Data Is the New Currency for RMC Producers
Ranging in forms from targeted ads to the growth of big data analytics, data truly has become the currency that runs our world. The use of analytics is no longer limited to large corporations with deep pockets. With today’s technological capabilities, it’s now widespread, with 59% of enterprises using analytics in some capacity. This technology is being used by companies in a variety of ways.
A Forbes article discussing a survey from Deloitte, notes that 49% of respondents say that analytics helps them make better decisions, 16% say that it better enables key strategic initiatives, and 10% say it helps them improve relationships with both customers and business partners. But in order to take full advantage, you need to know how to get the most value from your data.
Choosing The Right Tools
Understanding that an organization’s data is one of its most valuable assets and can have a tremendous effect on its long-term success, businesses need to take full advantage of their data. In order to fully take advantage of all available data and make it as accurate as possible, an organization needs to to leverage the proper tools and technologies. Here are some specific things to look for when evaluating data analysis tools:
- User Interface and Visualization – Self-service analytics should have a user-friendly interface that can support different user types.
- Integration – Determine whether a standalone solution or an integrated solution is right for your business. Integrated solutions allow users access to analytics from applications they are already familiar with.
- Mobility – Mobile analytics is an easy and powerful way to keep everyone in your organization connected anywhere and at any time. Mobile analytical capability is critical for companies to make data-driven decisions on the go.
- Agility and Scalability – Cloud-based analytics platforms are designed to grow with your business. Pay-as-you-go plans can give businesses a competitive edge and support them when they are experiencing hyper-growth. Getting timely data access and insights to make fast business decisions with analytics that scale according to needs.
- Multiple Sources Of Data – Having the ability to gather and combine data from different systems onto a single dashboard allows you to have a complete view of your business performance.
- Customization – Because every business has different requirements, you must select an analytics tool that meets your needs. Also, assess whether the solution can be extended or altered to meet both current and future needs.
- Collaboration – You should be able to quickly distribute insights and information across your organization whenever you need to collaborate and make decisions.
- Security – ensure that the necessary precautions are in place to safeguard your information.
It is important to request a demo of any tools you’re considering adopting to see how well they work, what the dashboard looks like, how intuitive they are, etc. Do you like the overall look and feel of the product? Could you imagine using this for your daily operations? First impressions matter, for good and bad, so you want to ensure the product feels right to you.