Find the actionable “Pearl” from your data, using AI Based Analytics.
Your business generates a lot of data, collected through the software applications supporting your business. As you accumulate data, it gradually starts to horde information ready to be exploited, which, when done in the right manner, helps you obtain Insights about your own business and to run a efficient operation and also derive future strategy. However, you don’t know what you don’t know, especially when you try to make sense out of the data you have. It’s like fishing the Pearl from the bottom of the ocean. And this is the precise reason AI Based Analytics is here to help out.
Analysis of Information helps gain Insights about various business practices, customers, competitors, etc., and helps in drawing conclusions that can then influence decisions and drive change.
How to obtain insights about your business ? Would the insights be valuable enough to help improve business ? How to proceed once a actionable insight is obtained ? These are the critical questions that you need to answer.
How to obtain a Insight ? It’s akin to finding a needle in a haystack. But once you obtain a insight, it provides so much value to your business. In order to be successful to know what to look for, a business can leverage specialized knowledge in this area to provide guidance, with the help of tools that are required to analyze historical data and look for patterns.
For example, WalMart found out that people stock up on Pop-Tarts and Beer before a hurricane, through it’s data analytics processes. In a 2004 interview with The New York Times, Walmart officials revealed that sales of strawberry Pop-Tarts increase by as much as seven times ahead of hurricanes. Walmart’s discovery was unexpected. It is a classic example of how an insight can be derived out of data. Walmart does its own data mining and analysis to predict what stores should have in stock and when. Since 2004, Walmart has been processing their historical data, especially just before a hurricane strike, to understand the demand for specific products and be prepared for the next hurricane event.
How Insights can be valuable
It is of great value when insights and the potential actions align with business goals, objectives and strategy. A few such insights could result in immediate actions, like fulfilling sales targets, product inventory, etc. In addition, it has to be specific and clear and something that business is not aware of. Taking the Walmart example, the action was specific. People bought more beer and pop-tarts before a hurricane. So the outcome is, order more of these from the supplier, by a certain date.
While we’re happy to obtain as many insights as possible from our data, not all of the insights will be actionable. You may not know what to do with some insights and choose to ignore them.
Actionable insights sit at the apex of your data pyramid. An insight that drives action is typically more valuable than one that simply answers a question–especially an insight that makes you rethink something and pushes you in a new direction. They are the highly treasured output of all the work that goes into collecting, preparing and analyzing your data. Maximizing the actionable insights you receive from your analytics investments is important to your data-driven success.
Fortunately, we have lots of advanced tools available at hand to analyze the data, come up with Information and enabling the companies to arrive at Actionable Insights. You might surprise yourself with the speed with which you can arrive at actionable insights. A few key tools that can be effectively leveraged to analyze data include Snowflake, Teradata, Microsoft Azure, Amazon RDS, Amazon S3, Google Bigquery, DB2 Warehouse, etc.
Please reach out to us to know more and how we can help you get actionable insight from your data.
www.aaraasoftware.com