It was one of those crazy weekends during Annual Brand planning meetings when Monica was working continuously to address every business question of CXO team. It wasn’t long before she realized how badly she needed analytical support from her partners at Analytics agency to provide any meaningful insight to top team. It was a weekend; her partners were out of town and her data was… well, out of her reach. How was she supposed to prepare for a Monday meeting… All her efforts of last eleven months flashed in front of her. All her hard work, was about to be ruined if she couldn’t provide simple data and meaningful insights to her team.
Many of us face such tricky situations. Just think how different the situation had been, had the data been present on a common platform which was accessible to Monica. Or better, if the advanced analytical tool was available to her on that platform which could help her to generate meaningful insights on her own. Yes, that’s not just a possibility but a reality at InfoGlobalTech.
Analytics is a new genie that last few years have given us. With the advent of big data, opportunities to explore and assimilate information to generate insights have started emerging. Power lies with the one who understands how to decipher the puzzle of data & convert it into beautifully structured action points for business success. Power of analytics is quickly becoming the key differentiator between organizations – providing a key advantage to those who use it efficiently.
An ideal analytical tool is expected not only to provide data and analysis to operator but also to help dissect data in easy to read ways, with the convenience of any place operations. Pressed timelines, global operations and widening use of internet only mean that New Age Analytics tool would have to deliver on far more than Data generation and Analysis. Basic value add in terms of easy reads, convenience and real-time data availability are set to become hygiene factors for analytics tool in recent future.
Here are the key 2 basic pointers to check if you are on correct path of analytics:
3 best system practices for analytics
- Put the analytics tool on cloud – While majority organizations opt for common servers to store data; accessibility to such servers remain lower and slower while working from non-office locations. Cloud presents a unique solution to the issue; providing scale-ability, any-time, any-where accessibility at uncompromised pace. Allow users to access the tool from any system, any-where, any-time!
- Regular trainings – Best analytical solutions only emerge when user is seasoned enough to understand & assimilate the data. Maintain the edge with regular trainings to sharpen their skills.
- Power to all – It is prevalent opinion among analytics professionals to restrict tool usage to only Analytics department; owing to the experience that other departments do not really understand how to make sense of the numbers which eventually leads to twisted/unrealistic/faulty analysis. While that may be true in many cases, proper trainings could easily ensure analytics usability by all departments. This in turn would also lower the burden on Analytics team – taking away the mundane data requests – so that analytics professionals can do what they do the best – higher order analysis which remains the core competency!
3 ways to use analytics in integrated systems
- Sales Point of view – do you usually look at sales forecasts, past trends, zonal reports and inventory levels at silos? Well how about a system where you can not only check all this data at one go – but can also check real-time order entries, analytical reports indicating which SKU has moved where, among which demographic, for what price, when and through which dealer. Integrating inventory & forecasting into system to help you plan further. System can integrate various facets of sales function to give you a clear single picture, for past, present and even future!
- HR point of view – While most organizations conduct employee satisfaction surveys regularly, however the outcomes are usually not checked along with employee performance, activities calendar and market sentiment. Imagine a tool that can provide you integrated understanding of how this internal customer is feeling and can help you devise your strategies accordingly. Further at an individual employee level, you can check performance, calendar, project reviews at an integrated level to understand and help evaluate an employee with better clarity.
Finance + Marketing / Finance + Sales – Now imagine a seamlessly integrated system where you can check your returns on investment for any marketing activity or sales promotion you have done. Imagine where you can keep tab on receivables, spends and future orders with dealers – giving you clarity on credibility, performance of dealer.