Business intelligence and data analytics can provide deep insights into business operations. This can enable businesses to take a data-driven approach wherein they can integrate artificial intelligence, data and analytics, machine learning and data science to raise the standard of processes for future activities.
Technology is one of the key driving factors in the market for predictive analytics. Newer cloud-native solutions are being continually worked on leaving legacy data analytics solutions behind. This is done so that businesses can derive qualitative and faster intelligence by shifting to cloud-native data solutions.
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Discussed below are some best practices that businesses must follow while they leverage their data and analytics resources for better business insights:
Best Practices while Leveraging Data & Analytics Resources
- Source Data with an Ample Strategy: Many companies refrain from adopting the right analytics processes as they believe the quality of the resources are not up to the mark. Data can be sourced or purchased through free open-source resources and other data providers. An organization should balance the cost of acquisition for the resources with what value the data brings to the analytics effort.
- Transition from Analytics Projects to Products: Analytics projects more often than not are to be planned for the get-go and have a defined scope. There needs to be a strategy formed before-hand. Instead, if businesses focus on analytics products, they can generate a considerably higher amount of return on investment (ROI) along with obtaining business insights, thereby improving the overall business performance.
- Maintain a Close Communication Channel with Stakeholders: Engagement and support can be facilitated by enlisting stakeholders onto the initial stages of the analytics processes. The best way to build questions is to clarify assumptions and to get the stakeholder to organically put across their requirements. Simply asking what the stakeholder wants will not suffice, as additional context will have to be provided. This helps to ensure that the key performance indicators (KPIs) and business goals are being met on a regular basis.
- Build High-Performance Teams with Compliance as the Focus: The collection of data needs to be done with compliance being the main focus. Productive teams make for more efficient teams, as they work to integrating analytics into the company’s daily workflow. There needs to be a specific importance given to how compliance affects different factors such as internal business rules, industry standards, and government regulations.
- New Infrastructure Technology with Advanced Analytics: There is a need to consider building an ecosystem that can host different technology types. These technologies can include in-memory computing for highly repetitive analytics. Companies that are measuring the best value for business are gravitating towards the use of advanced analytics. Predictive analytics is one step into the world of advanced analytics that makes use of machine learning and AI to predict future growth and success rates amongst other things.
- Use Governance and Insights to Refine the Analytics Process: Dealing with increased amounts of data and team members accounts for governance to become a significant part of the analytics process. There needs to exist a formal procedure that helps to make certain the data that is captured is consistently of high-quality. There also needs to be a common understanding of the data’s nature across the entire organization.
Relevant Read: How a Well-Implemented Data Analytics Strategy Will Directly Impact Your Bottom Line
There are many forms of intelligence that can be used by a business to derive insights from. Let’s look at how a business can improve their customer service using trend analytics in social media using the Internet of Things (IoT)
Digital marketing success can be sought out by using business analytics when working with new use cases:
- The Internet of Things (IoT) opens up the possibility of intelligence to be distributed and consequently replenished in an automated fashion. This will surely change the essence of the overall supply chain and calls for companies to add new services that are relevant and of the right fit.
- The usage of chatbots on a global level has been rising in recent years, as the data that is recorded from these conversations can highly enhance future communications. Chat automation powered by past insights can help in improving overall customer service and analyse trends.
- Most companies are trying to leverage their presence and growth on social media to create a better brand image. Social media has an abundance of different types of data that can help an organization with customer service. The most important application of data from social media is analysing the public’s perception of a company’s product or services through reviews and feedback from customers. Social media data analysis also helps in determining the best time frames for company project and products to launch.
- Online commerce and digital marketing are at the forefront of business. It is important to understand different customers, and how each new tool and technology can aid in the same.
- When the marketplace is uneven and uncertain, customers inevitably end up paying more for solutions. There needs to be a certain maturity in the industry in question as the competition increases and the differentiators between businesses get more apparent.
Improve Insights from Business
Most of business cases requires business users to design, interpret, and deliver data that is produced by multiple applications to build technical and business analysis skills. The increasing complexity of the technological ecosystem, coupled with increasing number of data sources is rapidly changing what is considered cost-effective and practical to achieve.
Business intelligence and dashboards for analytics need to be created by business leaders while providing tactical requirements and constant inputs. It is difficult to find this exact combination of skills to make sure that the organization’s maturity is improved along with building competent capabilities to lead up to greater business needs. If you want to leverage the power of data and analytics for your business, you can consult our data engineering and data analytics experts now!
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