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Why Is It Important to Create a Data-Driven Culture to Survive in The Digital Age?

The permanence of companies that do not take advantages of digital in a competitive environment is in serious danger. Especially during the pandemic process we are in, we have an opportunity to observe the difficulties are experienced by companies that cannot keep up with digital transformation. This situation has led companies to use infrastructures containing strong technologies in all units in order to make the right decisions, manage time and thus increase their profits.

Basic Step of Digital Adaptation: Applying Accurate Data Analysis Method

It is certain that one of the primary goals of companies for their digital transformation is adopting data-driven approaches. However, having big data is not enough for the data-driven approach. If these data are not analysed and managed properly, it remains only as a mass. However, in the world of data that is constantly growing with our digital footprints, it is almost impossible to perform this analysis with only human power. In this case, right data analysis methods and business intelligence systems rescue institutions. Companies manage their optimization and decision making processes in line with the information obtained by these analyses. Today, significant labour and budget savings are achieved with data that can be easily collected, stored and analysed by using business analytics tools and AI / ML algorithms.

Although data analysis is perceived as figures and tables, this concept actually includes much more. Professional and in-depth approach is required for the process of recording and analysing data and revealing the relationships between them and reaching a conclusion. While the appropriate data analysis method allows for interpretation and presentation by revealing the connections between the data, the necessary insights for process management are captured. However, it is very important to design the data analysis strategy in accordance with the business strategy of the organization in order to reach the right results. In today’s world, where the ability to make quick decisions with a correctly designed strategy puts organizations ahead in the competitive environment, data analysis technologies allow the most effective decisions in a very short period of time.

Advantages of Creating a Data-Driven Culture

Effective Decision Making Process

Regardless of the subject or sector, ability to predict the future is necessary for correct planning process. However, interpreting too many variables together in the gigantic data pools with only human force for reaching the most profitable decisions by saving time and budget is almost impossible.  At this point, companies that have completed their digital transformation prefer right business intelligence (BI) system. These companies gain competitive advantage by taking the most effective decision in the fastest way with the ability to act more agile and by achieving it at low costs.

Identifying Problems and Effective Optimizations

A seemingly minor systemic disorder within companies may cause a chain loss of revenue. It is possible to prevent such situations with the right data analysis solution. By measuring the movements of people in business processes or monitoring customer feedbacks, possible behaviours and returns can be interpreted and a serious loss can be prevented with a simple precaution considering projected scenario.

In-depth Cost and Time Analysis

The first thing that companies wonder about and prioritize its optimization is cost analysis. Of course, companies’ profit and loss calculations are able to be made without big data analysis systems. Nonetheless, it is possible to obtain much more in-depth analysis by noticing data such as lost and invisible operating expenses in the details, unexpected problems in the production process, increasing costs over time in the data pool that contains all movements. In today’s competitive environment where the agile companies win, time is as valuable as money. With big data, time losses are also able to be measured, the causes of the loss can be revealed, and large amount of time can be saved for much more accurate planning.

Discovery of Scenarios with Relational Data Analysis

These systems are built on the visualization of the results by making complex queries over different data sources and allow the connections to be revealed very clearly. These systems are not only used to manage the business process. Unusual movements can be detected and abuses can be prevented by solving the connections between data with special relational data analysis methods. This method is a data analysis system that is especially preferred by public institutions, law enforcement and banking-insurance sectors. This technology, which looks futuristic, is actually getting more widespread and it significantly increases the image of the institutions that use it.

Dominance in the Sector, Taking Opportunities and Effective R&D Studies

In every industry, companies give great importance to strong R&D studies to stand out in the competitive environment. Big data analysis methods also play a guiding role for companies in R&D studies. Data analysis systems can be used for getting insights for product development through the analysis of industry movements and customer trends. In addition, thanks to these insights, companies can predict their market performance and shape their planning by considering the progress of the market.

Benefits of the correct data analysis method for the companies, which we have mentioned in general, are actually much deeper. By following us, you can have detailed information about data analysis methods and the returns of these systems to institutions and sectors.

Resources:

getsmarter

businesspartnermagazine

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