Data and Analytics - Key Factors for Business Transformation
Enterprises are moving quickly towards digital transformation and produce huge amounts of data which has become the backbone for their entire business process. For enterprises, the customer experience is the priority. Cloud Computing, Internet of Things (IoT), Big Data, and Artificial Intelligence (AI) are the trends that have created the major impact on their organization.
Many organizations are unable to segregate useful data and unusable data chunks, as data does not come with identification labels. This can often lead decision makers to incur huge costs.
Below are some challenges enterprises face when trying to gain value from data:
- Getting low-grade data
- Information overloaded
- Unable to quality-check data
- Useless data resulting useless results
- Analyzing ever-changing data
In this data-driven business world, it is important to recognize that data is the most important factor to make any decision. If it is handled by the right people with the appropriate approaches, the potential of data for decision-making will be remarkable. When data and analytics come together, it accelerates enterprises’ digital transformation efforts.
“Data and analytics will become the centerpiece of enterprise strategy, focus and investment.”
The use of data analytics solutions endures a common aspect of business decision making. Enterprises see data as a commodity, which explains how it has become a major area of technology oriented investment across various industries. Companies nowadays are willing to adopt various techniques to analyze a large volume of data. Some of them are:
- Descriptive Analytics – includes the basic reporting and business intelligence (BI) conducted by most organizations using data aggregation and data mining.
- Prescriptive Analytics – integrate technology that suggests requirement of human attention and actions with the help of statistical models and simulation.
- Predictive Analytics – holds data insights to foresee human action in the future. These predictions are generally suggested through recommendation engine, optimization models and Heuristics.
Data analysis is the process of evaluation, cleaning, transforming and shaping the data for getting useful information, recommending actions and supporting the decision-making procedure. Business leaders need to emphasize Data and Analytics strategies into their top-level customer-centric enterprise strategic planning.
With the use of Data Analytics Services and Solutions business leaders will be able to provide decision-making insights into the following key areas:
- Predict customer trends and behaviors
- Analyze, understand and deliver data in meaningful ways
- Enhance business productivity
- Drive effective decision-making
When it comes to measuring success, enterprises need to look to its customer base, sales figures or bottom-line results. Of course, these are all important indicators for business growth. They need to figure out answers to many questions to get the results needed.
How can data analytics help in the Digital Transformation journey?
Data analysis can help leaders reshape enterprises’ interactions with customers, market more products digitally and eventually drive more sales for the company by -
- Enabling segmentation
- Promoting product development
- Encouraging agility
- Enabling disruption and innovation
- Executing and delivering results
Decisions taken using business intelligence solutions and analyzing data in certain way will help business managers make well-versed decisions to drive the company forward, modernize efficiency, increase profits and achieve enterprise goals. This shift towards becoming a complete customer-centric business is difficult and takes long term commitment, but the smallest changes towards business strategies or in the method of operations can lead to extensive advantages for customers, employees and top management.
Thus, it is important for businesses to understand problems organizations face and explore potential ways of analyzing data in meaningful ways.
Cygnet Infotech offers Data Analytics Services and Solutions to organize, interpret, structure and present the data into useful insights. If you want to take action using existing data with the aim of enhancing productivity and business gain, get in touch with our data and analytics solution experts at Cygnet Infotech on email@example.com or call us on +1-609-245-0971 or +91-79-67124000.
Nilima Shah is a senior content writer at Cygnet Infotech. She enjoys researching, reading and writing articles about the latest Tech Buzz. She believes in using her skills both at a professional and on personal level to encourage businesses to adopt the latest technologies through her engaging write-ups. In her free time, she loves to create DIY art and crafts, explore places and cuisines.View All Posts