Why Is Data Analytics Important In Business?
Today, companies can collect real-time data and analyze big data to make immediate, more informed decisions. The ability to work faster and stay agile gives organizations a competitive advantage they didn’t have before. In its application of the SSOT-MVOTs model, the Canadian Imperial Bank of Commerce automated processes to ensure that enterprise-sourced data and data transformations remained aligned. Automated synchronization alteryx course tools connect SSOT and MVOT data, with nightly “exception handling” to identify and address data integrity issues such as inconsistent customer profiles. The company had long had a centralized SSOT for all product and customer data, and no other versions of data were allowed. But CDO Guy Peri and his team realized that the different business units had valid needs for personalized interpretations of the data.
The strategy starts with basic demographics; then consider pricing based on buyers’ education and income and how that group speaks. In short, implementing a data management system in your organization will only help improve quality and access to data. Better and faster access to organizational data results in seamless business operations and helps with better decision-making. So if you haven’t already implemented a data management system in your organization, now is the right time to get one. A data management system significantly improves data processes and increases the business value of an organization’s data assets.
Units are now allowed to create audited data transformations for reporting that can be reliably assigned to the SSOT. That is why MVOTs consistently deviate from the SSOT and their origin is clear. With a good data management system, your employees have faster access to information and are informed more quickly of changes in the market or competition. As a result, your business can make decisions and take action significantly faster than companies with poor data management and sharing systems.
When data management takes place effectively, the data lifecycle begins even before the data is obtained. A company must develop marketing, sales, human resources and operational strategies. Getting the right information means knowing what information is important to the company’s decision-making process.
50% of the companies that were without data management during the same period immediately filed for bankruptcy. Having a solid data management plan is very important for the success of your business. Data is the basis of information, knowledge and ultimately the wisdom of a company to make the right decisions and actions.