In this current era of Business Intelligence (BI), the ability to analyze as well as apply data has become central to how firms both compete and collaborate. At the heart of any efficient Digital Business Platform, one will find a solidly implemented data analytics solution that ties together data from every key operational areas—customer experiences, the organizational ecosystem, various information systems, and an Internet of Things (IoT). In this article, we will look at the many ways in which analytics is changing the face of modern industry.
From Siloed BI to Analytics Everywhere
Before the development of today’s far more powerful analytics tools, organizations had little choice but to work with what is known as “siloed” BI. These “siloed” analytics solutions of the past were limited in both scope and drilldown abilities, because they were only able to access and analyze data from a single application. This meant that the analyses provided by such a tool would only be useful in the context of the single application to which it had access. Needless to say, the fact that these analytics tools reported on data from only one silo (hence the name) meant they could only offer users extremely narrow operational views of their organizations. At the time, of course, the information provided by siloed BI was still useful (it was “better than nothing,” one might say) but it pales in comparison to what can be achieved with the analytics tools of today.
In this new era of analytics, organizations of various sizes and across multiple industries use analytics solutions that can access data with multiple applications, from a myriad of data sources, and have the processing power to analyze and report on said data. This means that today’s powerful analytics tools are capable of reporting on data from every facet of an organization, providing users with a complete and comprehensive picture that can be widened or focused as needed, starting from an operational overview and drilling down into the minute details. This is a sharp improvement over any now-obsolete siloed BI tool. After all, if organizations are working with a tool that is restricted to only a single avenue of information, then they are far more likely to operate at the increased levels of risk that come with poorly informed decision making.
After all, as we have discussed in a previous article on this blog, information is power when it comes to doing business in the digital age.
Analytics Ties It All Together
In order to provide its users with actionable insights that allow them to implement sound decisions and improve operational practices, an analytics tool must be able to perform accurate and thorough reports on data from every element of an organization: - Partner & Supply - Customer Data - Business Intelligence - Business & Operational Analytics - Algorithm EnginesInternet of Things
Here at Mashey, we are constantly developing state-of- the-art analytics solutions that are designed and implemented with modern technologies and effective strategies to transform organizations into data-driven and data-informed teams. With our integrated approach to analytics—tying together the power of BI/analytics, data warehousing, and data science—our tools, solutions, and consulting services will change every part of your organization for the better.
In Part 2 of this blog series, we will examine the multiple areas of improvement that analytics can provide to organizations.