October 19th, 2018
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How to Make Sense of Your Company’s Data
Keeping up with trends within your business and industry through interpreting data in real-time can be both overwhelming and time-consuming. Tracking customer habits, popular inventory, and seasonal tendencies are just a few of the analytic needs many companies struggle with on a daily basis. Whether you’re looking to integrate historical data with current information or are looking to increase cybersecurity efforts within your firm’s network, these tips have you and your business covered.
Customer insights and demands often develop and change day-to-day. Understanding the needs of your customers and being able to get in front of a new wave of requests can vastly improve your company’s efficiency.
Maybe you have years of meaningful data right at your fingertips but are unsure how to sort through it or utilize it. Perhaps you’re a new startup that’s in need of expert analytics to help you monitor data in the early stages of your growing enterprise.
Regardless of your systematic business needs, Devo can help you navigate through elaborate data sets to help you understand the inner workings of your company.
Finding trends and correlations between seemingly unrelated data sets can provide insight into complex relationships within your company. Understanding the way different variables interact can be extremely time-consuming. Not to mention, there may be hundreds of variables with unique connections resulting in tens of thousands of interconnected components.
Generating these relationships often requires expert analysis, and reports that may not even reach you before the trend is over and new relationships have developed. With the right expertise, however, you can monitor real-time data analytics and can easily navigate between correlations with a simple and easy to understand interface.
Pulling data to observe statics as your company operates means greater efficiency when reporting trends, saving you and your business time and money.
Take a Look at Your Employees
Often times, understanding employees’ efficiency and utilization can facilitate organizational structure, training opportunities, and compensation programs. Business owners, group directors, and senior staff members are typically very busy and are unable to monitor their employees on a minute-to-minute, hour-to-hour, or even day-to-day basis.
Many companies track vital employee statistics and habits without even being aware that the data exists to monitor tendencies and operations at lower levels. With an analytic service provider, you can make sense of your employees’ behaviors and help increase their efficiency through understanding their needs and trends.
Perhaps inefficiency lies within an area that can easily be amended through implementing training that would have otherwise gone unnoticed without analyzing the data necessary to find a weakness. Maybe employees are staying later at work or are more productive during specific days or hours.
Upper management may not be in tune with employees’ routines and efficiency at that level. However, data likely exists within your firm to pull trends and report correlations which may help you visualize the operations of your firm from a different angle. With a wealth of untapped information within your company’s internal data sets, efficiency and utilization can be immensely improved.
Interpreting your data can be intimidating when seen in its raw form. If only there were analytic experts who could help monitor, store, and analyze your data in an easy to understand interface and application. With computer application, data is updated and stored in real-time, meaning you can access your catalog of information as it develops with simple search queries and easy to interpret reports.
Where in the past you would have to consult an expert to sift through your data and compile reports, you are now able to navigate through your own stored and current data immediately, and quickly understand correlations or issues as they arise.
Getting ahead of problems before they develop can mean the difference in successful quarter and missing last year’s earnings. Understanding data sets, correlations, and trends through business analytics is the wave of the future. Comparing historical data to real-time information was once a lengthy process, but with a service provider, those days are now obsolete.
With more businesses and startups breaking into the industry every day, staying ahead of your competition is crucial. Perhaps the best way to gain an advantage in your industry is to deeply understand your business so that you can genuinely harness your strengths. Through proper and efficient data analytics, you can gain an invaluable advantage in your sector.