Data is fast emerging as the driving force behind all businesses today, impacting markets and trends in a big way. With nearly every person holding a digital device in their hand, the surge in data is truly phenomenal.
For every click, like, comment, purchase, etc, there is data waiting to be mined and processed to reveal customer behaviour. Naturally, data analytics is the next big thing that is set to explode.
Data analytics is critical for companies to maintain a competitive edge. However, it might not always be possible for every organisation to make massive investments in technology or hire experts who can help them extract the right information.
This has necessitated the need for simpler and more manageable analytical tools. Let’s look at the current trends and understand how businesses such as yours can benefit from them.
Self-Service Business Intelligence
Like the name suggests, self-service business intelligence (BI) is a data analytics tool that is quickly gaining favour. Ideal for customers who have no background in statistical analysis, this approach allows users to make decisions based on their queries and frees the IT team from the task of report-creation.
The user-interface for self-service BI is simple and intuitive and offers easy navigation. With a little initial hand-holding, businesses can make reports, analyse the data and take business decisions based on the output.
Some of the more commonly used tools include Tableau, Qlik Sense and Power BIand Domo. Business heads and managers can obtain current business information in a graphical format on demand. All these tools offer a free trial and some even allow users to download free versions. All the tools also give users the option of choosing a mobile version.
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A smartphone is the one tiny capsule that encompasses all the information and offers users one window through which they can access the world. It can be quite a challenge to design detailed management tools that can be accessed from a mobile device without losing any of the information.
However, the many management tools available today offer mobile-friendly dashboards that are both useful and timely. If your business needs to monitor frequently changing data, choosing one with a mobile dashboard makes business sense. Get business-critical, real-time data even when on the move.
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Cloud Storage and Analysis
The volume of data generated by organisations on a daily basis is tremendous. Though your organisation may have migrated to larger data centres, the volume of data continues to grow exponentially and you run out of storage yet again. The flexibility and elasticity that a cloud offer enhances productivity. What’s more, it proves to be a time-saver as it helps to keep business files organised, ensuring convenience.
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These data analytics trends make it amply clear that data analytics is the future for organisations in doing business seamlessly without the fear of losing data through unforeseen circumstances. Not just that, it ensures more accurate insights at a quicker turn-around time. No wonder, businesses are adopting and adapting to these data analytics trends to do away with avoidable business silos and ensure incremental growth.