When it comes to big data and analytics, businesses are quickly realising that there is much more to be gained than just insights into customer behaviour.
In fact, advanced data analytics is proving to be a powerful tool for increasing revenue and driving business success. Especially where data-driven decision making is concerned.
A new Forrester survey reveals that:
- Nearly two-thirds (63%) of decision-makers recognise the importance of data and analytics in strategic decision-making.
- 54% of organisations with advanced data analytics have increased their revenue.
- While another 44% have gained competitive advantage.
And it’s obvious why this is.
Organisations with greater digital maturity have been able to manage the impact of the pandemic and lockdown much more effectively than those that are behind.
By taking advantage of technologies such as cloud, machine learning, UX design and AI, these digital-driven organisations are able to keep their businesses running. And up to 82% of organisations with advanced maturity have seen a positive year-on-year revenue growth over the past three years.
Data analytics has enabled them to become more agile. Easily adapting to changes in supply chain, distribution and customer demand more quickly and efficiently.
The laggards, on the other hand, have been struggling to keep up with the ever-changing digital landscape. They are finding it difficult to make decisions and take actions without real-time information.
The Challenges of Data Analytics
While data and analytics can certainly help businesses achieve their goals, it’s not a magic bullet. There are a number of challenges that businesses need to be aware of when it comes to data analytics.
Too Much Data Being Collected
With the increasing use of big data and analytics, businesses are collecting more data than ever before.
However, not all of this data is useful. In fact, a lot of it is irrelevant and can actually be a distraction. Businesses need to be careful not to get bogged down in data that doesn’t provide any value.
So Many Different Sources
Another challenge that businesses face is the variety of data sources that are available.
With so many different sources of data, it can be difficult to know where to start. And it can be challenging to get all of this data to work together in order to get a complete picture.
A third challenge is data quality.
Not all data is accurate, and not all data is clean. This can lead to inaccurate results and can be a waste of valuable time and resources.
Despite these challenges, data analytics remains a powerful tool for businesses. And with the right strategy in place, businesses can overcome these challenges and achieve great success.
Advantages of Using 3rd Party Solutions (Like Teraflow.ai)
By outsourcing data and analytics initiatives to 3rd party experts, businesses can leverage their expertise and knowledge to get the most out of their data.
And see even greater success in their business endeavours.
There are a number of advantages to using third-party service providers for data and analytics initiatives. Some of the most notable include:
1. Access to Expertise and Knowledge: By outsourcing data and analytics initiatives to these professionals, businesses can leverage their expertise and knowledge to get the most out of their data. This can result in more accurate insights, faster turnaround times, and greater success in meeting business goals.
2. Cost Savings: Another advantage of using third-party service providers is that it can often lead to cost savings. This is because these professionals often have access to better tools and technology, as well as a team of skilled experts, which can help reduce the time and effort needed to get the most out of data.
3. Faster Implementation: Finally, using third-party service providers can often lead to faster implementation times. This is because these professionals have the experience and expertise needed to get started quickly and efficiently without any delays. They provide a roadmap to your business goals.
Want Clean, Accessible Data? Or Accurate Data Analytics?
About 68% of surveyed decision-makers expect to see an increase in their organisations’ data and analytics spend in the next 12 months. This includes engaging third-party service providers data and analytics-driven initiatives.
This number is only going to continue to grow, as businesses see the value that data analytics can provide.
If you’re looking to get the most out of your data, then you need to partner with a company like ours.
At Teraflow.ai, we can help you clean up your data, make it more accessible, and use it to drive better business decisions.
Additionally, we can help you implement machine learning and user experience initiatives that will improve your bottom line.