In the fast-changing and hyper-competitive business world, both small and large organizations must keep a close eye on their data and analytics. Internal company data is more useful than ever because of how expansive big data has become and how much it can tell us about customer data patterns and trends.
It’s easy to assume that having an analytics dashboard to show data snapshots is enough for day-to-day monitoring. However, basic dashboards don’t show the full depth of data available in your operation. Metrics on returning customers, changes in customer demographics, increases in product or service sales, and other nuanced changes need better software and a more proactive approach from business leaders.
What an Analytics Dashboard Shows
Most systems use analytics dashboards that show real-time data updates, such as sales over the past few hours or days. Users can often customize the displays or scroll down to see raw numbers instead of graphs. You might also see percentage breakdowns, like which product categories are popular or which sales outlet is growing the most.
Some analytics dashboards still monitor more in-depth data patterns and trends and alert you whenever there’s a significant change in data that isn’t generally shown on the main screen. However, dashboards don’t provide complex cause-and-effect analysis or nuanced breakdowns of changes over time.
The Power of Customized Analytics Reporting
Instead of relying on a data snapshot, you can use more robust data analytics systems that tell data stories. Stories reveal a longer tale of who, when, where, why, and how your organization is changing. Diving deeper into the story can tell you whether a new trend is here to stay or just a short-term anomaly, and can even solve mysteries about why or how something is happening.
Internal customized reporting can also be considered alongside external information, such as market reports and forecasts. Your team can look at positive occurrences and any internal weaknesses that exist and compare this nuanced information with your industry’s broader state.
Customized reporting is also essential for communicating with key leadership. The CEO may need a general overview of each aspect of the available data, while the marketing team might want to do a deep dive into local demographics. A basic analytics dashboard won’t be able to hone in on subtle details that fully reveal your organization’s successes and weaknesses.
This isn’t to say that you have to make a permanent choice between analytics or dashboards. Organizations should monitor their reliance on dashboards, especially when they have much richer and more in-depth data available.
Improvements in data collection and storage have allowed companies to prevent fraud, streamline operations, and gain new insights into consumers
Choosing New Directions For Your Organization
Your decisions on where to expand next, what infrastructure to invest in, and who to hire may all come down to more in-depth data trends. Merely knowing that you have an increase in sales doesn’t tell you if or when you should expand. The increase in sales might be coming from an unusual outside event like COVID-19 or a change in social media trends, meaning the boost might be short-lived unless you act immediately to preserve it.
The information contained in cutting-edge analytics can keep you informed of what’s coming next and the choices you can make. Modern artificial intelligence and machine learning can calculate predictive analytics, which tells a user what’s coming next, but not necessarily what the user should do about it. The related field of prescriptive analytics tells a user what choice they should make next based on the available information and data.
These two powerful data science developments aren’t accessible through a basic analytics dashboard with graphs and charts. You need a fully-developed system to report and share data analytics to guide your organization’s next steps.
Customized Analytics Solutions
Staying ahead of the competition and thriving in an ever-changing economy is a significant challenge in all industries. Even if you have decades of experience and technical knowledge on your team, you still need a full analytics suite that shows you how you’re doing and how you could rise to embrace new opportunities.
Syntelli Solutions provides big data and AI analytics solutions for healthcare organizations, financial services, manufacturing, retail, and more. We help you put your data in context to make smarter decisions and lead your organization to serve communities better.
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