02 Jul How enterprises can move beyond “data” to “understanding”
It’s not disputable that organizations today have more data than they ever had at their disposal. But, managing this data and deriving actionable insights from it is easier said than done.
First off, enterprises themselves need to open up to new ways of doing things and to be more curious than ever. Being too circumspect and thinking small can actually hamper your growth while trying to leverage Big Data and Analytics. It’s no longer about the data. The battleground has shifted to what you can do with that data.
The need now is to create space for change and transformation for analytics to enable the move of an enterprise from ‘data’ to ‘understanding’.
Why Data Analytics is Not the Entire Solution
Embracing data analytics is not enough. To gain tangible benefits out of your data analytics strategy, you need to hear the stories your data has to say.
More often than not, enterprises struggle with dirty data, handicapped data integrations, and differences over what data assets mean. Basic data quality and completeness issues make it hard for analytics to do its job right. And, even when insights are presented, they are made available in a non-intuitive format which makes them only as good as the raw data.
Not just at the data level, even the people dealing with data need to take on a different approach. They need to undergo a mindset reset that allows them to ask questions about the processes and roles. This is new. It wasn’t a part of the game before. Stakeholders and executives involved with analytics might need to shun the ‘we-know-that’ and take on a more inquisitive role in an enterprise wanting to understand the data.
Then, how can significant leverage be drawn from the data that enterprises already possess?
Presenting ‘Data Understanding’ as the New and Refined Method
Data analytics should go beyond numbers and charts. ‘Actionable’ seems to be a buzzword thrown around by everyone related to analytics. But, what do actionable insights really mean?
Converting knowledge to action is the true test when it comes to data and analytics. Capturing impact from analytics is important. Why? Well, your CxOs will spend money on only those initiatives that deliver results. Even your customers will be willing to share their information and data with you only if there is a value that they get in return.
Here, data understanding takes on a more critical role. By understanding customer behavior, finding patterns, and learning what they mean- you find your way to a set of recommendations that ease the process of converting insights into actions.
Here’s what changes when you make the shift from data analytics to data understanding:
- Take actions faster – With analytics, you might take weeks or even months before getting to tangible actions you can make to act on the data and insights. However, with a future-proof data understanding strategy, you get actionable recommendations you can put to practice sooner and gain a competitive advantage. In real-time!
- Tweaked insights – With data understanding and Sciera’s data specialists (we had to throw that out there!), you can get customized insights on your business and plug gaps to improve efficiency and productivity.
- Eliminate guesswork – No more of ‘this analytics might mean that’. With real intelligence in play, connect all your data sources and increase data visibility beyond numbers and dashboards. Identify trends, chalk out new relationships and strategies, and use facts and factual insights as a base for change.
- Act on real insights – Make sense of your data and use insights to drive flexibility. You are empowered to visualize your data in a form that gives you enhanced visibility and higher value.
- Make informed decisions – By eliminating guesswork, you can make decisions based on meaningful data that can drive your organization to grow and offer increased value to customers. Understanding data that is meaningful, purposeful, and powerful could well be the game-changer for you.
How Data Understanding can Change your Bottom line
It’s simple really. Use data to its full potential and get unparalleled intelligence infused into your decisions. Discover, integrate, enrich, and analyze data at scale in real-time for greater tangible business impact.
Data analytics and understanding can help you transform data into insights that enable real-time business decision-making for customer acquisition and retention efforts. Attention to data-detail can help you win customers and keep them for longer, significantly impacting your bottom line.
With a holistic view of your enterprise’s data and applications, you can spot inefficiencies and work to address them. This will help deliver business efficiencies, customer satisfaction, and cost savings.
Understanding data means going deeper into your business and working specifically on what matters.
Data analytics is not enough to build a data-driven enterprise that makes fact-based decisions and powers increased visibility and transparency throughout the organization. It’s clear that you need more.You need data understanding to leverage future-ready strategies and differentiate yourself from the competition. Of course, if you are on that path then we can help. Our products and solutions span the mission-critical parts of an enterprise, enhancing data value and leverage. We hear the stories that data tells -and you can too!