The need for data has become an intrinsic part of modern commerce and allows businesses to inform and execute their strategies for maximum success. Whether it’s in the context of setting up a social media campaign or a search engine optimization strategy, data play a crucial role in any strategy’s success because of how they provide vital insights. When used correctly, a business can make smarter decisions, improve outcomes, and increase efficiency with the help of insights gleaned from data.
While many companies have recognized the benefits of using data, there are also a lot of organizations struggling to use data effectively. It’s very easy to collect data but making sense of it and using it to make decisions and set strategies can be a whole other story. If your business is in this camp, don’t worry, you’re not alone. Using data effectively is a widespread challenge, but there are also solutions.
Keep reading to learn why some companies struggle to use data and the lessons your business can learn from them.
The Singapore Institute of Technology and the Institute of Singapore Chartered Accountants recently conducted a study on small and medium-sized enterprises (SMEs) which revealed that about 70% of the 500+ SMEs surveyed had not yet adopted data analytics, with many relying on spreadsheets and databases to store and use their data. This finding suggests a lack of awareness or understanding of data analytics and the benefits it can offer businesses. Additionally, of the 70% of SMEs not using data analytics, half of them reported they had no intention of doing so in the future. With the success of many SMEs, and their positive contributions to world economies, they could be missing out on achieving more growth and a better understanding of their business.
Meanwhile there are many companies who have made the switch to using advanced data analytics and commercial machine learning, a trend that could leave some SMEs in the dust. So how exactly can using data analytics benefit small businesses? Keep reading to learn more about this innovation and why your small business may want to leverage it for success.
Data visualization is a method of presenting information through visual aids like charts, diagrams, or pictographs. The numerical data collected can also be expressed in dots, lines, bars, and other means to show inverse or parallel relationships. Businesses regularly use data visualization in a variety of ways, from showcasing company growth for stakeholders to plotting revenue projections for internal teams. Data visualization is a useful tool to make sense of complex data, help viewers better understand what data is saying, and create powerful stories to inform decision making.
But data visualization isn’t only for businesses and organizations in the private sector. In fact, data collections and graphical presentations are immensely useful for government agencies to study and interpret their community’s needs to make better decisions.
Data visualization is at the heart of many businesses, and it’s as much an art form as it is a science. It’s a way to present information in the form of maps or graphs, making hard data more accessible and tangible. Through effective visualization, you can process trends and patterns more easily than just staring at numbers.
Data storytelling needs both creativity and structure to succeed. You need to skillfully combine emotion and complex data into a piece that communicates insights that your company can use. Today, more and more businesses are using data storytelling in content for clients and employees alike. If you’re thinking of using data insight solutions to improve your business, here are things to keep in mind.
The use of data – and understanding its meaning through analytics – has become essential in most industries. For the telecom industry, data can be an invaluable tool to staying ahead in one of the most competitive industries in the world. Telecom businesses can use data analytics to streamline operations, improve processes, track projects, and fix problems. And it can inform decision-making and strategies by providing valuable insights.
Data is powerful in practically every industry today, but when it comes to telecom, there are a few particular key areas in which it shines.
With the rapidly evolving nature of technology and its applications to various industries, we encounter new concepts that help us become more efficient at what we do. Data analytics is just one of the many new concepts that businesses are now trying to integrate into their processes. While data analytics consulting companies have been around for quite some time, people seem to be confused about what analytics really means and how it is different from data analysis.
For risk managers, data analytics has become one of the most critical activities to carry out. With analytics, decision-making becomes even more reliable and accurate, and can help with the long-term success that minimizes losses while maximizing gains. However, there are plenty of challenges to be faced when collecting and using data to make decisions and inform strategies.
Some of these challenges may be tougher than others, but they all impede the risk manager’s ability to analyze data. Fortunately, there are solutions for all of these roadblocks that can make a risk manager’s job easier and more effective.
Keep reading to learn more!
We live in a time when data is considered a currency. In almost every industry, there’s buying and selling of data to get profitable results. Data’s value is evident, as seen in the findings of McKinsey and MIT’s researchers. They determined that businesses that are basing most of their decisions on data were, on average, […]