Decision-making is a crucial part of business management. Your decisions can affect many areas of your enterprise, including production, sales, design, and partnerships. And if you aren’t using an enterprise business intelligence platform for data reporting, you could be leaving significant value on the table!
Businesses are moving beyond relying solely on instincts to make decisions. Instead, they are embracing business data analysis, business performance dashboards, statistical reasoning, and other business analytics tools to help them improve efficiency and reduce risk in making critical business decisions.
How can you remain competitive in a rapidly changing world?
The answer is simple! By making data-driven decisions.
By 2022, Gartner predicts that 90% of corporate strategies will acknowledge data as a crucial business asset and data analytics as an essential capability for success.
This article explores how an enterprise business intelligence platform can help organizations make profitable decisions with data-driven analytics and business intelligence-driven insights.
As per a McKinsey Global Institute report, data-driven businesses are 23 % more likely to acquire customers, 6 % likely to retain customers, and 19 % as likely to be profitable.
Data is more than just valuable in a digital economy—it’s essential. There is an ongoing buzz about data and how it has become the new oil. Data in raw form hardly deliver any value. However, it can become a precious asset when refined and structured appropriately. Organizations that see the value of data and employ tools to extract that value will reap significant rewards.
When revenue is down, costs are mounting, and resources are underutilized, one can quickly identify the problem, but it is more important to determine the underlying cause of the issue so that appropriate actions can be taken. That’s when you start to analyze reports and dashboards to look for insights; you can identify problems and take action to rectify them.
Data reporting tools help businesses optimize their performances and improve profits
Data reporting system allows you to make data-driven decisions and gain valuable insights into key business areas, which can help you avoid financial losses
Business analytics tools help increase efficiency and productivity and streamline business operations
Data-driven analytics can help an organization identify risks and take appropriate measures to reduce those risks
Analyzing data can help identify new business opportunities and untapped customer segments, which can be leveraged to grow and increase profitability
Analytics based decision-making enables businesses to determine what aspects of their processes are working and which ones need improvement
Proper management of enterprise data is crucial for assembling the complete picture of a business puzzle. However, siloed data can make it difficult to retrieve information throughout the organization. Therefore, businesses need to leverage their information assets fully and make them easily accessible to business users for data-driven decision-making. A single data analytics platform that enables end-to-end integration—such as qubesense—can help businesses overcome these challenges and make their data accessible anywhere.
Organizations that wish to remain competitive should leverage business intelligence tools to shape their products, solutions, and services.
It is time to transition from reactive decision-making to proactive decision-making.