Tips for using data analysis to accelerate businesses

Tips for using data analysis to accelerate businesses

Cesar Ripari, Director of Pre-Sales for Qlik Latin America, gives us seven tips companies should follow to use data analysis as a business acceleration factor.

Cesar Ripari, Director of Pre-Sales for Qlik Latin America

Considered one of the main foundations for building future businesses, data analysis, also known as analytics, is undoubtedly a crucial step for brands to make better business decisions in a hyperconnected world like ours. However, despite being fundamental, the truth is that extracting accurate insights from stored information is also an undeniable challenge for organizations, especially given the numerous sources and formats of information available.

In this scenario, leaders increasingly need to handle the question: What must be done to ensure that teams can use analytics as a practical tool for the best possible decision-making?

The answer to this question undoubtedly involves a broad combination of intelligent technologies that allow for real-time data analysis, well-defined processes and a data-driven culture, with people constantly being empowered, trained and equipped to use records as a present and active ingredient in decision-making, whatever they may be.

We can highlight some essential tips to accomplish success in digitization and data analysis initiatives. The main ones, in my opinion, are:

  • Include data analysis in strategic discussions
  • Identify team needs, understanding which information and activities deserve more initial focus
  • Expand digital literacy of teams and throughout the organization as a whole
  • Invest in systems that enable people to make more assertive and agile decisions, not just resources that make decisions on their own
  • Know and carefully choose the information collected by the company
  • Focus on applications that allow going beyond past visualization and enable the ability to take actions in the future
  • Update plans continuously to improve the use of analytics within operations

In this list, the first tip is to include data analysis in strategic discussions because as important as technology is, it is the understanding of the importance, scope and capacity of data analysis that will make the initiatives successful in the short term and serve as a basis for medium and long-term actions.

In the business environment, it is more important than ever that business leaders and executives can make decisions based on quality information. But, before that, leaders need to know where the business should go and which indicators will be critical to keeping the corporation on track.

Data provides a powerful tool for achieving these goals when properly understood and used effectively. Without it, organizations are simply navigating blindly. It is no coincidence that, according to recent research from IDC, over 75% of executives identify Active Intelligence in data management as a factor in accelerating business in the digital age.

After defining the direction, it is necessary to see what the needs of the teams are to accomplish the tasks that will take the companies to the defined goal. It requires listening to people and understanding what bottlenecks can be solved from data and what information is actually essential for the company.

For example, through an Active Intelligence solution, it is already possible to integrate different data sources in real-time to generate insights and propose highly personalized marketing actions or targeted sales campaigns. By transforming data through Active Intelligence, companies can guide better decision-making, increase revenue and profitability and optimize customer relationships.

Companies must invest in the dissemination of digital literacy and the formation of a data-Driven culture. That is a vision that uses data analysis as a recurrent and important act for the optimization of processes, maximization of results and continuous improvement of offerings.

Today, studies from the Data Literacy Project, a program that evaluates and promotes data literacy worldwide, indicate that less than a quarter of the workforce feels confident in their ability to read, work, analyze and communicate with data. This number is alarming.

It is necessary to reverse this situation by bringing knowledge about the importance of digital technology and data analysis to the routine of employees, teams and companies, as well as offering constant training to enable these professionals to better use the available solutions. It is also essential to invest in innovation, implementing technologies that facilitate digital records in building daily plans and tasks, automating what is possible and adding intelligence to the decisions these people need.

Fortunately, the industry is finding more solutions to improve innovation as technology advances, leading to better tools for information visualization and management.

Data is increasingly expected to be better used to drive business value and gain a competitive advantage. It effectively goes through these three points: Putting data analysis as a strategic and cultural part of the business, with leaders and professionals truly oriented by reliable, secure and governed data; Aggregating knowledge at all levels and layers; And investing in cutting-edge technology, with solutions that optimize, automate and maximize operations performance, providing second-by-second the most crucial indicators for business success.

It is time for leaders to focus on leveraging analytics and constant innovations to transform their endless raw data into intelligent and actionable actions for business objectives. It is time to provide correct information at the right time and with the best practices for visualizing and understanding every possible insight, which amid the data avalanche we live in, can make a difference for the business.

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