By 2023, more than 33% of large organizations will have analysts practicing decision intelligence, including decision modelling – Gartner
Data-driven businesses are finding ways to utilize the gargantuan amount of data that is collected from their interactions with IoT devices, social networking platforms, industrial equipment, manufacturing work processes, etc.
Some are exploring using the data for building decision intelligence from BI and data insights solutions. Now, with the fast-evolving AI, organizations are also increasingly investing in AI capabilities with analytics. It has been proven time and time again that companies which weaved in data analytics into the business fabric have well-orchestrated strategies, based on factual stats and solid information rather than on intuition and gut feeling. However, businesses take time creating and sustaining a data-driven culture, and that is putting them in serious competitive disadvantage.
Why Real-Time Analytical Insights?
- Real-time data analytics tools provide transparent, faster and secure information and insights which are crucial in analytics across many industries, especially in the supply chain, logistics, and transport where time and delivery matters the most. Technologies like edge computing, cloud, blockchain, the hyper-speedy 5G networks with very low latency and of course AI, has made such analytics possible.
- Analytical insights can show what works and what doesn’t, enabling you to create strategies with decreased risk (Risk Analytics).
- Analytics provides companies with the ability to take hold of data and transform it, impacting their bottom-lines.
- Organizations that are using their consumer behaviour insights strategically are outperforming their peers by 85% in sales growth margins and by more than 25% in gross margins, as per a McKinsey report.
- By connecting data with action, organizations can understand and track consumer behaviour. Customer’s tastes and preferences can be understood to gain new insights. With it, we can propose the right marketing messaging, build valued and meaningful relationships and create predictive analytics.
Role of the C-Suite
Business culture in a company largely depends on the technology orientation that senior executives have. Their reliance and passion for a data-driven culture and innovation would leave a positive effect on the business decisions, sending a clear, powerful message to the rest of the organization. Leaders, in the digital today are paying more attention and focussing on new digital KPIs that are impacting the business.
However, what helps these C-Suite executives to make such important decision and consider it worthwhile, is real-time analytics solutions. As individuals across the organizational hierarchy have varied needs and choices, it becomes critically important to create real-time, visual analytics dashboards for easy analysis by decision makers.
Real-time predictive analytics software solutions provide highly visual dashboards that furnish complete information and insights on key business metrics and KPIs, and they can come up with quick and concise analysis of the data. This in turn inspires the executives to position themselves towards becoming the data and insight change-agents, all the way leading the organizational positive technology initiatives.
Innominds has pushed several global leaders with an innovative edge towards data centric technology solutions with highly visual, real-time business intelligence and insights.
For instance, we built an android application that quickly allows CXOs to track and measure individual business unit performances from a granular level. The unique dashboards furnished information on key business metrics with top/bottom performing indexes and actuals vs forecasts etc., in an easy, engaging and intuitive manner.
- The top 10/bottom 10 performers
- The actuals vs. forecast for each region on a map
- The actuals vs. forecast for each BU
- Trends and BU-wise data
- Profit ratios per region
Embracing data-driven culture is inevitable for businesses today to innovate, transform and automate their business processes. Today’s technology convergence enables highly visual, customizable analytics dashboard solutions that provide incredibly relevant, accurate and fast insights. These insights help businesses and CXOs in smart, innovative decision-making to stay ahead in the game.
If you’re facing data analytics challenges or if you’re looking for AI-powered real-time analytics solutions that strongly supports your decision-making capabilities, we can provide you with the right solution. Our deep expertise and our award-winning advanced analytics accelerator iFusionTM, are game changers. Contact our data, AI, blockchain and analytics experts for more. Write to us at firstname.lastname@example.org