These buzzwords entered conversations in organisations a few years ago now, but not many people know what they mean.
As information technology has pervaded every department and every business process, companies have generated a tremendous amount of data. From small businesses to international conglomerates, every organisation generates data that, until fairly recently, has been simply accumulated and stored. And until you can access, interpret and understand this data, your organisation is missing out on the opportunity to use this information to augment and make informed business decisions.
Analytics is a vital tool to support the decision-making process. This business.com article provides a few succinct examples of how businesses of any size can benefit from analytics:
- It’s much easier to make informed decisions.
- It’s a structured way for growing revenue.
- It increases the competitive advantage over other players in the industry, including larger businesses.
- It improves the productivity of their business operations.
- It enhances the quality of their customer service.
So why wouldn’t you leverage your data to gain these benefits? There are many perceived barriers companies face when thinking about approaching analytics:
- I don’t think my company wants to spend money on this yet.
- We don’t have the budget for this.
- I don’t know where my data is.
- I don’t know how to get to my data.
- I don’t even know what is being stored.
- I wouldn’t know the first thing about sorting out the data.
- I cannot interpret this data.
- I cannot communicate this effectively to my manager/head of department/CEO.
With the right tools and the right approach, companies can easily overcome these barriers so they can leverage their data for competitive advantage.
We’ve written a short guide to help you think about whether your organisation is ready to take the leap. Click on the button below to fill in a quick form and get the guide delivered to your inbox.Download our guide
If you think your organisation is ready to have a conversation about analytics, give us a call. We’d be happy to have a no-obligation consultation with you to see where your organisation stands, and how we can help.