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Three benefits of data analytics for your business

Three benefits of data analytics for your business

Data analytics is big – and growing fast. More and more companies are using data analytics to get ahead, with the global analytics market projected to grow at a CAGR of 13.2% between now and 2028. But what are the data analytics benefits for businesses?

The use of data analytics unlocks the power of data science for businesses to deliver many competitive advantages – speeding up decision making, improving the bottom line, and allowing employees to make more informed decisions.

With data analytics set to play a bigger role for all businesses in the coming years, what can your organisation do now to get ahead of the game?

Using business analytics to supercharge your decision-making 

Since early computers were first used to predict trends and behaviours in the 1940s, data analytics has come a long way. The 1990s saw the rise of the internet, and with it a huge rise in the sheer amount of data available. Today’s analysts have access to almost unlimited data, and the computing power of the Cloud at their fingertips. We live in an age of data. And the popularity and potential of data analytics is growing at pace.

Today’s businesses collect more raw data than ever before. Hardly surprising then that more and more organisations are looking to mine that raw data for valuable consumer information and insight – using these to draw conclusions and support smarter decision-making. It’s easy to see why data analytics is growing in popularity for businesses year on year.

By 2023, Gartner predicts that organisations that enable inter-enterprise data sharing will outperform those that don’t. And that by 2024, 75% of organisations will have established a centralised data and analytics centre of excellence to support data new analytics initiatives.

Vizlib is a business analytics solution built for a data-driven future. We deliver powerful value-added data analytics products for Qlik Sense – partnering with many of the world’s leading businesses to extend their current analytics capabilities and uncover meaningful insights faster than ever before.

Today’s future-ready businesses want fast, effective and branded solutions that boost data adoption across their organisations. Our feature rich, intuitive solutions help drive faster, smarter decision-making, and empower employees at all levels within a business to make informed data-driven decisions.

3 ways analytics can supercharge your business in 2024 and beyond 

By 2024, business analytics will become as much a standard part of business workflows as the corporate balance sheet. As companies, and society, becomes increasingly driven by data, and we all become more data literate, most employees will be using data to optimise nearly every aspect of their daily work.

Here are three ways adopting a data-driven approach now will help your business thrive in a future dominated by business analytics.

1. Speed up decision-making 

Without data analytics, businesses tend to default to solving problems by developing lengthy – sometimes multi-year – roadmaps. In data-driven organisations, employees with access to data analytics are empowered to ask how innovative data techniques could resolve challenges in weeks, days – or even hours.

2. Create data ecosystems

Too often, data is siloed – meaning raw data accessible by one department is left isolated from the rest of the organisation. To create customer-centric new products to bring to market, organisations can use business analytics to remove silos and use data-sharing platforms to facilitate collaboration on data-driven projects.

According to Gartner, by 2025, 80% of organisations seeking to scale digital business will fail because they do not take a modern approach to data and analytics governance.

3. Fast deployment of business intelligence (BI) through the Cloud 

The Cloud has transformed the capabilities of data analytics – enabling go-anywhere collaboration between all levels of business, supporting remote and flexible working scenarios, and allowing analytics platforms to grow and scale with businesses. By 2025, as many as 85% of enterprises will have a Cloud-first principle.

Today, even the most sophisticated and advanced analytics are reasonably available to all organisations as the costs associated with Cloud computing continue to decline.

To install and deploy data analytics software on site can be very complicated and labour intensive – often requiring many hours’ work from IT and data teams to set up, maintain and optimise.

But with Cloud analytics solutions, setup is significantly simpler and faster. It’s possible to get the whole team up and running in minutes.

Shifting to modern Cloud analytics with Qlik Cloud (Qlik Sense SaaS) will help your business close the gaps between data, insights, and action. As a trusted Qlik technology partner, Vizlib is well-versed in the power of Qlik. 

By quickly deploying Vizlib products in Qlik Cloud, you’ll unlock data from a variety of sources, and analyse and collaborate with teams to transform how decisions are made across your business.

Shift seamlessly to modern analytics 

Ready to shift your business into the modern era with data analytics? Start your free trial and see how Vizlib + Qlik Cloud can help your business effortlessly migrate from the desktop to the Cloud – democratising your business data. Sign up for a free trial

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