Digitization is fast evolving from a pioneering trend to a core component of doing business. Many companies are exploring new technologies to build collaborative and smoothly functioning digital workplaces. Overflowing data, however, has created an information overload scenario where decision makers are often overwhelmed, confused, and left pondering which data is valuable and which is junk.
Analytics Gives Value to Data
In the digital world, data is a big competitive differentiator if put to good use. Businesses are constantly looking for ways to increase efficiency and productivity as well as fulfill the changing expectations of customers to stay ahead of their competitors. The influx of big data is a reality, but data is simply data if not used properly. Some companies have a tendency to collect data that will only land in the storage bin.
Analytics helps businesses harness their data and use it to try new options. Sifting relevant and comprehensive information from across the organization and the industry gives business leaders real-time insight into the actual performance of their companies. For example, they get to see trends in sales, employee performance, use of company resources, and customer buying behavior.
For senior decision makers, these insights should help them achieve business goals by enhancing marketing strategies, developing new products, improving procurement efficiency, and supporting overall business growth.
Data Should Be Relevant, Accessible, and Delivered on Time
Relevant, accessible, and timely information enables employees and teams within the business to collaborate better and achieve improved results. Networked business intelligence can be used to link up information across departments so that employees can readily view it when they need it and make faster and smarter decisions to improve their services.
Cognitive search tools and analytics solutions can also pool relevant and related information together and present it in a structured form according to a user’s work requirements. These tools make searching faster and data retrieval easier.
Machine learning is an option for big enterprises to uncover the opportunities hidden in big data. It is capable of handling diverse data sources, a huge array of data, and tons of variables with less reliance on human intervention. It runs at machine scale and is able to discover patterns and relationships buried in data.
Some observers question the relevance, and even existence, of big data. Do all companies really need it? There are no businesses if there are no customers. Customer data is a potential source of information that every successful company should embrace. What products, services, and brands do they buy? How much, how many, how often, and at what outlets? Social media is also an effective source to glean insights into customer preferences, buying trends, and even new product ideas.
IT leaders responsible for the digital workplace must not only collect data, but also find ways to deliver relevant and timely information to all who need it. If you’re looking to digitize your workplace, contact us at Copper State Communications for a no-commitment consultation.