31 July 2020

Data Analytics: An important ally in decision-making processes

Organizations are experiencing challenging times, regardless of the sector of activity, the uncertainty of the future and the new consumption models oblige companies to look closely at their business models.

More than ever, organizations need strategies that allow them to reduce costs, predict and anticipate scenarios, optimise and accelerate processes, improve agility and operational efficiency, increase sales, as well as win and retain its customers.

And it is precisely in times of higher uncertainty, that companies need reliable information that supports conscious and efficient decision-making. According to Forrester, up to 73% of all data collected by organizations, is stored without being used, which means that many decisions are made based on intuitions and opinions. However, these decisions, when based on clear and accurate information, guarantee the business prosperity and allow to minimise risks.

As such, accepting that investment in Digital Transformation is essential for the business survival, which will put you ahead of the competition and allow you to obtain competitive advantages, is undoubtedly fundamental in an economic scenario marked by uncertainty.

It is crucial for organizations to look at the generated data, store it and to obtain pertinent and updated insights, which will allow them to outline an efficient strategy, entirely know the customer and make intelligent decisions based on correct and reliable information.

According to IDC, by 2025, there will be an increase in the global data sphere to 175 zettabytes, this means that companies have never had as much data at their fingertips as today, however, they only bring intelligence into the organization if they are actionable. The secret is, therefore, in knowing how to use this data, structured and unstructured, and to remove relevant information that allows you to create opportunities, differentiate yourself from the competition and create assertive and effective strategies.

With Data Analytics and Artificial Intelligence solutions, organizations become more agile, innovative and efficient, in other words, they can have a 360-degree view of the entire organization, in real-time, to know in more detail consumers and the market, and also have access to intuitive dashboards and reports that are easy to read and analyse.

According to Gartner, decision-making processes will be accelerated due to the ability of organizations to be able to analyse and organise data. This condition will allow organizations to have an integrated view of all departments in real-time, as well as the possibility to develop new products or services, improve efficiency, reduce costs, automate production and optimise all resources and processes. With efficient data analytics, it is possible to know the consumer better and deliver differentiated and personalised products or services.

The relationship with existing customers also is strengthened, since it can identify the needs and dissatisfactions of consumers, thus directing the offer, in addition to more efficient customer support. On the other hand, with a profound knowledge of the market, you will be able to create personalised and differentiating marketing strategies to attract new customers.

Data Analytics is, therefore, imperative for decision-making processes, which need to be precise and objective. It is no longer an option, is a competitive advantage that will allow you to gain market share, increase profitability and optimise the organization’s processes.

 

 

 José Oliveira BI4ALL
  José Oliveira         
        CEO     

 

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