Data utilization
More data has been created in the last decade than in the entire previous history of mankind. And that includes business data, which has grown exponentially in recent years. That's why terms such as data usability and business intelligence are increasingly used in the context of successful business.
Data utilization potential
Data in itself has little value. Therefore, it is not the data itself that is valuable, but the activities associated with its processing. It is estimated that less than 0.5% of all data generated is actually analyzed and used. The main reason is the ineffective data management. Quality processed and analyzed data is important for meeting business goals, monitoring them, and predicting business opportunities and risks. An important aspect is business intelligence (BI), which combines business analytics, data mining, data visualization, data tools, infrastructure and best practices to help organizations make data-driven decisions.
Data utilization, Business Intelligence and their benefits
How effectively you use the data available to you, how you analyze and evaluate it, can be the most important aspect that determines whether your company stagnates and struggles to survive in the future or grows and expands.
New opportunities
Business intelligence helps companies create additional revenue streams through innovation and development of products and services. Companies can identify trends that impact the market or consumers and respond accordingly, adapting their products and services.
Efficiency of processes
Every business is unique. What works for one business may not work for another. Developing exclusive software for your business ensures that you can address specific activities and procedures according to your requirements.
Better customer service
The intelligent use of data allows a companies to know its customers better than ever before. They can analyze where they come from, how they behave, or what they want to buy. As a result, companies are better able to identify opportunities to improve their services.
Enhanced agility
Business decisions are no longer made based on feelings, but on relevant data. With the right processes in place, data can be captured and cleansed in less time, and it is more efficient to generate critical business data, increasing business agility.
Competitive advantage
Organizations can be more competitive if they know the market and their own performance in the market. Thanks to BI and data, companies can keep up with many changes in the market and effectively monitor or predict these changes.
Cost savings and increased profits
Effective use of data and BI also leads to cost savings and revenue increases. Companies can act quickly, they are able to continuously improve processes, which leads to cost-saving decisions.
Data warehouses (DWH) - assumption of data utilization
A data warehouse is a central repository for data that can then be analyzed and used to make more informed decisions. Data flows into the data warehouse from transactional systems, relational databases, and other sources. Business intelligence tools are used to access this data. Data warehouses enable companies to analyze and derive significant value from large volumes of disparate data and preserve historical records.
Data driven business
Digitization has produced massive amounts of data, forcing all companies to become more data-driven than ever before. The benefits of a data-driven enterprise are obvious (organizational agility, improved business performance, higher profitability, stronger innovation). However, there are technical and business challenges that must be overcome to become a successful data-driven business. We have experience implementing business intelligence tools in large business processes and providing data utilization consulting. Choose a partner who can successfully guide you on the path to digital transformation.
