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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, we have an opportunity to observe the difficulties experienced by companies that cannot keep up with digital transformation. This situation has forced these companies to build strong technological infrastructure 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 goal of companies for their digital transformation is adopting data-driven approaches. However, having only big data is not enough for data-driven approach. If these data are not analysed and managed properly, they remain only as a mass. However, data world is constantly growing with our digital footprints and it is almost impossible to analyse data with only human power. In this case, right data analysis method and business intelligence system support institutions. Companies manage their optimization and decision making processes considering insights that is obtained from analysis results. 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 data recording and analysis. 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 power 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 ability to act more agile, take the most effective decision in the fastest way. Besides they achieve it at low costs. Therefore, they have a competitive advantage in their sector.

Advantages of Creating a Data-Driven Culture

Effective Decision-Making Process

In order to get the right insight from the data analytics software, the system must be designed considering your corporate strategy. At this point, it is very important to choose the most suitable system for the purpose. The system, which is fed by the data in the organization, discovers the insights, dangers, opportunities or problems lost in details. Moreover, these systems are more user-friendly now. When the correct data comes to the system properly, the system’s querying, filtering and data visualization capabilities come into play. The whole scenario is uncovered instantly with a single click. All you have to do is to support your strategic decisions with these insights that include predictions about the past, present and future.

Identifying Problems and Effective Optimizations

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. Movements of people in business processes are measured and customer feedbacks are monitored, possible behaviours and returns can be interpreted. Therefore, serious loss can be prevented with a simple precaution considering projected scenario.

In-depth Cost and Time Analysis

Companies prioritize cost analysis during optimization process. Profit and loss calculations are able to be made without big data analysis systems. Nonetheless, it is possible to analyse them more deeply by noticing lost and invisible operating expenses in the details, unexpected problems in the production process or 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 data analysis system, time losses can also be measured, reasons of loss can be revealed and large amount of time can be saved.

Discovery of Scenarios with Relationship Oriented Data Analysis

These systems are built on the visualization of the results by making complex queries over different data sources. Relationship oriented data analysis provide uncovering the hidden conntections. These systems are not only used to manage the business process, but also to detect unusual movements. System allows user to see all relations between data from different sources instantly.  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. Having such system is also increases the institution’s image significantly.

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

In every industry, companies give great importance on 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 industry movements and customer trends. In addition, companies can predict their market performance and shape their planning considering analysis result.

We mentioned the benefits of the correct data analysis method in general terms. However, professional approach is necessary for application.  If you want to benefit from these systems, just contact us!

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