We live in a world of data. If you pay close attention, you will see everything around us is composed of numbers. Digits appear in their own patterns and sequences, creating something of a larger value. But how are we to know what it all means?
A data analytics tool will make sense of the mystery. For some, integrating an analytics tool may sound intimidating, but it doesn’t have to be. Analytics is vital towards understanding why your organization behaves the way it does and where your future is headed.
Every organization can benefit from analytics
Data analytics is not exclusive to any market, as every organization has numbers supporting them. For vendors who sell their products through sales departments or vast networks of resellers and distributors, data analytics has become a core element in their decision-making process. While several organizations understand that advanced analytics can transform how their business operates, the most daunting task is how to obtain, analyze and use this data to address their pressing challenges.
Staying competitive in today’s global economy is no small feat. With rising operational costs and bulky organizational data being top concerns, companies are finding it hard to stay afloat and attain their goals. So how are they to address their shortcomings? Here’s how data analytics proves its versatility in different markets.
Are manufacturers keeping up with current technology? With new advancements such as automation, virtual reality, and additive manufacturing, manufacturers must be able to reevaluate and monitor their old processes as they make way for the new. Using industry standard measures, analytics can help track the overall performance of your business processes and empower your internal structures to analyze efficiency, cost, and productivity across KPIs. With the approach of an in-depth data analysis and leveraging hands-on experience, manufacturers are able to optimize their supply chain, reduce overhead cost, control expenses, manage inventory, and improve operational efficiency.
Distributors are often faced with an overload of data, specifically data focusing on their inventory. There is nothing worse than not knowing what is being stored in your warehouse, what its worth is, and how much it costs to keep it there. When it comes to packaging and distribution, data helps distributors maintain a competitive advantage that they require to meet their revenue margins and growth targets. Using a data-driven approach, organizations can focus on determining their true costs and discover how their insights (or lack) can affect their profitability.
How are universities able to measure student success? With robust pre-designed analytical tools for higher education, data-backed insights can be integrated into various organizational processes. With an analytics tool, you will be able to see how your students are performing and learn how to improve their college experience, both academically and personally. How? Start with asking yourself what you want to know about the population.
Do you want to know how your students spend their free time? Maybe they are working a job alongside attending class. Or maybe they’re a student athlete. Now that you know what you’re looking for, you can create measures specific to each category that you are inquiring about. Information that you can inquire may include: coursework, financial aid, extracurriculars, etc. This will, in turn, help your college in student recruiting, student retention, student graduation rates, financial reporting, and predictive analytics for identifying potential problems.
The choice is yours
Success is contingent upon collaborative approaches that deliver transparent, actionable insights that build trust throughout your users. Whether your organization is focused on enhancing efficiency, reducing costs, optimizing profits or attaining substantial growth, your success will be determined by your ability to source and analyze data.