Saturday, February 4, 2023

Why Businesses Should Give Every Employee Access to Data Analytics

By Swapnil Mishra - November 30, 2022 5 Mins Read

Every company, regardless of industry, is becoming a data-driven business, and no-code data and analytics can now be in the hands of a wide spectrum of business professionals.

Businesses have entered a period of radical change after more than ten years of steady growth, which presents risk as well as the opportunity for them.

The need of the hour is to rediscover the capacity to drive efficiencies while also identifying the disruptive opportunities that unpredictable environments tend to create.

Organizations can no longer rely on linear revenue growth based on an expanding economy powered by inexpensive capital. In these periods, great businesses flourish while average ones fail. The odds are against it.

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The most successful businesses are realizing that:

  • Given the macroeconomic environment, demand is challenging to measure and ever-changing.
  • Given the ongoing changes in today’s world, supply chains are even less predictable, and both labor and logistics affect decision-making.
  • Growth is important, but now more than in the previous 15 years, the focus is more on the fundamentals, or profit. The new growth is in profits.
  • Tech investments continue to perform well (even with cuts). The future will be in navigating the aforementioned issues, with faster decision-making, more accurate and compressive data, and tighter cybersecurity as top spending priorities.

Due to the fierce competition, every move must be made with a sense of urgency in order to produce a successful outcome that increases revenue and profit while lowering risk. Data now has a more important role than ever. Insights into customer behavior, just-in-time inventory and capacity management, and a peek into each department’s crevices (billing collections, procurement, and beyond) for savings that could matter are all provided. Most importantly, data drives innovation by enabling businesses to sift through various sources to uncover new opportunities.

The true benefit of data analysis

To make daily strategic and tactical decisions more quickly and effectively, data analytics is used. Further, the ability to plan OPEX in real-time (rather than quarterly) with current sales figures, headcount data, and other disparate data sources create a much better picture, enabling not only C-level executives but everyone who can now access the data to manage the business. Finding value in data requires more than just analysis (which is a whole other benefit). It’s a comprehensive discovery process that calls for perceptive analysts, inquisitive business users, and executives who pose strategic, targeted questions.

Businesses must first make it possible for employees at all organizational levels to input accurate data. The ability to claim that their best business decisions are “data-driven” is prized by many in the business world. There are far too many people who use data analytics to support or demonstrate their preconceived strategic initiatives or business models. This is a shoddy application of data analytics that falls short of a thorough investigation and identification of data to reveal true trends and enable the best business decisions.

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To unlock the full potential of data analytics, enormous amounts of data must be quickly and in real time accessible across many corporate departments, including sales, product development, supply chain logistics, CRM, and marketing, in order to promote collaboration and uncover trends, new revenue opportunities, and best practices for successful outcomes.

Broad range of business professionals using real-time big data and analytics

For non-technical business users, the rise of no-code/low-code applications and software has changed the game. Every company, regardless of industry, is evolving into a data-driven enterprise, and a wide range of business professionals now have access to no-code data and analytics.

The future of work for marketers, analysts, product managers, and other important decision-makers outside the data science team is being changed by no-code/low-code.

Technology that changes the game calls for democratization

Letter writing and mail delivery were replaced by the telegraph, which was available at the railroad station, which was then superseded by the telephone, which was then superseded by smart, personal mobile phones with their plethora of communication features like email access and text messaging. The use of these latter technologies grew rapidly due to their accessibility and the addition of applications that foster collaboration. A satisfying result of the “everyone’s using it” dynamic is stickiness, consistent new sales growth, and repeat business.

Over the past 15 years, the fundamentals have changed (cloud computing, declining storage costs, diverse new data sets and rapid data growth, cloud databases, data marketplaces). What’s left is developing the “consumer” experience for an analytics feature set that has previously been very technical. A wide range of enterprise professionals may have access to data analytics if new tools and solutions that support the democratization of “big data” get off to a good start.

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AUTHOR

Swapnil Mishra

Swapnil Mishra is a Business News Reporter with OnDot Media. She is a journalism graduate with 5+ years of experience in journalism and mass communication. Previously Swapnil has worked with media outlets like NewsX, MSN, and News24.

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