The Importance Of Business Data Analysis
posted by Michael Olafusi , on ,
Companies collect, process, and report on large volumes of data every year. The average manager spends an average of two hours a day hunting for data. Unfortunately, almost half of the information they get later turns out to be useless. For a business to be successful, the top leadership needs to find efficient methods of turning their data into useful information. To do this, they must carry out data analysis.
Raw data simply describes the figures and facts processed by the company every day. A company will learn very little by looking at the raw data. Data becomes information after it has been processed to add relevance, context, and purpose. For example, analyzed sales data will reveal sales patterns and trends that can help the company make very important decisions. Analyzed sales data will reveal which items move fast and in which periods. An example is a sales and inventory management solution we built for Coretronic Nigeria Limited.
In order to increase productivity/profitability, a company must carry out business analysis and act on analyzed data. Today, the level of competition in the market requires companies to be proactive when it comes to the changing environmental conditions and the changing demands from customers. But decision-making has increasingly become more difficult because of the large volumes of data that managers have to deal with and understand. However, this process has been made easier, thanks to the business intelligence tools that we help design to assist managers with decision-making.
Business intelligence tools process data from multiple sources and then they produce reports on the information to increase the decision-makers’ knowledge. The tools help decision-makers understand customer preferences, identify growth opportunities, and increase competitiveness.
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