How To Analyze and Monetize Your Business Intelligence
Many businesses invest in the best business intelligence tools on the market, but then never make optimal use of them. They find themselves with hundreds of dashboards and thousands of insightful reports, but then don’t use that information to make better decisions and monetize all that data.
It is never enough just to have data. Information needs to generate insights that can lead to actionable, profitable decisions. Unfortunately, many organizations either don’t realize the value of the data they have at their fingertips, or don’t know how to monetize it. Let’s take a look at three ways you can conduct a useful analysis of your data, and monetize your business intelligence.
Use Your Intelligence To Optimize Your Business Processes
When your organization grasps the value of analytics, you can use them to optimize your business practices and processes. Review your data to see where your processes are generating maximum value for your customers. You can also use it to see which departments are having the most success, and having them share their wins with the rest of the team. The result is a constant feedback loop that generates further insight and iterative solutions that can enable substantial revenue growth.
Bridge The Gap Between Data and Decision-Making
What often happens with business data is that it gets organized into far-flung siloes that distance it from the realities of everyday operations. If companies can’t see the overarching narrative in the data, they can’t make useful decisions. By re-organizing the ways in which data is collected, organized and reported, businesses can bridge the gap between the information and their actual operations.
Use Data To Collect More, Better Data
Most organizations use only the data that they have readily available to drive their business decisions. There is nothing inherently wrong with using analytics in this way - that is what the data is there for, after all. However, a better way to drive business growth is to use the data you have to collect more data. Chances are, you only have a certain percentage of the data you need to successfully create and launch a new product. If you have 80% of the data you need, there is still 20% of the picture missing. You can use the data you have to gather that remaining data from your market, which can help you determine what would really make the product valuable and viable.
If you want to discover tangible ways to action these three principles in your business intelligence, contact Dimensional Concepts. We are an IT and marketing business based in Reston, VA. Our services include managed IT, big data, data analytics, digital marketing and more. Contact us for more information.