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Data alone cannot help your business; rather, data requires people to analyse it in order to draw insights and ultimately guide business decisions. This process is known as data analytics, and in recent times, the process has become largely automated that allowed to reduce the probability of human error and boost efficiency. But what exactly are the benefits of utilising data to guide business strategy?
Data runs companies. It is a simple fact that no one can argue against nowadays. Everything from examining trends in labor time and production, to minimising safety and business risks throughout the supply chain, to forecasting new openings in the market - nearly every section of operations relies on the insights of data. As such, making sure that data is secure, consistent, accurate, properly managed, and free of gaps is extremely important. One of the largest problems, however, that separates successful companies from the unsuccessful is data disparity. Thus, in this blog, we will discuss the causes and challenges of data gaps within your company, as well as provide you with a simple way you can overcome this hurdle.
In order to both acquire and retain customers, it is integral that businesses harness the insights of their customer data in order to make precise business decisions. This process is commonly regarded as data monetisation. In today’s society, however, possessing only one or two sources of revenue is sometimes not enough to support a fully fledged business. It is thus important that your business uses data analytics to expand its niche by providing new services, which will ultimately result in increased streams of revenue as well as funds. In this blog, we will discuss the importance of generating new revenue streams through data analytics and some steps you can take to perform this.
Organisations that wish to remain competitive and relevant in the market are embracing big data. However, there is sometimes a disconnect between the management of data and the practical application of what that data can do for a company. It is the role of data integration to bridge that gap, permitting the data to be far more useful than it was previously.
