Data is one of the most essential resources in the world today. It’s the backbone of every business around the world and is becoming more and more critical in the role of informing decision-makers on how to move forward with their organisation.
Because of this importance, knowing how to handle and use data in a more advanced and intelligent way is vital for any organisation looking to stay ahead of the curve. After all, by using processes such as data analytics and business intelligence within your organisation, you can drive data-informed growth and take your organisation to the next level.
In this article, we’re going to take a look at the ins and outs of data analytics and business intelligence, as well as all of the ways that data can help you grow your organisation and strategise for the future.
Understanding Data Analytics and Business Intelligence
Business intelligence is an important part of the modern business world. It’s the name for the processes and technologies that are used by businesses to obtain information and intelligence to be able to make informed decisions about their organisations. Business intelligence uses past data and trends to be able to inform about the future and is often far easier for non-technical personnel to understand.
Data analytics is one of the business intelligence processes that organisations have within their arsenal to be able to take advantage of the power of data. It is simply one tool within business intelligence but is very important for organisations to use to be able to problem solve.
Analytics provide actionable insights, which are more useful for technical personnel to be able to tackle the tasks that need to be taken care of.
While both of these seem very similar, there are major differences between the two — using business intelligence is a much broader approach to your organisation’s data, as it uses lots of different tools and insights to be able to inform more holistically. In contrast, data analytics is more focused and solves specific problems for an organisation — using unstructured data to try to predict future trends before they happen.
Because of this, both are important and need to be considered for use within your organisation. While both tools are very similar and are often used interchangeably, there is still a need in every organisation for more holistic and focused methodologies for utilising data.
The Role of Data in Business Growth
Data is a key resource for any organisation looking towards the future. This is because data can help us understand the past and use that information to make better decisions, meaning that any business that uses data will be better equipped to face future challenges and leverage its strengths.
Here are some of the key ways that data can be used within your business —
- Inform decision-making: Information is key when it comes to making decisions. Especially when the decision is vital and time is of the essence, having the information to hand to be able to take decisive action could be the difference between your organisation soaring or falling flat.
- Improve customer retention: Using data, organisations can figure out parts of their customer experience that need improvement to create a better satisfaction level for customers in the future. Without this data, it would be far more difficult to figure out what actually needs improving.
- Creating Profit and Revenue: Data helps organisations measure whether certain decisions or actions are profitable and what they might cost in the long term. By identifying expenses and using that information to reduce them while also increasing success throughout your organisation, you can create a higher profit margin.
By using data effectively, you can easily ensure that your organisation can grow and prosper while also being able to keep an eye on any future problems holding your business back.
Leveraging Business Intelligence Tools
As with any business operation, business intelligence has specific tools that help you truly take advantage of business intelligence throughout your organisation.
These tools, such as Microsoft Power BI have many business intelligence functions that can be used to easily attain the information required for your business to prosper. By making sure that you have the right tools to be able to empower your business, you can truly take advantage of business intelligence and help your organisation move forward.
Microsoft Power BI is a powerful business intelligence tool that lets organisations combine data sources, and then visualise that combined data and share insights using reports and dashboards. With this, you can easily facilitate data analysis and collaboratively interact with your business data with others in your organisation.
It can be tricky to figure out which tools are required for your business, so reaching out to experts for a helping hand is the best way to ensure that your organisation’s business intelligence strategy is all-encompassing and is using the right tools for the job.
Implementing Data-Driven Strategies
Knowing what business intelligence can do for your business is one thing, but implementing data-driven strategies is another.
It can seem like a challenge to actually use the data you’ve collected effectively, but the process is as easy as implementing any other strategy. Here are a few key steps you can take to effectively implement the power of data into your business strategies —
- Choose the right data: Ensuring that you’re using the right data is vital, as using data that doesn’t truly reflect your organisation’s needs could lead to incorrect decisions being made. By taking steps to ensure that the data you’re using is correct and that actioning on it will be beneficial, you ensure that your efforts aren’t being put into the wrong place.
- Use models to predict and adjust: By building models to predict your organisation’s success with the new data-driven strategies, you can adjust your strategy to optimise for more success.
- Create company-wide progression: Often, organisation-wide culture can hinder the success of new strategies and implementations, so adapting your organisation’s culture to match your new approaches is vital.
How We Can Help
Data is a vital tool for any organisation looking to grow and prosper. By using business intelligence to ensure that your data is both accurate and intelligent, you can take advantage of data and take your business to the next level.
If you’re looking to get started with business intelligence, get in touch with us today. Our experts are here to provide you with a helping hand and will help you get started with the right tools and information.Get in touch with us now and see how we can help.