Do you want to have a data-driven company? Here are 5 keys to achieve it.
One of the keys is to have Big Data capable of managing and analysing large amounts of internal and external data.
Carleth Morales
PR Noticias
October 18, 2021
Data analytics has evolved over the last 20 years to become a major focus for companies of all industries and sizes.
Data analytics has been around for many years, but its incorporation into the business world is relatively recent. In the last two decades, it has evolved exponentially to the point where we refer to data as the "new oil" and data analytics as "the refinery of the 21st century".
"Data analytics has democratised in recent years to the point where companies of all types and sizes can access these services. Many of our clients, small and medium-sized companies, are dedicating all their efforts to becoming data-driven companies," says Raúl Escudero, managing partner of Stratesys, a technology hub between Spain and the Americas.
"Data analytics has democratised in recent years to the point where companies of all types and sizes can access these services. Many of our clients, small and medium-sized companies, are dedicating all their efforts to becoming data-driven companies," says Raúl Escudero, managing partner of Stratesys, a technology hub between Spain and the Americas.
As indicated by its 'Business Analytics' competence centre, led by Escudero, the key trends in data analytics today are five.
Big Data
Companies are alive and so is the market. Selecting a few important data is no longer an option; for analytics to be efficient, the less we leave out, the better. Therefore, having Big Data capable of managing and analysing large amounts of internal and external data is key.
Democratisasion of data
Analytics now reaches all areas of the company. People Analytics, risk management, supply chain optimisation, cash management and, more recently, sustainability and corporate responsibility projects are becoming increasingly common. Thus, decisions are made under a much more visual analytical trend based on the concept of dashboards, leaving behind the flat reports printed on paper and hundreds of pages that we were used to.
Data Governance models
Managing so many users with diverse needs and large volumes of external and internal data is costly and can lead to chaos that is difficult to manage. Data governance is essential to ensure that information flows correctly to the people who need it and that the quality of the information is impeccable to ensure good decisions.
Cloud, the perfect ally of Big Data
Flexibility, scalability, security, cost savings and improved processing and communication times have made the cloud the perfect ally for Big Data and modern analytics. It is becoming increasingly rare to find on-premise architectures that are proprietary to the client and the concept of the Data Warehouse is being left behind. We now see multi-cloud solutions that can adapt to every need, integrating with them and ensuring that the user sees the unique data they need.
Advanced analytics
Machine Learning (ML), Deep Learning, Artificial Intelligence. These solutions make it possible to predict what is going to happen and develop customer retention strategies, route optimisation models, more efficient maintenance plans, predict absenteeism or determine the people who will best fit into a vacant position.
Establishing a transformation strategy towards a data-driven company is nowadays a necessity that will not only allow us to gain some advantages over the competition, but will also be a strategic value that will favour the growth and health of our company in the long term.