Let’s cut right to the chase: the one thing you need to increase visibility into a business is analytics.
Chances are that you use the term “analytics” on a daily basis.
However, did you know “analytics” has several meanings?
We’ve discussed in previous posts how obstacles to internal communication can create silos between people and departments, stunting the growth of the business. Misunderstanding a common word used in everyday business discussions is one of those obstacles.
In this article, we’ll use Gartner’s definition: Analytics “describe statistical and mathematical data analysis that clusters, segments, scores and predicts what scenarios are most likely to happen.“
The Benefits Of Analytics
Analytics are beneficial because they bring disparate data sources together to share information easily and in real time. This clustering leads to outcomes like better order fulfillment, improved supplier management, and reduced costs.
A key part of Gartner’s definition also suggests data analysis could lead to predictable outcomes, which is a common thought among experts. “Predictive analytics are especially useful to sales teams,” writes Forsyth Alexander for IBM. “This type of technology allows businesses to gather information on past behavior to predict future events.”
A final benefit of analytics is that they have been found to have a fruitful ROI. Organizations who invest in robust and usable analytic solutions returned $13.01 for every dollar spent in 2014, up from $10.66 in 2011.
How To Get Analytics
The easiest way to get analytics for your business is with business intelligence software. The best part is that implementing BI software means you’ll leap ahead of the competition since the Business Continuity Institute reports that more than 6 out of 10 organizations “do not use any technology to analyse, track, and monitor the performance of their supply chains.”
A competitive advantage is using business intelligence software, so there’s no excuse to put off BI software anymore. ZDNet’s Bill Detwiler explains:
“First, CPUs and data storage have become so cheap that it's viable to collect and analyze data that previously would have been too expensive. Second, we have commodity tools that make it possible to do this without a huge investment in people and infrastructure. And finally, we've made a lot of progress as data scientists in knowing how to find value in data."
Big-data tools allow you to parse and predict data to better understand things like the overall health of your organization.
As you look to make analytics performance a priority, a solution should be “easy to deploy and use and take only a few days or weeks for a company to start using it [instead of] months or years,” writes Joanna Schloss on Entrepreneur.
Our BI platform, TADA, is able to help you get visibility into your organization for one-tenth the cost and 10 times as quickly as other solutions. Get ahead of your competition and increase visibility in business.