A good business knows its customers, its data, and its people. A great business knows how its customers, data and people are changing. A market-leading business knows how to influence its customers, its data, and its people.
The process of becoming a market leader is centered on solid decision making. Managers make decisions by studying what has happened in the market and inside an organisation, what is happening right now, and knowing what might happen, without relying on intuition alone. The role of analytics is to provide the quantitative reasoning necessary to guide this process.
Where’s the value in analytics?
- Analytics can give you a better picture of the state of your operations. Use descriptive analytics to paint a narrative of your historic data and discover what is happening in your business right now.
- Analytics can be used to generate forecasts and make predictions, giving you and your team an understanding of the important components of your business and your market.
- Analytics can be used to recommend the optimal course of action, justifying a decision on the basis of quantitative reasoning alone – find out more about Prescriptive Analytics.
Your computerised instinct
In order to succeed in business, you need a good instinct when it comes to making important decisions. Humans are natural pattern seekers and problem solvers, while machines are fantastic at performing billions and trillions of calculations per second. Analytics amalgamates the human methods of problem solving across inconceivable volumes of data, aggregating it at high speed, and returning useful insights in a meaningful way.
Once you've fed in some data, analytics does everything your instinct would do. It interprets the available data, predicts what’s going to happen, and makes a decision based on its prediction. Like us, analytics improves with experience.
Analytics exists to support your business. A great business decision utilises both human input and advanced analytical tools. This two-pronged approach is the key to becoming a market-leading business.
Would your company benefit from analytics? Engage Consolidata