It's becoming more difficult every year to stay competitive in business. No matter what field you operate in, you surely have competitors all around you that are stepping up their game and finding analytical tools for making better decisions.
This is perhaps the biggest reason that analytics have become so popular among organisations in this decade – the competitive pressure is intense. If you don't invest more in data, your rivals will, and you will surely lose ground.
Having said that, diving into data is a lot more difficult than simply throwing money at the problem and expecting immediate results. The world of big data is complicated, and sometimes you need professional insights to help make sense of it all.
To stay competitive in business, you have to understand the competitive landscape.
Ignoring data in 2016 is a grave mistake, but what's even worse, perhaps, is investing a sizeable chunk of your budget in it without first figuring out what you're doing. Luckily, there are solution consultants that can help you understand data.
Data investments are rising steadily
To stay competitive in business, you have to understand the competitive landscape. If you know what others in your industry are up to, you can adjust accordingly and ensure that you aren't left behind. These days, more than ever, that means adjusting to the use of big data and sophisticated business intelligence solutions that can analyse it.
The latest edition of "Big and Fast Data: The Rise of Insight-Driven Business", a study from CapGemini and EMC, reveals that companies are investing in data at a rapid and accelerating pace. The researchers reveal that 56 per cent of enterprises plan to increase their investment in big data over the next three years. Moreover, 70 percent of IT decision-makers at those organisations view extracting value from data as a key ingredient of future success.
Given these statistics, it's no surprise that companies are spending more on analytics. It's a peer pressure effect – the more companies spend, the more their rivals must invest to stay competitive.
So to ensure you don't trip up trying to keep up, what do you need to know about data?
Examining all the analytical angles
There are many reasons why it's difficult to dive headfirst into the data analysis movement. One major difficulties is the fact that "big data" can have many definitions. For instance, there are several different types of information out there, so it's tough to decide which one to pursue aggressively in business.
- Internal data consists of information that companies have collected on their own, either through their private workflows or customer relationships. It's often the most relevant to a given business, but there are limits to how much it can do.
- Structured data often comes from third-party services. Nonetheless, it's relatively easy to acquire and begin analysing for business use.
- Unstructured data is not within your immediate control, but it may relate to factors that affect the fortune of your business. It may require some effort to track down or produce this data and begin making sense of it.
Coming at the analytics movements from all the angles can be confusing and risky, especially if you aren't a statistics genius. But there's absolutely no shame in asking for a bit of technical support.
Consultants can make sense of it all
If you want to outdo your competitors in an increasingly data-reliant business world, it's important to outwork them when it comes to analysis. But that's not all – you also need top-notch business intelligence to do this effectively. If you don't have this in-house already, it makes sense to invest in solution consulting.
At AtoBI, you get tailored consultancy services that really get to the core of what you do. Our goal is to listen to your needs and deliver the perfect BI solution for you.