Many businesses are not aggregating and analysing the data they generate daily for decision making. Unfortunately, this situation can cause several negative consequences. Making decisions based on hunches and intuition can cost you your business. Those who realise this are one step ahead of the competition. Modern Business Intelligence (BI) systems make it much easier to analyse data and turn it into valuable business information. So how should data be interpreted to support the development of our company and facilitate decision-making?
Data analysis – why is it so crucial?
With the help of modern BI systems based on data analytics, it is possible to:
- Aggregate important data
- Find correlations between them
- Understand these relationships and conclude
- Take timely actions before it is too late
Recently, it has become quite popular to say that “What gets measured, gets done.’’ Modern information technologies, especially data analytics-based BI systems, can significantly help make the right decisions to increase efficiency. This is because they enable advanced aggregation, segmentation, processing, and visualisation of data from various sources - CRM and ERP systems, websites, sales, order processing and logistics supporting systems, digital marketing and automation systems or affiliate programmes.
(Read more: Why you need to be data driven now more than ever)
With the help of Business Intelligence solutions, companies in the automotive, pharmacy and other retail sectors can:
- Have a constant insight into the entire company's condition: data insights are available 24/7 from desktop and mobile devices. So, whether you work remotely or in the office, the whole team involved in a project can easily verify data or share reports, which significantly simplifies the decision-making process.
- Quickly identify market opportunities and threats: by becoming data-driven, you can also easily identify new opportunities around your business and detect potential threats. With this knowledge, preventing crises is much easier, and we also have a better chance of finding a new opportunity.
- Improve internal communication: access to data in real-time means that individual units in the organisation are not dependent on sending reports and they are provided with the accurate and necessary data for them to do their job. This improves the communication process within the organisation and reduces the time required to make critical business decisions.
- More accurately define and respond to customer needs: data analysis effectively supports companies in monitoring customer needs and behaviour. A better understanding of customer needs helps in making decisions and adapting business focus to reduce churn rate.
- Improve the company's financial results: modern sales strategies require companies to take a broad view of their internal structure and potential, as well as their environment and competition. Getting reliable data insights allows for better management of the entire sales and operation process. In this way, everyone in the organisation has access to the most up-to-date data.
Be Data-Driven and boost your profitability
Decision-making is one of the most essential tasks for every company and organisation. If we make decisions based on insights coming from the data we collected, we can minimise the risk of making mistakes or choosing the wrong directions. With the support of a business intelligence solution and becoming data-driven, we know precisely which of our business areas we are performing well, and which need some more work. This, in turn, translates into profitability and will have a positive impact on ROI.