Data collection brings huge gains to an organisation and is a competitive advantage for their business. But, one of the main challenges is to transform this data into useful information.
Organisations must be prepared to receive the increasing volume of data and mostly to effectively manage this data to generate insights for their business. And that is what differentiates from competitiors, the use made of the data and the value extracted from it.
Making decisions based on intuition or experience is extremely risky, especially now in a world of uncertainty.
Forbes says that “49% of respondents said analytics helps them make better decisions, 16% say that it better enables key strategic initiatives, and 10% say it helps them improve relationships with both customers and business partners.”
So how data can help your business?
1) Make smarter decisions
Data can help to make decisions to, for example, find new customers, increase customer retention, improve customer service or predict sales trends thought users habits on the website.
2) Helps solve problems
Track and review data from business processes help to uncover performance breakdowns so organisations can better understand each part of the process and which steps need to be fixed and which ones are working well.
Analytics tools can help organisations to understand data in different scenarios across all areas of the business and identify new opportunities, having data from several fonts, achieving a global view and anticipating possible scenarios.
With the right technology and partner, the insights are the key tool for monitoring business to make better decisions that will impact organisations performance with more assertive strategies for decision-making, innovation and effective decisions, and be in front of the competition.