Business Analytics – Taking the Right Actions from the Provided Insight
Businesses are waking up to the concept of “Data Capital”, that the information they hold is one of the most important determinants of their future success. Many, however, still labor under the delusion that more data means more value, as if each megabyte added to their bottom line. Wise organizations know that information has no intrinsic worth. Instead, it’s what each unit of data can do for you that makes it valuable.
Businesses typically “leak” about 90% of the potential value that analytics ought to deliver. The most important element of any analytics program is taking the right actions from the insight provided. Data is obviously one of the key inputs to get the right insights and make good decisions. But businesses cannot ignore the importance of taking the right action from this insight and articulating the right use case and desired outcome to direct that action.
Gathering data is easy, but too much or the wrong sort of data can have grievous effects on an organizations ability to extract value. Unstructured information as such is not always confidential or restricted to any customer, whether it be newspapers, blogs, and industry sources and social. However, A.I. driven machines are helping to convert what is available on the unstructured web into unique insights impacting the business.
A sudden increase in M&A activities within enterprises has brought business analytics into the spotlight. M&A is often a core component within a business’s strategy, whether it is to seek out new distribution channels, expansion into adjacent products, or innovation. Due to stiff competition in almost every sector, mergers and acquisitions activities are accelerating among the companies, thus the need for business analytics and intelligence is as crucial. What is more crucial to a business, during a M&A? Getting data on time would be the first thing. Because, if it does not get in front of you on time, then no matter how good the data is and no matter how important it is, it could still translate into missing out on a business opportunity. This means a competitor could have seized the opportunity.
The use of data & analytics has taken on pivotal position in M&A and when used properly can transform the due diligence process and give acquirers much more control of the most important types of information. Data analytics can allow buyers to
visualize a wider playing field, allowing for comparisons and combinations to help maximize revenue and minimize costs. Data-driven diligence allows managers to take a quicker, yet closer look at the potential risk associated with deal. Data-driven analysis can be an enabler to protecting and growing the target organization’s customer revenue.
Data is not only meant for data scientists. We live in a world which is filled with information, and business analytics can transform massive volumes of raw organization’s data into meaningful financial and operational insights in real time and ensuring that data brings success to the business enterprises.
Nowigence, Inc. is a fast-growing SaaS company using Natural Language Processing (NLP), Machine Learning, and Machine Teaching to comprehend large amounts of information, analyze key intelligence, and prime humans to determine the business implications from data. Since its focus in AI from 2015, Nowigence has grown from its early beginnings in Albany, New York into a global software solution changing the way businesses build strategies, make decisions, identify risks, and win business.