You’re collecting so much data that it can feel like it’s coming out of your ears sometimes. Data collection has been a really hot topic over the past decade and advanced technologies mean any business of any size with any amount of resources can collect pertinent data. The question becomes, what do you do with all that data?
Putting Data Analytics to Use
If you study what leading organizations around the world are doing, you’ll get an idea as to how you can properly leverage all that data you’re working so hard to gather. Here are some ideas:
1. Invest in Embedded Analytics
Are you familiar with embedded analytics? It’s simply the integration of analytics into business applications in an effort to improve efficiency and accuracy. As Zoomdata’s Ian Fyfe puts it, “Embedded analytics allows a business, or user, to customize and congregate the data they need into one location. No longer is there the need to shift and search through vast quantities of data; embedded analytics performs and displays this analysis right into the software application of a company’s choosing.”
Ultimately, embedded analytics allow businesses to work smarter, not harder. It’s an investment in efficiency that yields numerous benefits across the board.
2. Infuse Cognitive Intelligence Into Apps
In five years, we’re going to look back at today’s applications and scoff at how rudimentary they were. That’s because an entirely new set of apps is coming down the pipeline and they’re going to use cognitive intelligence. These apps will be able to learn from experience and improve with each and every outcome. While the technology might not be perfect yet, many organizations are already infusing their data analytics into different applications to extract more value.
3. Analyze KPIs in Real Time
Setting up KPIs and occasionally reviewing them at the end of the month or quarter is one thing. This allows you to look back and review how you stacked up over a previous period. But other than analyzing past results, what good is it to reflect? Today’s leading organizations are analyzing their KPIs in real time.
With a solution like SAP Analytics Cloud, Business Intelligence, you can access and connect to your data in real time so that you always have an up-to-the-minute read on what your business is doing.
4. Predict Behaviors and Outcomes
Predictive analytics has been getting a lot of discussion over the past year – and rightly so. Perhaps the best way to maximize your data analytics is to use the information you collect to make calculated predictions about future behaviors and outcomes. For example, a predictive analytics solution could allow you to evaluate past customer interactions and predict what will happen when you interact again in the future. In the long run, this saves time, money, and wasted resources.
5. Create Powerful Data Visualizations
“Once you have learned how to collect accurate data, it is time to carve out insights from the information,” digital marketing expert Clodagh O’Brien says. “Visualization is a key aspect of this process as it gives you the ability to represent the information in a more understandable manner.”
Data visualizations can be used both as a part of a larger marketing strategy, as well as for internal purposes. People respond better to visuals and you can ensure proper conveyance and interpretation of large data sets with clean and concise visualizations – such as the ones found in these examples.
Where Does Your Business Stand?
If your organization is collecting large amounts of data and investing in advanced analytics platforms, yet doesn’t have a plan for actually using these data analytics, your priorities are misaligned. Now’s the perfect time to reevaluate your approach and try something new.