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Why do you need business analytics in 2023?

Why do you need business analytics in 2023?

Business analytics are an integral part of the modern workplace, and their relevance is only growing. According to an EY study, 93% of companies plan to continue to increase investments in the area of data and analytics, and 70% of employees are expected to work heavily with data by 2025.

What impact do business analytics have on organisations, and why are they so widely used? Read on for five key reasons companies are investing in their business analytics in 2023. 

Enhancing operational efficiency

One of the primary benefits of investing in business analytics is the ability to enhance operational efficiency. By analysing data on things like workflow and resource allocation, organisations can identify areas where they can streamline their processes and reduce waste.

For a specific example, we recommend that you check out Hermes Arzneimittel’s Vizlib success story. By supercharging their data analytics with Vizlib, Hermes Arzneimittel streamlined  the manufacturing processes in their production control department.

Better decision making 

Data-driven decision making is quickly becoming the norm in business, and for good reason. By analysing data on customer behaviour, market trends, and more, businesses can make more informed decisions that are likely to lead to better outcomes.

This helps to avoid the HiPPO effect– the ‘highest paid person’s opinion!’ The concept was developed by bestselling analytics author Avinash Kaushik. According to Forbes

When a HiPPO is in the room and a difficult decision needs to be made but there’s not data or data analysis to determine the right course of action one way or another, the group will often defer to the judgement of the HiPPO.

In the competitive modern marketplace, decisions need to be underscored by more than gut feeling.

Embracing data-driven decision-making mitigates such pitfalls, enabling businesses to sidestep subjective biases and lean on concrete evidence for optimal results. It’s also a key component of democratising your data analytics

Identifying trends and opportunities 

Another key benefit of business analytics is the ability to identify trends and opportunities that may not be immediately apparent. Through monitoring the latest information in real-time, businesses can spot openings and possibilities and capitalise on them before their competitors do.

One particularly powerful way to stay ahead of the curve is utilising predictive analytics: 

Predictive analytics comes as close to a crystal ball as companies can get… The tools predict the future by looking at past data to identify patterns and preferences.

–Forbes

Qlik is a leader in the predictive analytics space with their powerful AutoML feature. 

Qlik Auto ML augments your analytics with Machine Learning, identifying key drivers in your data and generating ML models. Best of all, you’re unlocking the best of predictive analytics and what-if planning through a no-code and intuitive solution. That means everyone in your organisation can benefit from the most advanced analytics. 

You can also learn more about how we enhance your Qlik Sense predictive analytics with our built-in forecasting capability for the Vizlib Line Chart in our blog here

Dynamic predictive analytics

Unlock the power of predictive analytics

Measuring success and setting goals 

If “what gets measured gets managed,” then it’s vital you’re measuring the right things in the right way. 

Business analytics also enables businesses to measure their success and set realistic goals for the future. By tracking key performance indicators (KPIs), businesses can identify areas where they are excelling and areas where they need to improve.

By underpinning your broad aspirations with specific, quantifiable goals, shaped and monitored using data-driven methods, you gain a strategic edge. The key is to transform your ambition into actionable steps, which ultimately drive business success.

What could your business analytics look like in 2024?

Whatever the improvements you’re hoping to see in the coming year, partnering with Vizlib is the easiest way to elevate what you have the capacity to achieve. We seamlessly integrate with your Qlik Sense environment to ensure you get the absolute most real-world value out of your data analytics investment. 

It couldn’t be easier to get started with Vizlib. Once you have a Qlik account set up, Vizlib is just three steps away:

If you’d like to see our powerful, intuitive suite of solutions in action, you can also book a demo or check out our demo apps. 

 

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