The world of data analytics is in a constant state of evolution. Not only are people constantly finding new ways to ask questions and look at data, the tools themselves are improving as well. Organizations are now using data analytics to answer questions employees have yet to ask.
Data can help you understand industry trends and where your organization is headed before it becomes obvious in practice. This is extremely valuable in helping your enterprise stay ahead of the competition. For instance, changing consumer preferences or disruptive innovations can rock industries. The proliferation of online shopping is one of the most relevant examples of this, which has caused retailers who couldn’t adjust to
go belly up. Businesses that are able to adapt more rapidly by analyzing data can stay agile and survive existential crises. This is only going to become more relevant as new tech keeps changing what’s possible.
- Data can help you understand industry trends and where your organization is headed before it becomes obvious in practice. This is extremely valuable in helping your enterprise stay ahead of the competition. For instance, changing consumer preferences or disruptive innovations can rock industries. The proliferation of online shopping is one of the most relevant examples of this, which has caused retailers who couldn’t adjust to go belly up. Businesses that are able to adapt more rapidly by analyzing data can stay agile and survive existential crises. This is only going to become more relevant as new tech keeps changing what’s possible.
- You can track important metrics over time (and in real time). Your key performance indicators (KPIs) tell the tale of your business in numbers. Having real-time analytics can be an empowering tool for enterprises that want to make changes on the fly. This can be hugely beneficial in cases where you’re running a promotion or launching an initiative and can’t afford to wait until later to see performance. Being able to see analytics in real-time allows for adjustments to be made in real-time as well. This capability can lead to better outcomes.
- You can validate or disprove hypotheses by checking them against data sets. Businesses today can’t just run on the hunches of executives. Actions should be backed by quantifiable evidence. This can be done when utilizing insights from data analytics.
How Can New Technology Help You Get More Data Insights?
Technology is useful in many ways. Advances in technology, however, are extremely prevalent when it comes to data analytics. The things we can do with data today would have been completely unimaginable a few decades in the past. These are a few advances in data analytics technology that are changing what’s possible:
- New search-driven analytics tools are making ad hoc analysis easier and available to more users. This type of analytics tools are making ad hoc analysis easier and partners access insights. ThoughtSpot, for example, offers an innovative analytics platform that utilizes relational search. Think of relational search like a search engine for data. Instead of having all inquiries run through a dedicated data team, employees can conduct ad hoc analyses on the spot. This saves time in terms of how long it takes to get actionable insights. It also allows data professionals to use their time on strategic projects.
- In years past, data analytics could only be accomplished by people poring over data to connect the dots. Thanks to artificial intelligence, this kind of manual work is becoming a thing of the past. AI-powered analytics helps identify anomalies and patterns within data sets. This can point you right to valuable information. Thanks to AI, it’s now possible to spot discrete correlations without having to spend countless hours manually checking for them. This type of program can also spot trends and segment data. All these features make AI-enabled data analytics a powerful force for companies.
Search-driven analytics is making ad hoc analysis easier; AI-driven analytics is helping organizations find the answers to questions they have yet to ask.
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