Creating a competitive edge through data and insights
The demand for data segmentation and analytics is rapidly rising with modern technology creating a significant shift in data’s positions in a company. Nearly 70% of major businesses are utilising data to enhance specific business areas such as customer acquisition, internal processes, product road mapping or pricing strategies. It is clear that data management is critical for any business, but the sheer amount of data available means it can be challenging to define what to focus on.
Through possible mergers or acquisitions or the introduction of new systems/services, many organisations have complexities with varied systems, poor data quality and inefficient reporting platforms. The key solution for these areas is defining a singular network for all data and information.
Consolidating data from segmented systems and merging these sources into a singular source of truth can enable a business to address data quality issues. This type of process creates a one-stop-shop for collecting and managing data, enabling efficient reporting with fewer disparities within the reports. This creates several benefits, a qualitative benefit based on a reliable platform generating trust and quantitative benefits in the form of instant numerical data generated when required.
This allows business leaders to be presented with more clarity and to be capable of executing their strategy more effectively. Developing clear objectives is vital for any business, but measuring success is equally important and can be challenging due to the range of variables that require monitoring. As businesses start to gain more data, the management process naturally becomes more complicated, such as longer delivery times from internal technology teams. A consolidated system can empower employees to gain insights on their own, with the IT tech team being able to focus on improving their systems and data.
At present we are revealing data’s ability to fix existing issues within a business but as of yet have not really tapped into the range associated with data analytics. Modern analytical systems have the power to define new opportunities, make sense of trends and determine potential issues before they occur. Advanced analytics not only helps businesses remain relatively stable, but it also enables them to expand and process complex data sets and ultimately stay one step ahead of their competition. A combination of artificial intelligence, machine learning and predictive analytics can transform how a business approaches new markets and targets development strategies.
Analysing data allows businesses to go further than just optimising, enabling the prediction of certain behaviours, sales demands, volume forecasting and even identifying potential systems failures.
Whether a business implementing predictive models or focusing on advanced analytics, the options available for businesses today are endless. Using your resources in the correct manner and selecting technology for your industry can accelerate business performance and create a competitive edge that every business is looking for.