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It’s important to get the most value out of your expenses when running a business. So, you’re constantly analyzing the return on each investment your company makes. Data analytics is no exception to this rule. These are a few ideas for getting the most data analytics bang for your buck.
Ability to Integrate Various Types of Data
Data comes in many forms and from many places. Many enterprises have long-term backlogs of built-up data that hasn’t been put to good use for this reason. Finding ways to integrate all that data, however, can provide massive benefits to any organization.
There are likely insights going totally undetected when data remains overly siloed. Getting the right analytics software can help bring all those disparate points together to create value.
Ad Hoc Analysis
With new technologies coming on the market, there are becoming more ways for people to work with data directly. One of the best examples of this trend is ad hoc analysis. Modern BI platforms such as ThoughtSpot are empowering employees to ask questions and get answers whenever they pop up using search analytics — rather than having to wait on data specialists to create a static report for them.
It’s far more efficient and user-friendly this way. It often took a long time for requests to get to an analyst, who was often working with a substantial backlog. Then they had to be processed, put into a report, and sent back. If they didn’t exactly answer the query correctly, the process would need to be started again. Have a follow-up question? The process would start over again.
Ad hoc analytics also helps to foster a data-centric business culture, since all employees will be able to actively participate. Some useful — and maybe even surprising — insights can come from peopl… Read More
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