The Rumsfeld Matrix as an effective tool in the decision-making process
During a briefing on the Iraq War, Donald Rumsfeld divided information into 4 categories: known known, known unknown, unknown known, unknown unknown. ...
Relevant data is the main supporting element in achieving business success and market domination. Correct work with data and extracting the maximum benefit is provided by a business analytics.
Business analytics is a set of knowledge, technologies and practices that are used to explore data and company performance. Its main goal is to obtain the necessary information for making decisions based on data. Business analytics can be effective not only for large companies that have introduced it into all work processes, but also for startups. Many startups are successfully using business analytics to drive future success. Business analytics goal in this case is to identify useful data sets that will lead to increased productivity, efficiency, and revenue. Also, business analytics provides an opportunity to make an accurate forecast, anticipate future events related to the actions and behavior of consumers, market trends, create more efficient processes, etc. This tool is used to analyze data from various sources: cloud applications, CRM, social networks, etc.
How startups use business analytics to succeed:
A common mistake small companies make is to think that they don’t need analytics because of the small data amount. However, business analytics can be useful in the early stages. It is wise to start gathering data and developing an analyst strategy right away. In fact, startups own a lot of data (files, emails, calls, server data, third-party data, social media data, etc.). These data types are often overlooked, but it can greatly influence the decision-making process.
Data is thinking. It is a cultural shift from making decisions based on intuition to making decisions based on data. A Harvard Business Review report found that 99% of CEOs are looking to transition to a data-driven culture. Creating a data culture in a company is a key factor in its success.
Almost all data is in the cloud, so the analytics platform should also be here. There are many vendors that offer analytics tools in the cloud. However, everyone has different capabilities. It is important to choose an analytical platform that takes into account the latest cloud technologies, which will meet all the requirements and requests of a particular company.
At the moment, Artificial Intelligence doesn’t require complex manipulations or a specialist team to introduce it into work processes. The latest business analytics platforms can automatically leverage the power of machine learning without the need for coding and high costs. With the help of the tool, text recognition, object detection in photos, sentiment analysis are possible.
Many users view business analytics only in the form of charts, graphs, and reports. However, modern business analytics platforms are much more than just visualization. It includes the entire data pipeline. Some platforms combine data collection and transformation with analytics, visualization, and machine learning. Such a complex solution is more efficient in the process of working with data.
It is possible to get a complete picture in the case of analyzing all the data. The analytics platform must accept and process all data, including semi-structured and unstructured sources (NoSQL, files, emails, audio, video, social media etc.). This approach will help to make informed and effective data-driven decisions.
It is important to consider the cost of the entire company infrastructure (database, data warehouse, servers, etc.). These elements can increase quite quickly, which in the end can be more expensive than the price of the platform. Cloud or serverless analytics platforms can start services and functions only when needed. This allows to save money by consolidating data warehouse into a single repository.
There is no need to invest large sums at once. It makes sense to start with data collection and automation, and as a company grows, add visualization and advanced features.
It is advisable to appoint a specialist in each company department who will provide feedback on data and analytics using. Each user should be able to use the data and conduct further analysis to complete their tasks and make decisions.
Self-service analytics provides users with tools and capabilities to solve various issues and quickly find the necessary information.
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