Data has never been more fundamental to business, but it is also complex and ever-changing, making it difficult to manage. Making data-driven business decisions can not only set your business up for success but also help quantify how business decisions impact success over time. Data is the true indicator as to whether an initiative has fueled growth or hindered it. Here’s what you need to know about why it is so important for companies to make data-driven business decisions:
How Data Can Impact Your Business
Many companies are still wary of transforming their business practices to become data-driven because they are unaware of the benefits. The truth is that the benefits of becoming data-driven far outweigh the costs. Today, 90% of enterprise business professionals report that data and analytics are key to their core transformation initiatives. In a study conducted by Mckinsey Global Institute, they concluded that data-driven companies are 23 times more likely to acquire new customers, while also being 6 times more likely to retain customers and 19 times more likely to be profitable.
In fact, one-third of industry professionals report that finding the right technologies for data analytics is crucial for gaining a better understanding of their customers. As more companies start to make integrated data a core part of their business practices, it’s essential for organizations of all sizes and industries to keep up by becoming data-driven themselves.
The Difficulties of Becoming Data-Driven
The disconnect between data, whether it is from different sources or communicated through different departments of your organization, is not painting the full picture of what is possible for your business. Imagine all the insights and possibilities you may find if all your data were able to communicate, working together to optimize your business. Each source of data tells a different story about your business, and when combined, you can fully understand where your business can move forward, scale back and evolve.
Data has never been more fundamental to business, but it is also complex and comes from a wide variety of sources, making interpretation difficult. Each business or organization utilizes a wide variety of tools, applications and software, all of which generate various different types of data and reporting, making it difficult to interpret and rationalize the data. Because of the vastly different types of data available, making truly data-driven decisions remains difficult with many analytics technologies.
End Results of Data-Driven Decisions
There are many types of results that data-driven business decisions will enable for organizations in any industry. Aggregating and organizing data with a unified platform works to surface relevant, actionable metrics that can drive performance. With the data outcomes clearly visible, operations can be improved to lower expenses and reduce the time it takes to solve a problem or analyze data. From a security standpoint, most organizations have a wide variety of security tools. A data-driven approach can be utilized to identify security gaps from disparate sources and quickly validate the security compliance of every device in the organization.
Clinical Insights for Healthcare
Healthcare providers often struggle to manage and make sense of the vast data generated by their practices and put it to work aiding clinical decision support and population health. By processing disparate data sources natively, providers are able to optimize electronic health records to improve care, while improving business outcomes and lowering costs of care for themselves and their patients. We believe that data is the driving force behind providing an outcomes-based care model. The data from disparate sources come together so providers can see how their treatment plans impact outcomes.
Introducing a Unified Data Analytics Platform
Insights™ by GuideIT is a flexible, cloud-based data analytics platform designed to bring all your data together. With Insights™, you can ingest and process any type of data from disparate data sources and types. We apply machine learning and data transformations in the cloud to connect and analyze various sources of data. Then, in-house data analysts curate and interpret your data to understand what metrics should be surfaced in order to drive actionable insights. Configurable dashboards are then populated with relevant intelligence to drive decisions at the leadership level. By leveraging data scientists and UI designers, we identify the areas that are truly impactful to the business and deliver their results in easily digestible dashboards.
Is your business having trouble managing vast amounts of data? Insights™ by GuideIT provides a fully managed data analytics platform with personalized, actionable insights. Our proprietary platform allows for visibility of disparate data sources within a unified interface providing customizable dashboards and reporting. Our team is more than happy to schedule a demo with you, so that you are able to see for yourself how Insights ™ by GuideIT can benefit your business. Want to learn more about Insights by GuideIT? Check out our website today!
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