Transforming into a data-driven organization - turning information into actionable insights is a three (3 ) part strategy:
• Technology – build a modern BI/DW architecture & analytics ecosystem with the right tools
• Processes – streamline and standardize BI processes, measurements, and reports wherever possible
• People – train staff to use BI/Data Analytics tools, become data-driven decision makers to meet the needs of the organization
The goal of a modern Data Analytics/BI system is to allow the organization to:
• Make confident, data-based decisions based on evidence
• Access timely, relevant information you need, to meet the requirements of all types of users
• Link strategy to execution, leveraging data from all data sources
• Get answers when and where you need them on any device, at any time
• Transform data into actionable insight for everyone
• Uncover new or hidden opportunities to increase competitiveness
• Explore data in an intuitive way, for immediate answers to questions
Top Benefits of Analytics
Analytics is about having the right information and insight to create better business outcomes. Business analytics means leaders know where to find the new revenue opportunities and which product or service offerings are most likely to address the market requirement. It means the ability to can quickly access the right data points to evaluate key performance and revenue indicators in building successful growth strategies. And, it means recognizing regulatory, reputational, and operational risks before they become realities.
1) Having the knowledge you need: Analytics delivers insightful information in context so decision makers have the right information, where, when and how you need it.
2) Making better, faster decisions: Analytics provides decision makers throughout the organization with the interactive, self-service environment needed for exploration and analysis.
3) Optimizing business performance: Analytics enables decision makers to easily measure and monitor financial and operational business performance, analyze results, predict outcomes and plan for better business results.
4) Uncover new business opportunities: Analytics delivers new insights that help the organization maximize customer and product profitability, minimize customer churn, detect fraud and increase campaign effectiveness.