With optimal use, we mean, converting to actionable insights that improve your business processes. Every year, every day and even every hour. The diversity of BI tools and the success stories from the past show the importance it can have within a company, regardless their size.
To succeed in Data Analytics, your company must work structurally. Always start from a clearly defined business case in which you define a set of specific goals or operational challenges, which you transform into measurable KPI’s. BI does not serve as a showcase for your own business data. It must offer an answer to questions or problems that you wish to address.
The way companies will operate in future will depend strongly on insights and predictions that have been generated from their own data. Data that they are already collecting now (!).
What are those types of goals? Let’s make it concrete: “How do we boost our operating profit?” You can achieve this by either cost reductions or productivity gains, for example. “How do we lower our costs?” Via dashboard analyses, you can start investigating certain processes at a higher holistic level. Based on the insights these deliver, you start digging down to the most detailed level. In many cases, you will discover structural patterns, which give you valuable information to take action!
Nowadays every business has become a digital business. Cloud technology and data are the raw materials for this transformation. The way companies will operate in future will depend strongly on insights and predictions that have been generated from their own data. Data that they are already collecting now (!). Reciprocal patterns discovered through thorough Data Analysis even allow you to steer future decisions. Therefore, you would better start creating your data driven predictions now.
For example, Retail, where online companies set themselves up as competitors for the physical stores. In order to remain relevant, these physical stores must also be present digitally and use their data to optimize their inventory management, for example. In the financial sector newcomers are challenging entire business models by working with data in innovative ways. A data-driven culture is not an option, but a necessity.
Data is not locked in internal systems. Data is everywhere: on the internet, social media channels, electronic devices, … In short, all computer systems. Moreover, we are at a turning point where we will link all potential data sources: the Internet of Things. So even your personal refrigerator will become a smart device that lets you know when your favorite product is about to run out.
To make this challenge a success story, we think (and many with us) the best tool to achieve this is the Qlik Analytics Platform. Forget about query-based approach to analysis which limit your data exploration proces. This platform collects all your data (really all) and processes it to an optimal structure in which al data is automatically associated. With this model we create every possible visualization that you can think of. Of course only the functional visualizations that bring you value. We are not artists. Although, sometimes a bit.
Let’s Visualize Your Story