The last two decades have seen organizations making massive investments in systems to digitize their business operations across all functions from operations including supply chain, human resources and accounting, to sales and marketing as well. This has included custom development by inhouse or outsourced technology teams, as well as function specific solutions that have become must-haves for any organization. In addition to an organization’s own systems, there has been an explosion of information created by external systems that directly impacts the organization. These external systems include social media networks as well as regulatory systems, and other industry specific information sources.
It isn’t because organizations don’t recognize the importance of analyzing their data. It’s in fact because they find it too overwhelming to do so.
These digital systems are continually creating data, in some cases every second of the day. However, very few organizations actually analyze the data being generated by these systems. And it is even rarer to see organizations that then collate the data being generated both internally and externally, as well as across the business functions, to monitor the impact of activities in one department on the outcomes of another. They also fail to monitor this data for leading indicators of critical events such as client churn and other business risks.
Based on our discussions with business leaders, it isn’t because these organizations don’t recognize the importance of actually analyzing this data. It is in fact because they find it too overwhelming to do so.
For organizations that can afford technology teams with resources including data scientists and analysts, the task of connecting the various business functions and explaining business requirements to the technology teams that can deliver the solutions, is an expensive process. The business requirements are always evolving and the technology team continually plays catch-up on understanding the requirements and delivering solutions. In response these organizations end up hiring data analysts in individual business functions, which results in these functions operating in silos with no cohesive big picture.
For those organizations that cannot afford these expensive technology teams, or even support functions in large organizations that just don’t have access to the technology teams, even siloed data analysis is a pipe dream because in most cases they won’t have access to digital systems that do the data tracking.
Data management and analytics systems that connect the data from the different business functions and bring it all into one location provide an opportunity for organizations to work past the challenges with leveraging their business data. While these systems have required technology teams in the past to create dashboards and reports, there are several simple no-code systems now available that are aimed at business users themselves. They include drag-and-drop user interfaces that allow these users to design their reports and dashboards without requiring any development expertise. They also provide the ability to build predictive models for time-based projections based on historical data, all at the click of a button. Most of these no-code systems have monthly SaaS options with no upfront capital investments, making them accessible to organizations of all sizes, including those that might not have had the ability to access such solutions in the past, thus democratizing the access to data and leveling the playing field.
Do you waste time combining spread sheets and exporting graphs for different stakeholders in your business? These new no-code systems replace that painful experience with the ability to open up a dashboard of live business activity on your phone, or better yet, be notified when a specific function needs your attention based on the data trends. And if you don’t have sufficient information on your dashboard, you can quickly go add it yourself or have someone in your business function teams do it themselves without waiting on your IT department.
Through Loom Analytics’ Structura
solution, BriteBirch, offers a customizable view of your company’s data alongside data gleaned through passive, active and behavioral listening. What’s more, we can then layer multiple perspectives from our global network of strategists to provide meaningful insights that can be actioned immediately.