Mapping the Business Intelligence Region in a Digital World Moving towards Decentralization (Part 2)
When insights generated from quality data is employed in decision making process, strategy formulation and market re-positioning, what you get is unbeatable advantage over the competition provided they do not have similar resource and use it better…
Top-notch business intelligence is all well and good when it can be properly deployed and implemented to improve business process and market positioning and can be leveraged to achieve true business success and sustainability. However, in cases where there is insufficient skill to properly implement acquired data and intelligence, what occurs is multi-faceted waste!
The importance of analyzed data and information to business cannot be denied, not because it is the all-solving tool to business growth (as the marketing campaigns tout), but because it is insanely available, copious and acquirable- meaning your competitors will get it if you do not and you will be left on the bend. Even if you do not believe in the importance of analytics and Business Intelligence for business, you cannot afford to ignore it because your competitors will not!
So pertinent questions naturally arise for business- small and large alike; “how do we get data at all, not to mention quality data?”, “how do we make sense out of the data and information we have?” and most importantly, “how do we effectively implement this data to improve our business?”. Getting the right solution to these questions are crucial to corporate survival, success and indeed sustainability in this information age in which we currently find ourselves.
How to get quality data for business
Quality data is one that is specifically relevant to specific situation. Quality data is characterized by; accuracy, value, timeliness, effectiveness and veracity. How can businesses get such level of data and information? Directly from the ‘horse’s mouth’ or the ‘farmer’s’ (the second best source). The customers; existing and prospective are the best source of information. In cases where the data or information required is not of the customer kind, get the data from the primary source. If unable to get enough information from primary sources, try secondary sources closest to them; like existing businesses and productions/companies your target audience use, climate research center reports covering the area you are sampling, experienced farmers from the region you need soil information and so on.
What a service like Bizavest Analytics Platform offers is the ability to reach people who can provide accurate, verifiable and valuable data for business like never before!
How to make sense out of collected data and information
Well the answer is rather basic; Analytics! The process however is a different story entirely. Analytics is one of the most the most useful applications to have come to the business scene in the late decade or two. The challenge is that even now, being able to efficiently manipulate and navigate available streams of data and information; more so unstructured ones; is herculean and quite expensive in terms of expertise and technological capacity. The secret is to either invest in the human resources (skills) required or outsource the process. Either scenario has its pros and cons and are both considerable cost intensive. However, technology has indeed evolved and it is possible to be able to achieve a great deal using SaaS platforms that provide what is need on a micro-service scale.
Bizavest Analytics is one of such services and would go a long way in aiding business to achieve their data analytics goals while saving a great deal of cost.
How to effectively implement analyzed data and information
This is where the Business Intelligence and insight generation paradigm comes into play. Identifying a problem, getting data required to understand how the problem can be handled and analyzing that data is all meaningless if adequate and timely insights can be drawn from such data. Naturally, consulting firms and services have championed this frontier for smaller organisations. These consultants are naturally as expensive as they are valuable. The other option is to hire employees who have the skill to see patterns and draw insights from data. These crop of individuals are naturally becoming more and more scarce and valuable.
The Bizavest Analytics Platform just doesn’t collect the data, it analyzes and draws insights for as per your express needs. It offers end-to-end business intelligence solutions and capacity- again at very affordable cost!
In conclusion, business, particularly micro-SMEs and startups are faced with problems of data implementation capacity. The cost is expensive, the expertise is scarce and the stakes are high! Fully automated technology appears to be the only viable solution provided it is efficient, accurate, trustless and most importantly affordable.
These are some of the features offered by the Bizavest Platform. Visit our website to learn more…
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