In today’s time, leveraging the power of data is essential. We are witnessing organizations who are investing in technology to become more data-driven. But only few of them harness the true value of data. Often companies find data analytics complex to understand and unapproachable processes. However, this data is not as daunting as it seems. Employees need to access the correct data required for their business, plus the knowledge and resources.
Data analytics is a plus for organizations. It can improve your decision-making process, gives a better understanding of your business, improve your overall efficiency, and streamlines your operations.
According to a research, on average, 73.5% of respondents in data-leading companies across all geographies said that their decision making was always data-driven, compared with just 5.7% in data-aware organizations.
According to New Vantage Partners, Data and AI Leadership Executive Survey 2022
“ For the 4th consecutive year, over 90% of executives—91.9% in 2022—point to culture as the greatest impediment to [becoming data driven]. Only 8.1% cite technology constraints as the primary impediment”.
Data analytics can provide valuable insights into your business performance. Make sure to track your business goals with relevant KPIs and analyze your strengths and weaknesses. It can provide a comprehensive overview that can help you make improvements in your operations and ensure success.
Today, data literacy has become more important than ever. It is important for organizations to conduct workshops and training sessions to support their workforce and learn new skills that will ultimately help grow the organizations.
Data analytics can help you understand your customers better, their preferences, response to your products/services. Also, these factors can help you make improvements to provide more value to your customers.
Globally, organizations are prioritising data analytics to increase organization efficiency and make their business decisions data-driven. Moreover, it is mind blowing to use how much power data holds that can help transform your business for better.
