A smart data and analytics strategy leveraging the right technology enables companies to stay competitive and profitable while continuing to better meet the needs of their customers. Below are seven ways businesses can accomplish this.
1. Move from a transactional relationship with customers to a personalized one
By leveraging historical models based on past data as well as predictive models using regression analysis and machine learning to forecast buying behavior, companies can better understand, anticipate, and meet their customers’ needs at every point along the buyers’ journey.
2. Foster a digital mindset in the workplace
Successful digital businesses require a data-literate workforce and a data-driven culture to drive measurable business outcomes. It is up to companies to provide the training necessary to uplevel their workers’ skills and data literacy.
3. Use advanced visual reporting to understand your business and your customers
Enhanced decision-making can be achieved with a focus on the future through AI-enabled predictive analytics, delivered in an easy-to-understand graphical format. All of this results in faster access to insights, quicker responses to market shifts, and an increase in innovation.
4. Empower business users with self-service analytics
A company’s collected data can be democratized to give certain business users direct access to data sets that are described and cataloged fully to increase their value and validity. This enables users to self-service and generate reports as needed, based on accurate and up-to-date data.
5. Harness collective intelligence through collaborative dashboards
Collaborative dashboards allow teams to quicky and seamlessly interact and share data assets and their stories. This enables teams to interpret data in a collaborative manner, benefiting from the group’s collective intelligence and diverse perspectives.
6. Migrate to modern cloud technology
Cloud-based analytic platforms overcome the challenges of scalability, concurrency, and performance of conventional on-premises data warehouses and BI solutions. Cloud platforms also enable the elimination of data silos for secure, fast, and easy data sharing and analysis in one place.
7. Hire a chief data and analytics officer (CDAO)
Centralizing data accountability and governance helps overcome the challenges that arise from siloed (and often incompatible) data policies, architecture, and management. The right technology and data governance helps companies stay ahead of the game by continuously adapting.
Contact us at itbi@italentdigital.com to speak with us about your data transformation and data governance needs.
________
EMBED THIS INFOGRAPHIC ON YOUR WEBSITE OR BLOG!
<img src=”https://italentdigital.com/wp-content/uploads/2023/05/data_bi_infographic_03.png” alt=”7 keys to staying competitive and profitable infographic by iTalent Digital”>
You may also like:
Unlock community insights with Khoros Monitor Walls
How to use data to build a business case for change management
Migrating to Microsoft Azure? Here's what you need to consider
