What do you think when you hear the word data?
More often than not we find the initial response to this question is ‘challenge’. Not because the potential for opportunity can’t be seen, but because the work to start unearthing the opportunity can often seem overwhelming.
The reality is most organisations hold the data they need across multiple departments and/or systems, but being in the position to centrally access, view and analyse the data with confidence is where the real opportunity begins.
Businesses have always amassed data, however the rate at which it is created has grown exponentially. Globally, we output 2.5 quintillion (that’s 18 zeros) bytes of data every day. Estimates suggest that 90 percent of the total data in the world was created in the last two years.
There are now myriad electronic devices, all connected to one another in an ever-expanding network of data generation. However, for all the data amassed, organisations are barely scratching the surface of what it is capable of doing and translating this into real commercial value.
In short, there is a vast amount of data at your fingertips, just waiting to be utilised. So how do you go about using data to increase revenues?
Data Visualisation for Any Business
Until recently, business intelligence (BI) solutions were only available to global organisations with vast budgets at their disposal. One of the key barriers to entry was the ability to interpret these immense datasets that businesses were acquiring. As inter-connectivity has come to the fore, so too have BI solutions that answer the question of ‘what can I actually learn from this data?’
Tools such as Microsoft’s Power BI have bridged this gap, opening data visualisation up to more businesses than ever before. Businesses and organisations of all sizes and industries can now take advantage of the value in data visualisation and business intelligence. It has helped to democratise data, enabling powerful data analysis and decision making in a fast, accessible and easy-to-use platform.
Business Intelligence to Inform Decision Making
Power BI provides the tools to not only assimilate data from vast sources, but to interpret it as well. This is a crucial factor for executives, who can now immediately examine the data that is relevant to them and draw immediate conclusions. This leads to more informed and responsive decision making across a business, driven by actionable data insights.
Today, every business is a data-driven business. Utilising this data properly could create tremendous value for businesses. From greater market understanding, to more effective trend forecasting, the answers are now there for anyone to see. Powerful analysis can link the dots between data and performance, revealing new insight and opportunities.
Customisable Data Visualisation for Businesses
More importantly, platforms such as Power BI are customisable to the needs of a business. All businesses have different requirements and needs from their data, so a customisable and interactive platform is essential. It can help bridge and connect data silos from marketing, finance and sales, breaking complex data into clear insight across all departments and functions.
Even now, BI solutions and their applications are developing at a rapid rate. That’s why the BI market has exploded and is set to grow to a value of $22.8 billion by the end of this decade. It will become the cornerstone of high-level strategy and decision making, which was once impenetrable without vast budgets and specialised resource.
If you’re interested in business data solutions and would like to discuss your business requirements, contact us now.