Can you turn unused data into valuable insights?
Do you view your business as data-driven? Are you making the most use of your data?
For many businesses there is a disconnect between these two answers. Many would regard themselves as data–driven due to the huge volumes of data that they collect. But not enough are really obtaining essential business insight from it. Those that do, however, are securing themselves a crucial competitive advantage.
The current market position
If you feel you’re not making enough of your data, you really aren’t alone. In fact, 65% of companies are unable to analyse all the data they collect, while up to 73% of all data within a company goes unused for analytics.
So, how do you put yourself in the top tier of companies that use their data wisely? Well, there are key steps you should take.
Making the most of your data
The first step is to prioritise what you want to achieve from your data. For eCommerce retailers, this may be to get a 360° view of their customers. For insurance brokers it could be to get a better handle on the market to ensure the best products can be provided. And for security companies it may be to use data to create market leading security-enhancing products.
Bring your teams together and ask yourselves the following questions:
- How can you put your data to work to address the biggest opportunities in your organisation and sector?
- How can you change the way you operate to better serve your customers and reimagine the way decisions are made?
Making data a priority within your organisation
Now this may require key operational changes – some of which may be pushed against by employees and teams reluctant to shift away from traditional ways of working. But it is essential. Once you make data a priority, you can shift more towards a data-driven mindset across your organisation. Key steps include:
- Making access to data ubiquitous
- Supporting employees to enhance their data knowledge
- Reducing human decision-making across complex business operations
To truly make this shift towards a reimagined mindset within your organisation it is essential to understand the business intelligence tools that can make a difference, but also the go-to data visualisation tools to make sharing, presenting and collaborating with data become second nature to your employees.
There are plenty to choose from, which can all be tailored to meet your specific data needs and requirements.
Tap into the potential of unused data
Through the development of bespoke business intelligence solutions, you can tap into the true power of the data you collect.
At DeeperThanBlue, we’ve won awards for our work helping clients to do exactly that. Get in touch with the team for more information on how we can help you optimise your analytics function.
DeeperThanBlue Analytics was engaged to support the development of a Business Intelligence Solution to analyse employee activity using a risk-score methodology, alongside AMAG Technology.
Huge volumes of data were being collected in relation to the activities and movements of employees within business premises. This included time of day, location and access to specific areas. We collaborated with AMAG technology to turn this unused data into valuable insights, due to our background and expertise in big data and business intelligence.
This involved extending the SQL server base to create structured data to enable classification, benchmarking and statistical analysis. Microsoft Power BI was then used to provide a powerful and rich interactive user experience. The result was a solution that provided the security team with an at-a-glance look at identities with the highest risk scores, helping them to0 easily identify the employees, contractors and other people that may pose the highest risk to a company.
The solution received the 2020 New Product of the Year award from Security Today.
Taking a solution-focused approach to data
By defining the priorities of the business, understanding the potential of the data, and implementing the right business intelligence solution, this unused data was able to be used to solve a key business challenge in a way that had never been done before.
And this same methodology can be utilised to solve key data challenges across any organisation – with the right approach to data and a tailored solution you can find key answers to your data management and insights conundrums.
If you’re keen to learn more about enhancing your business analytics, data and reporting, get in touch with our experienced Analytics team today.
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