- Today all organizations agree that data is necessary for the business, and that a good analysis and interpretation can dramatically increase revenue.
Nowadays, companies have already internalized the importance of investing time and effort into analyzing data and converting it into relevant information to expedite the decision-making process. However, there is a lack of knowledge and experience to truly understand what the data means to the business, and how to apply it to improve the current situation.
This is where Business Insights can help. Before we continue on, we'll start with a quick definition.
- Business Insights combines data and analysis to find meaning in and increase understanding of a situation, resulting in some competitive advantage for your business. It is the highest level in decision-making because it adds value to the information being analyzed to provide an understanding of why it happened, what the next action should be, and what is the best way to do it in the future.
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So, how can you get value from data?
Some organizations are in the initial phase of data extraction, and others have been extracting and collecting it from different sources for years, but in most cases, the data still means nothing. The reality is that although organizations are clear about the importance of data analytics, it is difficult to implement. For that reason, some companies manage to give data meaning through Advanced Analytics tools, but few are doing it in the most optimal way, which is through Business Insights.
What should organizations do to face the future?
Many have a very technical approach to business analytics, allowing them to only reach a basic understanding of what has happened, and what is happening now. However, to reach the maximum level, and use the data for agile decision-making to understand what to do in the future, organizations need a Business Analyst who has in-depth knowledge of data and analytics tools, your business and sector, and who can bring innovative approaches to understanding your data. This person is critical to the process of combining data and analysis to find meaning and will add value to the information. The end result is Business Insights that can uncover a competitive advantage for your organization.
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