Published On: Sun, Oct 11th, 2015

Big Data Drives Big Success

Companies which know how to manage the multitude of data regularly are most successful – it’s not only common knowledge but also a fact now corroborated by a study by Economist Intelligence Unit (EIU). According to the study, 97 percent ofsenior sales executives from mid-to-large sized companieswho reported making real-time data based decisions scored higher results in sales objectives execution. But how do those companies harness the big data for their business success?

Intelligent Business Software

The answer is simple – 60 percent of these firms claim to use self-service BI tools to access customer or account data at least once per day. Self-service BI companies proliferate on the market and offer a wide range of services. Most comprehensive ones combine the data visualization features of a dashboard software with data warehousing capabilities. When asked what features of BI software they value most, most managers quoted data accuracy (53%) followed by the possibility to integrate the tool with existing databases (38%). Data accuracy mentioned refers to the invaluable capability of SaaS to update automatically with no need to enter new data manually. Consequently the tool allows you to monitor and work on always accurate, real time data which is a necessary support for effective decision-making. The connection to existing databases also saves you the time you would otherwise spend collecting all the reports and considerably decreases the cost needed for thedeployment software. To make the most of these features make sure that the data sources you want to connect to the tool, be that SQL, CSV files, Facebook or Google Analytics, are in their best form.

euro money photo

photo/Luis Javier Modino Martinez

Data-enhanced business operations

According to the aforementioned study, empowering sales teams by investing in sales analysis software brings measurable returns. Sales leaders were more likely to describe themselves as stronger than the competition in terms of revenue growth and executing on sales objectives when they had support in business analytics tools. As BI software gets more and more user-friendly, it can be applied on every level in your company and operated by all employees regardless of their job title. In case of dashboard software, users can create charts by means of a drag-and-drop interface and drill down to data that interests them the most. Although data visualization vendors usually offer packages with full range of capabilities restricted only to a limited number of users, dashboards can be shared by e-mail or URL with more viewers. By empowering all your team members to monitor data regularly, you give them the opportunity to notice problematic areas where they underperform and improve their results. Moreover, interactive and mobile-optimized BI software can be accessed from anywhere which means that business decision-making is no longer restricted to your headquarters. All the infrastructure needed for setting up of your dashboards, including IT support and data storage is taken care of by the software provider. Now the only thing you can focus on are your business operations.

It’s important to build awareness of the benefits of the regular use of self-service BI tools across all company levels to engage all your employees in decision-making process and together elevate your company to the high performers’ league.

Author: Ravi Kumarr Gupta

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