How Analytics Platforms Can Help Your Team Make Better Business Decisions
We’re living in the middle of the era of big data, but all the data in the world is no help if you can’t process it to gain actionable insights and useful predictions.
If data is the new oil, then an analytics platform is the new processing plant that turns your data from a raw material into a valuable commodity.
What is advanced analytics?
Today, there are many different types of analytics. Descriptive and diagnostic analytics are familiar forms of analytics that have been around for decades. They involve understanding what has happened in the past and what triggered certain events.
Predictive analytics are more advanced analytics that use data to forecast and predict what will come in the future.
Prescriptive analytics go even further than predictive analytics, sifting through data to identify what should be done, and when, in order to achieve the desired result. A recent study concluded that by 2021, instead of just uncovering what should have been done, 66% of analytics processes will also prescribe what business actions to take in the future.
Analytics platforms make advanced analytics possible
With advanced analytics, businesses can stop reacting to events that take them by surprise and instead shift to making proactive decisions in a considered way, based on solid data. But these types of analytics are only possible when you can analyze enormous amounts of data; far more than any human analyst can handle.
Analytics platforms use machine learning, deep learning, and other AI-based algorithms and models to sift through data, spotting trends and identifying patterns to make reliable predictions about shifting markets, customer behavior, and opportunities to increase productivity.
The automated engine can handle massive amounts of data every second, making it much more effective at noticing patterns and making predictions.
With analytics platforms, you can access insights on a granular level that allows you to personalize marketing efforts and customize product offerings for every customer.
Provide a single version of truth
In many companies, their mountain of data is disparate and divided across the company. The sales team might have sales data, while the marketing department sits on information about conversions and leads, and the product research team gathers details about customer pain points.
Most businesses are already aware of the risks of data silos, when data is locked away in separate departments. But even more companies have data that is theoretically accessible to all, but their employees are already drowning in so much data that they lack the will to search for more.
Enter the analytics platform. Analytics platforms unite data from every corner of the organization so that you can maximize its value.
With an analytics platform, you can painlessly create a single version of truth that’s accessible to every department, so that each stakeholder is using the same fundamental information to drive its decision-making and basing its choices on the same central set of assumptions.
Keep up with a dynamic business environment
Today’s business environment changes more swiftly than ever before. The market is shifting rapidly; consumer trends seem to rise and fall in the blink of an eye; and risks loom on the horizon faster than humans can track them.
When so much of the global business infrastructure is automated, the only way to keep up is to use automated analytics platforms.
With an analytics platform, CEOs and other executives can make quick decisions based on data instead of their gut instincts. Analytics platforms can predict market changes, understand consumer behavior in order to better anticipate the next fad, and manage risk in meaningful ways that allow you to make calmer and better-informed decisions.
Predictions are displayed as appealing visualizations that are easy to consume and easy to understand, so that business leaders can respond at the speed of light.
Democratize access and improve productivity
Analytics platforms allow each department and team leader to tap into advanced analytics, instead of waiting for data scientists to train, test, and finally deploy machine learning models.
They place the power of data-driven predictions in the hands of every single employee, so that they can make the best business decisions independently.
Our globalized markets mean that every company faces a lot more competition from a wider circle of competitors, making it more important than ever to improve productivity and increase efficiency. Analytics platforms help you to pinpoint the right goals and track the right metrics to spot inefficiencies and find ways to correct them.
Analytics platforms are the key that unlocks your data
Most businesses are sitting on a mountain of data that grows every day, but without the help of an analytics platform, they struggle to gain value from it. Data scientists and business analysts can’t keep up with the sheer volume of big data, or identify patterns quickly in a flood of information.
Analytics platforms enable data scientists, analysts, and other employees to use advanced analytics to discover new trends quickly and keep up with the fast-changing markets and consumer interest.
With the help of the right analytics platform, you can increase productivity, understand customers, ensure that all business decision-making is based on the same central set of information, and draw ahead of your competitors.