A Guide to Making Smarter Business Decisions
Have you ever wondered just how much data is buzzing around in the business world?
Data is becoming the MVP of businesses, steering everything from designing products to hiring the best employees.
And by 2025, that number is expected to sky-rocket to a mind-boggling 463 exabytes per day. Nearly a 200% increase!
Now, all this data is only useful when it's easy to understand, reliable, and runs on a centralised, user-friendly system. But the problem is that most businesses don't have an organised way to collect data or, if they do, they don't have an analytics system that can make sense of it.
Often the analysis of business information falls on owners or executives to use in their decision-making, and they do not necessarily have the skill-set to make the best interpretation of the data.
The access to data and engagement of all staff in business information is the way forward for all types of enterprise. When frontline workers can see these valuable insights into business productivity and efficiency.
To make matters worse, not everyone in the company has access to these analytics; and shockingly, only half of frontline workers ever lay eyes on these valuable insights.
So, what's the big deal, you ask? Well, when employees can't get their hands on the data they need, making decisions can turn into a real headache. What should be a quick, routine choice can drag on for hours or even days. Nobody's got time for that, right?
But fear not!
Here are 5 ways your company can make data-driven decision-making a breeze.
1. Build a Culture of Analytics
2. Make BI Accessible
Accessibility is all about making data available to everyone, not just the data gurus. Forget about waiting for reports – we're talking about instant access to unified data in the cloud. Include a self-service tool-set and creating custom dashboards will be easy.
3. Do not host your own data
Trust a cloud-service provider to look after your data to save on cost and reduce risk of ownership. Just focus on smart data governance to ensure your systems stay strong and follow the rules.
4. Learn how to use Augmented Analytics and XAI
Augmented analytics is powered by AI and machine learning to help expand our ability to interact with data, and explainable artificial intelligence (XAI) helps understand and interpret predictions made by the AI. Everyone needs to be confident in using these latest tools, and how they help in reducing bias and risk while boosting outcomes in revenue, operations, and productivity.
5. Avoid the pitfalls of Poor Data
Remember, more data doesn't always mean better data. Quality management is key! Bad data can lead to a whopping 12% loss in revenue for US companies. To avoid this disaster, focus on quality data that fuels meaningful decisions and opens doors to endless opportunities.
So there you have it – the ultimate guide to unleashing the power of data in your business. By creating a culture of analytics, ensuring accessibility, embracing the cloud, and riding the wave of augmented analytics, you'll be making smarter decisions and tackling business challenges like a pro.
Ready to dive into the world of data-driven success? Let the data adventure begin!
