‘Collecting data is easy; accessing and using the data effectively is the challenge!’
With the amount of data collected and stored within a business increasing daily, many businesses are looking for a quick and easy way to access and use the information that flows around their business.
The systems within a business can mass vast back logs of reports and statistics that may have lain dormant over the years. With no clear idea on how the data can be developed and used to their advantage, intelligence is often lost.
This lost intelligence can, however, be clawed back. The historic data stored within these systems and databases is very powerful. The only problem is finding a way of extracting it and using it in an effective manner. Using a reporting tool such as Data Discovery a business user is able to pull specific data out of any software system or database and exploit it to find answers to their questions. Patterns and trends can therefore be identified using associative analysis, helping the user to foresee future risks and opportunities.
Analysing historic data is an important part of understanding the dynamics of a business in terms of past progression and future development. Knowing the nature of your data and how to interpret the results is very beneficial in creating a strong decision making process. It is very valuable information that is both cost effective and relevant to the business.
Visibility of information within the business drives better business performance.
Business users shouldn’t just be end users who passively consume what others produce for them. Users should understand the data they are using and be able to mould and exploit it into giving them the answers they need. Associative analysis gives users access to information that is vital in helping the business to increase revenue, project margins and improve profitability.
Vital information and intelligence that once would be lost can be manipulated creating insight that will benefit the business in both the short and long term. Collecting and using your data in an effective and productive way can at times seem like a time consuming and endless task. Many have now found that reporting tools can help to make the business more cost and time effective, enabling users to analyse their own data and turn it into meaningful information.
For more information on any of the above topics please email Eureka Solutions or phone the office on 01355 581 960.