How Can Data Analytics Improve Business Decisions?

 

It can be challenging to extract specific metrics or key performance indicators (KPIs) from data. Getting integrated information promptly can also be challenging when data is dispersed across an organization. Usually, it takes too long and requires too much work to obtain the desired information or insights your company needs to compete.

This is usually brought on by perhaps lacking analytics capabilities. Although the data is easily accessible, no tool allows for quick access. If there were, data analysts or business analysts could perform fast, self-service data analysis and visualization. Again, the data is frequently dispersed, so staff members must manually gather the information before they can even begin their analysis.

Businesses may, for instance, have access to a variety of data sources, such as marketing or financial data extracts in a CSV or Excel file format, due to the use of multiple sales applications. They might even add extra data that was randomly collected from other sources. But first, the data must be combined, probably by attempting to use a spreadsheet as a database, and then metrics or analyses should be built from that.

The actual data analysis takes much less time and effort than this data collection process. Additionally, because it is entirely manual, it cannot be repeated, so a challenging and time-consuming process must be repeated three weeks later when a new analysis is required.

A problem with data consistency is also produced by this method. Too commonly, coworkers will exchange a spreadsheet that is continuously updated. As a result of different teams using different versions and no one having access to a single, up-to-date source, the original spreadsheet becomes out of sync. 

Add to this problem the broken links and inconsistent formulas that come with sharing spreadsheets. When attempting to use a spreadsheet as a makeshift database, all the usual problems with spreadsheets come into play, but even more so.

Security and governance issues are also present. Spreadsheet-based emails or sharing them via SharePoint (or another collaboration tool) are risky security practices that could expose your business to cybercrime for team members in charge of financial planning and analysis.

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