In this fast-changing and business competitive landscape, every business is turning out to be a software business. This definitely puts stress on the need for a platform that maps out the whole supply chain with its various nodes and gives a detailed probe into each of the activity logs. With the market prompting exponential growth, there has to be an analytics platform that derives data-driven insights from each stakeholder involved in the whole supply chain throughout and automates the business processes at every hierarchy of decision-making.

The traditional workflow of any corporate culture is gathering manual insights from business operations at the low-tier level and subsequently reporting to chiefs at decision-making positions. This is totally an outdated approach that most companies have abandoned, not only that but companies are already looking to integrate a better technology stack in their business practices to automate the augmentation of the scale of their business
On this, an AI-driven data analytics platform can provide intelligence to businesses –

Improved decision making

Analyzing a large number of event logs in any business requires mechanic intervention. Data analytics platforms can help in forming informed decisions by providing them with access to real-time data.
A one-stop visualization platform can provide valuable insights and help improve strategizing for executives sitting in critical positions –

  1. Data analytics platforms can provide real-time financial, operational, and IT data to help different C-level executives make informed decisions and monitor key performance indicators (KPIs) specific to their roles
    Real-time financial data can enable CFOs to monitor financial KPIs, including revenue growth, profitability, cash flow, and expenses. This enables them to make informed decisions on financial strategy, investments, and budgeting.
  2. CEOs can track KPIs such as customer acquisition, customer retention, market share, and brand reputation to gain insights into the health of the business and make strategic decisions to improve performance.
  3. COOs can assess operational KPIs like supply chain efficiency, inventory management, production efficiency, and quality control to optimize operations, reduce costs, and improve customer satisfaction.
  4. CIOs can monitor IT performance-related KPIs like system availability, response time, and security incidents to identify areas for improvement, prioritize IT projects, and ensure IT is aligned with business strategy.

Access to real-time data through visualization

Real-time access to business data refers to the ability to access and analyze data as it is generated, which can bring numerous benefits to businesses.
From a prompt decision-making standpoint, the representation of data through dashboards and visualizations in an easily understandable format eliminates the technical jargon and saves a lot from executives’ time banks. Data visualization platforms can help businesses turn complex data into visually comprehensible graphics, making it easier to draw insights and make informed decisions. Some of them with their drag-and-drop features are really helpful in developing a user-friendly interface and the ability to work with a wide range of data sources, even non-technical users can create professional-looking charts and graphs in just a few clicks.
Also coupled with automated alerts and notifications when specific conditions or events occur, allows users to react quickly to changes in the data and take appropriate actions.

Increased efficiency and enhanced customer experience

Data analytics can identify bottlenecks in their business processes, even if the model requires constant scaling. This can result in business optimization: reduced spending and enhanced productivity.

Data analytics platforms can also help integrate your customer as a virtual stakeholder in your business operations. It can be used to convert customer behaviors and aspirations in data sets which can push you to tailor services as per customers’ expectations, resulting in a more personalized customer experience.

Optimizing the whole reporting process

The real benefit of a data analytics platform is eliminating manual reporting by streamlining the reporting process; stakeholders can access the information they need without having to wait for a report to be generated.
Workforce deployed in general analyst roles can create their reports and visualizations without relying on IT engineers. This kind of lubricates the flow of business activities and eases off the extra burden on the hiring of IT to create custom reports for each department or stakeholder.
The scheduled reporting features in a data analytics platform can simply replicate what people expect from these very same hires plus reporting process by scheduling reports can be swifter in generation and sent to each of the stakeholders involved periodically.
Customizable reporting would allow stakeholders to manipulate data and view them in the way that is most relevant to them, further eliminating the need for multiple report generation every time.
In times when funds are readily available, organizations should consider the return on investment (ROI) of their resource allocation. To gain a competitive edge, businesses need an optimized approach, and outsourcing productized business analytics services can be a smart investment that guarantees a positive return.