Technology is, nowadays, of great importance for the success of any company, regardless of its area of activity. In fact, almost all of us are absolutely dependent on technology, both personally and professionally. If we focus on the professional scenario, we quickly see that technology has changed the way companies are working today, creating new opportunities but also presenting many challenges.
With technology, is generated an uncountable number of data from the most varied sources. Turning this information into meaningful insights is crucial to the future of any organization, being small, medium or large. Even because, for data to have value, it is crucial that it is available in the right way, at the right time.
With the possibility of storing and analysing the data generated, companies gain more responsiveness and insights, making them increasingly competitive, which in a changing global reality becomes vital. According to Gartner, by 2020, the number of data and analytics experts in business units will have grown three times more than the number of specialists in IT departments.
But how can we transform the data we have in our company into insights? There are solutions that allow you to turn data into insights and thus enable your company to become more competitive and effective against the competition. In this sense, and contrary to what happened a few years ago, intuition goes into the background and decisions are made based on real data allowing a broad view of the company consequently leading to more conscious and conclusive decision-making.
This way, a set of concepts associated to the collection, storage and analysis of data happens. But equally important is how each manager or each leader analyses and what decisions does he make from there. That is how we have come to Business Analytics, which enables leaders and managers to make the right decision at the right time. Through Analytics solutions, all relevant data appear in dashboards, allowing, for example, the monitoring of management indicators, cross-referencing, greater customer knowledge, costs reduction, increased profitability and recognition of new opportunities.
With an in-depth analysis of the data from the most diverse processes, such as campaigns, sales or social media, for instance, a company is able to know profoundly the habits, preferences and history of people’s relationship with the brand. Turning this data into insights allows you to create new products and / or services, improve processes, and, for example, optimize spending. Thus, the data becomes valuable information for the company, and the technology can be applied in any area of activity and in any department of the company.
Through data that is collected in a Data Warehouse and allows you to generate analytical reports, these tools provide insight into the past, present, and future of your company's operations.
Analytics solutions lead to strategic decisions within companies. Data are presented in dashboards, containing detailed, relevant and real-time information allowing you to predict evolution, to substantiate decision-making, to have a deep view of your business and to define a strategy for success.
Opinion article published in Start/Go magazine – november/december, 2018