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It’s not about data, it’s about insights and impact

September 8th, 2016

Author

Content Team

Categories

Sales Forecasting

Words

3900

Estimated Time

16 Min

The best vision is insight.

– Malcolm Forbes

And yet in the jargon laden world of big data analytics actionable insights are as difficult as driving through thick fog. Business users shouldn’t be bothered about understanding the magnanimity of data or the various technologies that come into play.

Users for most part want solutions that do what they are supposed to without getting people to jump through hoops in the process. Time is money and if they have to rely on the IT department to get competitive real-time insights they are not going to see any of it. Such is the importance of data-driven decisions that one study has found improving customer relationships (55%) and making the business more data-focused (53%) as the top two business goals.

The traditional route to generating insights way is like peeling back layers of an onion.

When you greet someone with a casual ‘How are you’, you don’t want tiny details about everything they did from the moment they woke up until they met you. Unfortunately, thanks to cumbersome processes and protocols the traditional approach is somewhat like that. For instance, a business user from an insurance brokerage firm may want to analyze and compare insurance settlements across 10 different cities. He would have to shoot a mail to the IT department for the same.

This traditional approach would involve a lot of back and forth emails across the organization for clearances and access to data that might be deemed sensitive. The next steps would then involve manually cleaning the data and running queries to generate insights. All of which comes at the cost of time, money and involvement of multiple individuals for a request made by one person.

Insights and impact now go hand in hand

Whether B2B or B2C, there is no business that is untouched by fierce competition. Top players from every sector are thriving on the back of their ability to generate insights, act and realize the outcome in quick succession.

A streamlined solution that aggregates data from all possible sources and processes them at lightning speed is the new way of doing business. For this reason, big data platforms and applications have now gone mainstream. The biggest advantage such solutions provide businesses is that they bring insights to their fingertips, quite literally.

Big data solutions that are responsive to changing business needs are need of the hour

When we say ‘changing business needs’, we are really talking about the many course corrections business users will make in their heads. In other words, the one insight they originally set out to acquire will almost certainly lead to more questions. Let’s go back to the insurance settlement example, the business user may have more of such questions – Why is the average settlement in City A the highest? Is it because of a unique set of underwriters? Which underwriter is making the highest payouts? Is it possible that of all 10 cities, City A has the highest hooliganism-related payouts? Such insights have a real impact on business decisions.

Businesses need solutions that can keep up with the intuitive thought process of their users. That’s how they will be able to find untapped opportunities and make better decisions. Sign up for our demo, to see first-hand how it can be done.

 

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