Scaling analytics to achieve the actual investment value in data has been challenging for most organizations. The companies have been generating exponential data every other day, a factor that has even made it more complex to utilize the data correctly. Employees within these organizations have found it challenging to access the data and use it to generate insights that can improve business. However, with the right tools in place, organizations can quickly address this challenge, and companies can start to realize the potential of their data fully.
To properly take advantage of data within an organization, it is essential to have the right tools and systems. With the right tools, employees will be able to access data quickly and generate insights that can improve business. Additionally, having the right tools in place will allow for scalability so that as data increases, the ability to properly utilize it does as well. Usage of the emerging trends in analytics will be the best fitting tool to grow business value. Some of these analytics trends are outlined below.
Facilitate Self-Service Analytics
Employees tend to have the power and tools to have solutions to their questions and make new insight discoveries under enabled self-service analytics. The occurrence is because they are the ones who know their business processes and data the best. As time goes by and with the emerging trends, analytics and business intelligence will become a user-led, self-service discipline in 80% of enterprises. The observation means that organizations must provide employees with the right tools to access data quickly and generate insights on their own. The goal is to empower employees to make better decisions faster.
Easy access to data can be done by providing them with a centralized platform where they can access all the information they need in one place. Additionally, data should be presented in an easy-to-understand format so that employees can quickly generate insights from it.
DTDC, a company specializing in logistics and distribution, embraced the trend by using Tableau. DTDC used it to plot data to get the problem revolving around delivery delays. The visualization allowed the organization to understand that delays were caused by a lack of resources and not by the process itself. As a result, they were able to make changes to their operation and improve their delivery times. As a result, they have been able to regain their profits.
Offer Defined Goals and their KPIs to help Measure Success
Quickly creating purpose-built data assets occurs when the goals have been well articulated and defined. The creation can be done by setting up KPIs and targets to help measure success. For example, if the goal is to increase sales, the KPIs could be revenue and number of sales. Once the plans have been defined, it is important to communicate them to employees to know what is expected of them.
Furthermore, employees should be allowed to provide feedback on the goals so that they can be refined if necessary. Emami, a health and personal care business in India with keen focus on emerging trends, has used Tableau to empower employees and make better decisions. The company also used Tableau to create a purpose-built data asset that identifies the brand’s target consumers. The data asset helps in the analysis of customer buying behavior and preference. In turn, the choices help Emami focus on areas that will increase sales and revenue.
NetBase Quid specializes in the next-generation emerging trends for the consumers and the marketplaces. The platforms are designed to help companies grow by unlocking new opportunities and unlocking value for their customers. They have been using artificial intelligence to help visualize data to make better decisions. The group can make a step further and enable employees to embrace collaboration when dealing with data. Association ought to make easy sharing of data and insights with others in the organization.