led and IT-led initiatives is the sweet spot for innovation.

We believe that putting analytics in the cloud is much more than just a deployment choice – it breaks down the barriers between people, places, data, and systems to fundamentally shift the way people and processes interact with information, technology, and each other.

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