Data is the lifeblood of modern organizations. We’ve all heard this statement plenty of times in the last few years, but what most people fail to realize is that this data means nothing if it can’t be accessed or used in the right way. Too often, data is stuck in silos because there is a lack of coordination and collaboration between departments. In other cases, certain systems and tools are only able to process data if it’s available in a particular format. Since most teams do not go through the trouble of changing the format or improving access, much data remains unusable.
To put things in perspective, McKinsey estimated that companies across the globe would produce up to 463 exabytes of data each day in 2025. This is 463 billion gigabytes, most of which just gets lost or is rendered unusable due to various reasons. Even when the data can be used, most of it is just limited to simple data management tasks.
Fortunately for many companies, you can now make sense of your data with data and analytics software. Generally used for business intelligence and decision-making, data analytics software makes it easier to process data in large batches to identify patterns, make accurate predictions, and understand how certain changes to the operating environment can affect outcomes and results.
In this blog, we will explain how adding data and analytics software to your tech stack can help streamline and optimize processes, increase productivity and efficiency, and even reduce processing costs.
How is Data Analytics Generally Used in an Organization?
As mentioned earlier, data analytics allows companies to extract valuable information from their data, which allows them to unlock new opportunities. These opportunities can range from identifying new revenue streams in lucrative markets to something completely different, like discovering ways to reduce costs or predicting future trends.
Here are some of the ways in which organizations can make use of data and analytics software:
Improving Customer Experience
Think of the last time you tried finding a product on a website but were unable to do so due to poor navigation and site structure. Chances are, you probably exited the site immediately and probably even discouraged your friends and family from using it because of the poor customer experience.
People today are constantly bombarded with advertisements and push notifications from different companies which makes it very easy to move on to the next product or company. In such an environment, it’s essential to not only grab the attention of your prospects as early on as possible, but also offer them the best experience possible so that they can continue purchasing from you and recommending you to their peers.
With data analytics software, companies can improve the customer experience they offer by gaining more insight into the problems customers face and how to solve them. For instance, if you notice a lot of people dropping off from your website’s demo form, you can use business intelligence software to figure out what the reason for this might be. With a simple survey and aggregating responses, you will be able to find out whether people were exiting the website because the form was too long, the submit button was too inconspicuous, or simply because the layout of the website distracted people.
Once this information is gathered, business insights software may also be used to provide key insights on how to improve the customer experience and even shed some light on how to retain more customers in the long term. Based on the information gathered, it might also be possible for companies to improve their products and services or even research new features that customers might be interested in.
Understanding Market Trends
Markets today are changing faster than many of us can grasp. Global politics can affect markets quickly and changing customer needs require companies to constantly innovate.
Data intelligence software can come in handy by batch analyzing the latest data on market trends and help organizations make sense of it. With this information, it’s also possible for organizations to understand what kinds of products are in demand and make changes to their own offerings.
What Features Should an Organization Look for In Data Intelligence Software?
Since data intelligence software needs to be used to process large volumes of data and extract insights from it, it’s important that the tool has the capability to search through the data that’s being processed. Tools like Intalio Insight offer enhanced search capabilities that not only allow users to search for items in multiple languages but also determine relationships between different entities that are present in the data being processed.
What’s more, data analytics tools like Intalio Insight also come with query classification and indexing features that ensure that data can be filtered and indexed properly.
Since data is understood better when visualized, data analytics software must also come with the option to create graphs and charts that provide the complete picture. This way, large volumes of data can be viewed in a single visual instead of the need to go through millions of documents or data points.
Ready to experience the power of data analytics at your organization? Request a personalized demo today to find out how Intalio Insight can help.
