Today’s competitive economy becomes more daunting with every passing business cycle. Companies, industries, and even entire markets can turn on a dime, and that leaves decision makers scrambling to make the most accurate, timely business decisions they can. The challenge isn’t only making the best business decisions, but knowing how to extract meaningful insight from company data to make those decisions.
Fortunately, professionals making decisions for their organizations have literal troves of data to parse for meaningful information. And, even better — they often have analytics officers to distill company data for them. What more could a business decision maker possibly want or need?
The answer may surprise you, or it may bum you out. However, I suspect it will jazz you up, because the answer to the above question could make your job (or your data people’s jobs) easier, more efficient, and way more successful.
The thing about existing analytics tools is that largely, they report what happened and when, but that isn’t insight — it’s just details someone has to interpret for their bosses. How is a time-crunched employee supposed to find the time in their day to give more meaningful answers to the company’s most pressing business questions, or extract actionable insight from a set of data?
The answer isn’t as simple as, “Buy new software,” but next-generation technology is certainly a component.
To glean profitable business insight from your company’s literal trove of data, you need a combination of human wisdom and analytical firepower. Companies rely on their most experienced business minds to bring clarity to complex situations — but business intelligence and analytical tools help augment that expertise with supporting data and analysis.
This analytical sweet spot — time-tested business knowledge combined with powerful analytics — enables companies to ingest and understand their data, produce meaningful insights, and make good decisions in a rapid timeframe.
Aberdeen has identified a subset of top performers (or those rated Best-in-Class according to Aberdeen’s maturity framework) who have attained this type of analytical environment. Our research reveals that:
- 99% of Best-in-Class companies report being “satisfied” or “very satisfied” with the business relevance of their analytics capabilities,
- 99% of Best-in-Class companies report being “satisfied” or “very satisfied” with the sophistication / firepower of their analytical technologies, and
- 90% of Best-in-Class companies saw an “improvement” or “substantial improvement” in decision speed.
If you’re interested in learning more about to how to achieve analytics proficiency and satisfaction like the Best-in-Class, and if you want to explore gleaning actionable insight from the data sets you analyze, help yourself to this free webinar recording. Tune in to discover the next generation of BI tools and learn about:
- Assisted insight
- Augmented data discovery
- Accessible, super-fast, visually appealing analytics powered by machine learning
- How real-life Industry Leaders are embracing the dire need for better analytics