Unlocking the Power of Data and Analytics
on 10th March, 2017
Every quarter we have a Town Hall in our organization. Most MNCs take this opportunity to showcase business reports and results to motivate their employees.
This is when I realized a wonderful fact about numbers, and that for any business, numbers are very important. Yes, I am talking about the math of business.
Let us understand how important numbers are to business and how we can measure them through real-time analytics.
Potential of Data
Customer data, social sentiment data, geospatial data, data from log files and machine data could in some cases not be overly useful or important to a business on its own. When combined with what we typically hold in our data warehouses today, it can offer a huge potential and drive many new opportunities. But if we leave it locked away it’s of no value… hence the term dark data…data that we don’t know what to do with.
Today roughly 10% of the people in an organization have access to analytics. This figure is predicted to rise to 75% by 2020. But what will they be doing? We need to make the use of analytics useful to them. Right now we run the risk of missing new singles because IT is not in a position to respond to its internal customers’ needs and innovate in the way it wants to. The result is that businesses want to get involved and that creates shadow IT teams and perpetuates silos, which lead to more dark data.
Power of Collective Insight
We’re not using all the data that is available to us. Partly, this is because the ability to manage and consume all data is getting harder, so naturally people try to solve the problem in front of them with just the data they own. But the other issue is that we are simply not using all the people we have to look at all the data we have.
So we need to lock that data and importantly, we need to connect it to our people, to the work they do and the business processes that run every day. Moreover, we need to move that data out of silos and as we connect it to our people, we also need to connect our people to each other.
Collaboration drives innovation. Very few innovations come from a single moment or single person having that eureka experience. If we can bring our data to our work and business processes, connect it to our people and to each other, we can drive what we call collective insight. And that is really powerful.
Analytics can make a huge impact
Use of Data in different industry verticals like Healthcare, Manufacturing, Retail, Software companies, etc. helps decision makers and users to get a better picture about business. Not just in industries, even in an organization, analytics can make a huge difference by measuring every parameter of data.
Numbers have an important story to tell. They rely on you to give them a clear and convincing voice.
At KloudData we have developed a dedicated Analytics Applications Suite, which uses a three-tier approach: Insights, Forecasts and Recommendations
Our team of experts can help you uncover insights from your organization data and do the right analysis for your business by understanding the risks and the needs, and also recommend suitable solutions.
Download one of our success stories to see how our analytics solutions have helped a leading high-tech company in the USA.