Over the past 5 years, there has been a visible shift in how decisions are made by the stakeholders in any business. Earlier, making decisions based on someone’s “intuition” was acceptable and a part and parcel of any senior management or board meetings. Even though making course-changing decisions based on gut feeling may have worked sometimes, in a competitive world, stakeholders need much more than ‘intuition’ to make the million-dollar decision. Today, technology such as Data Analytics & Visualization Platform has paved a way for informed decision making that is backed by data that supports the logic and reasoning behind the decisions being made at the micro as well as macro level.
What is a Data-Driven Organization?
Any business that relies a lot on different machines and technology collects huge volumes of data daily. This information available in disparate form can be leveraged by using dynamic data visualization software to unlock hidden insights and empower the stakeholders to make informed decisions. Data-driven organizations collect data in many ways such as:
Understanding if the product has the desired effect on the end-user before launching can help the brand understand how effectively it might perform when it hits the market.
Organizations that conduct deep customer surveys even after the launch of the product have the opportunity to constantly evolve and offer a better customer experience.
Analyzing the demographic data can provide key insights into new opportunities and threats to the current business model.
Benefits of Being a Data-Driven Organization to the Business
Understanding how data can be manipulated to bring forward some hidden insights has a significant impact at the enterprise level. With every minute detail about the machines and human capital movement being tracked daily, the data collected should be analyzed to optimize current operations, understand business opportunities, and bolster growth. Data visualization services have helped many small, mid, and large organizations and in today’s blog, I will highlight some of the main benefits of being a data-driven business.
Businesses that were early adopters of the data revolution had the vision of investing in the infrastructure and training which had a long-term positive effect on the business. One of the biggest advantages of using analytics software is that any user can access the various features to quickly generate meaningful charts and reports. When you leverage robust software, the stakeholders get access to valuable insights that enable them to constantly work on making the organization agile.
With more and more organizations adopting business analytics, the use cases of what can be analyzed improved. Today, data is being leveraged to understand the stop-gaps in different processes and find newer ways to achieve operational efficiency. With ITLytics, users can import data from multiple sources to render important trends and patterns and drive the operations to a much higher level.
When you hear the term ‘data is the new oil’ you must be wondering how data can be co-related to something like oil which has been a huge cash-cow. Organizations that are already leveraging data analytics tools have found ways to turn data into a revenue generator in more ways than one. Analyzing data is enabling organizations to accurately predict future trends and gain a key competitive advantage thereby resulting in better revenues. Businesses are also using insights to unlock new revenue systems to identify business opportunities that drive year-on-year revenue growth.