Forward-thinking enterprises are using business intelligence and analytics to navigate through their digital transformation – one that could see them expand both physically and fiscally at a rapid pace.
The ability to harness this data and use it to make business decisions, however, poses challenges. This is particularly true for organisations that haven’t previously had the technology nor the manpower to sift through all the historical data they’ve accumulated in their daily activities.
Think about it – by 2020 it’s predicted there will be 5,200GB of data for every individual on the planet. More importantly, 90% of our current data is ‘unstructured’, drawn from mediums like social media and Internet of Things (IoT) devices.
Harnessing the power of business intelligence and analytics
So how can enterprises take advantage of data analytics? It starts with the three ‘I’s:
- Investment: Collecting and analysing your company data for future activities. You might be surprised what sort of data can be used for predictive modelling purposes to forecast future trends and outcomes.
- Innovation: Harnessing unexplored or raw data to see if your business can create new products or services.
- Improvisation: Parsing business data to find new meaning in it. This can lead to actionable insights that feed into the analytics cycle.
Using data to generate value
More and more businesses are recognising the usefulness of their data, but there’s still a way to go. While more than 80% see AI as a strategic opportunity, most aren’t using data to its full advantage.
These organisations may be using AI to reduce their operational costs or modernise their systems for better business intelligence and data warehousing, but to derive the very best value from your data, you need to be an insights-driven and transformative company.
What is the analytics cycle?
This all feeds into the analytics cycle, of which there is no one-size-fits-all design. IBM, for example, defines the cycle as taking a Planning, Descriptive, Diagnostic, Predictive and Prescriptive approach.
But the bottom line is that every business’s analytics cycle should feed into one central goal: gaining a competitive advantage.
Your cycle might start with identifying a business problem, preparing and analysing the data, A/B testing different solutions and then monitoring the results.
And that model will likely change according to the data you are analysing or the business problem you need to solve. So long as the target is building a more sustainable and competitive business, you’ll be able to use your business intelligence and analytics to generate greater value for your company.
Are you looking to harness the power of data and rise above the competition? Contact Octane Software Solutions today to find out how we can help you derive real business value from your data.