Improving data analytics and fueling business growthImproving data analytics and fueling business growth
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Want to drive smarter business solutions.It starts with a strategic assessment of your data environment and approach to data analytics.
The secret to business transformation may be buried in the avalanche of data that companies gather. Strong, separately resourced data and analytics functions can translate information into insights that drive corporate strategy and long-term value.
Most companies use some form of analytics to examine customer, distribution and production information, as well as other aspects of the business. Few, however, capture the full potential of analytics as a transformational platform .
Building the right capabilities and operating model to maximize the value of data and analytics functions can take some time. These leading practices can help them through the journey:
- Get some quick wins with data
Instead of thinking about how to do everything right away, identify your most critical performance metrics. What can you achieve in the next month with the data you have now? What would the next 90 days look like? Use data to decide where you can get a quick win to demonstrate benefits, and then measure results so you can validate and celebrate – or change – your approach. Those successes can add up fast and provide more support for larger endeavors. - Develop a complete analytics plan
You don’t need a lot of fancy new tools to succeed. Your current IT system likely holds all the data you need. You just need to know how to find and organize that information. Take your quick wins and use them to help analyze longer-term trends. That historical data can help identify things that are really helping – or hurting – your business. - Support business decisions with better data
When it comes to making business decisions, you don’t have to go solo. Everyone performs better when they have support – especially when that comes in the form of strong data analytics. Using data-driven decision-making goes beyond your gut and gives you a richer, more harmonious business case for how to address challenges and move forward. Whether it’s tracking sales trends, understanding expenses, or analyzing new market capacity, data can help you make smarter choices.
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