Why Enterprise Data Analytics Is the Key to an Insight-Driven Enterprise
With half of all companies worldwide using big data to help them make informed business decisions, the demand for powerful business intelligence tools is at an all-time high. Companies that are already utilizing enterprise analytics are finding ways to set themselves apart from the competition. Those resisting this change are beginning to witness firsthand how the competitive landscape is shifting – and how enterprise analytics is driving those changes.
Businesses that rely on intuition alone will never have the same level of insight as their competitors that allow data to drive their most important business-related decisions. Plotting your growth strategy requires vast quantities of relevant data sourced directly from your business. What good are models and predictions when the data being utilized to generate them is inherently flawed?
Enterprise data analytics helps companies gain superior visibility into all of their business processes, the employees involved in those processes, and the various uses of capital that fuel those processes. With real-time enterprise analytics guiding key decision-makers, businesses become more resilient and less susceptible to having their market share usurped by a more tech-savvy competitor. The insight-driven enterprise is looking to establish a cohesive strategy for both present and future operations, and enterprise business intelligence tools like IntelliChief are at the crux of this crucial component of digital transformation.
Business Leaders in North America and Europe Embrace Enterprise Data Analytics
Today, over a quarter of businesses in North America have already started using enterprise data analytics to improve business processes. A roughly equal portion of North American businesses has already launched pilot projects to catch up with their competitors. The other half of businesses aren’t currently using enterprise analytics, but the majority of these businesses plan to use it in the future.
In Europe, slightly fewer businesses are utilizing big data in their business processes right now, but the overall sentiment is largely congruous with that of North America. Soon, half of all businesses will be using big data to improve processes and customer relations, especially in industries like retail, finance, manufacturing, construction, and education.
The Benefits of Enterprise Analytics
For those (roughly) half of North American businesses that are already using enterprise business intelligence platforms to gather valuable data about their processes, the benefits of enterprise analytics are clear:
- Improved strategic decision-making
- Superior process control and management
- Enhanced insight into customer, employee, and partner behavior
- Significant cost reductions
- Fewer errors related to manual data entry
- Increased revenue
According to Dr. Carsten Bange, CEO of the Business Application Research Center (BARC), an industry analyst and consulting firm focusing on Business Intelligence/Analytics, Enterprise Content Management (ECM), and Enterprise Resource Planning (ERP), “Big data analytics brings many benefits to the table, but companies shouldn’t underestimate the challenges involved.”
Namely, data privacy and data security are two very important issues that cannot be ignored as companies migrate to one of the available business intelligence platforms. Selecting the right vendor that will walk you through the process of implementing (and integrating) your solution within your existing ERP environment from start to finish is essential for companies who want to improve their technological infrastructure while simultaneously protecting their company against disruptions.
Are You Ready to Experience an Insight-Driven Enterprise?
Once a company has access to enterprise data analytics, they will need to select or hire an employee to manage the insights and their related initiatives (unless a C-level executive plans to oversee big data). For example, if a company wants to reduce invoice processing time in their Accounts Payable department, they will need to have an understanding of their overall processing time, individual processing time per employee, and the cost per invoice. Once this information has been gathered, additional training can be prescribed to the employees that are working slower than their counterparts or to those who are producing more erroneous transactions.
This is only one example of the insights gained with enterprise analytics and barely scratches the surface of what is possible with real-time analytics driving every key decision and mitigating the risk of the unknown. The insight-driven enterprise can capably identify wasteful cost centers, eliminate bottlenecks, and restructure in accordance with facts – not assumptions.
