The explosion of data is no secret to modern companies. We create 2.5 quintillion bytes of data each day, and over the last two years alone we have generated 90% of the world's data. Information has never been more readily available, and with that information comes a difference in the way businesses operate across every industry. Organizations that have been using data to make decisions now recognize it as an asset to seize a competitive edge.
At its inception, business intelligence and analytics were driven by IT-centric reporting on top of more traditional database systems. Over time, the demand for easily accessible data insights has shifted the market toward business-led BI and analytics.
Technology vendors have adapted their software to provide self-service analytics; analysts and engineers alike now have the ability to explore their data through an intuitive, visual interface. Technology platforms can distill and make sense of large amounts of information that can ultimately be translated into business insights.
Organizations have the pieces to the puzzle to unlock the value behind their data: information is plentiful and there are analytic platforms available for business leaders to make sense of that information. The next part of the equation is recognizing the various areas within an organization where data analytics can make a meaningful difference.
A best practice dashboard can help the C-suite realize operational efficiencies that cut down on expenses, thus improving the company’s bottom line. That same dashboard could help executives investigate the best performing product lines, which could refocus strategy around the best drivers of revenue for the organization.
Strategic use of data can also transform a business in other ways. Employees in today’s workforce have higher expectations for what they should be able to do on their own with data. Equipping these individuals with the right skillset and tools to leverage data analysis in their everyday roles is beneficial to both the business and employees.
The individual that can gather business insights from data without much oversight from management will feel a greater sense of organizational purpose while directly adding value.
An organization that enables these benefits with modern BI and analytics will stand out from its competitors that may be stuck in more traditional practices around the use of data.