22 February 2019

Delivering powerful business insights

In a world of constant uncertainty, where technology is becoming smarter and the pace of change is accelerating, organizations margin of error is shrinking, which means that high-quality decision-making based on insights has never been so important.

Data collection brings huge gains into an organization and is undoubtedly a competitive advantage for the business. However, what differentiates it is the use made of such data and the value extracted from it. You need to know what to do with it, since raw information is rarely useful. In this context, it is necessary to have Analytics tools and a layer of ETL helping in the collection, improving the data quality, as well as its interpretation, providing the definition of assertive strategies for decision-making.

Nowadays, the volume of data is huge and it tends to increase and one of the main challenges of companies is precisely to transform this data into useful information for the organization. Companies must be prepared not only to receive the increasing volume of data, but also and mostly to effectively manage this data in order to generate insights for the business.

Analytics tools help you to interpret data in order to understand different scenarios across all areas of your business as well as identify new business opportunities. Another of the many advantages is that you can have data from different areas in a single view, thus achieving a total view of the company and anticipating possible scenarios.

The most diverse technological solutions improve the performance of organizations, leading to better decisions and making their processes more efficient and optimized. According to a DSPA study, 73% of organizations are taking their first steps in Data Science and only 36% of executives know what data science is.

Mohanbir Sawhney, an influential thinker, teacher, and marketing expert points out that “Insight is a new and not obvious knowledge of customer beliefs, values, habits, desires, motives, emotions or needs that can become the basis of a competitive advantage”.

An insight must be useful and identify a business opportunity, innovation and effective decisions, raise awareness to customers, identify flaws or areas for improvement, trends and even develop new products and services.

With the right technology, the insights you generate are a key tool when monitoring your business so you can come up with better decisions that will impact your company’s performance and put you in front of the competition.

According to IDC’s white paper “Data 2025”, data will be more vital every day: By 2025, about 20 percent of global data will be critical to our daily lives, and 10 percent will be “hyper critical”. Being that more than a quarter of the data will be generated in real time; 95% of this data will come from IoT.

Making decisions based on intuition or experience today is an extremely big risk.

It is essential that you look at the data as the company’s capital. There are huge opportunities for companies that recognize in their data a vital force to drive the business, and can react in time to the opportunities or improvements needed, so that the company stands out in this increasingly digital world that is constantly changing.