A robust data stream and supporting analytics are most effective when users can access and understand the numbers – and some data science tools can make the connection
The value of data in business is well established, but not realized. The ability to track, measure, analyze, compare and correlate the right data by the right people to derive the right business insights to act on – is the goal in every industry – from healthcare to retail, insurance to government – and even in small to medium size businesses. But there’s a conundrum. How do businesses get the right data into the hands of the people who can make strategic business decisions for their area of the business?
It’s All About Connecting the Dots
Companies are seeking out data science tools and increasingly sophisticated software to deliver important data to the right place at the right time now more than ever, as these platforms become a critical component of everyday operations. A persuasive case can be found in the HIMSS 2015 Clinical & Data Science Study which found 52 percent of healthcare organizations are now using data science tools in their EHR/HIS solutions. This represents a 6 percent increase in just two years.
But data science is about more than implementing and using a tool to keep up with the times. A data science tool needs to connect users to information that they can readily use to inform their processes and achieve better results. How can companies sift through the cluttered data science market to find the right tool for their continued efforts to take on big data?
Today, data science is about more than just tracking internal metrics. The increase in internet-connected devices means the volume of data available will deliver a rich repository of data that should be aggregated, analyzed and the derived business insights operationalized. If applied well, this new information will transform businesses into new models of efficiency and service. In fact, Gartner predicts that in just five years these vast pools of big data will help “reinvent, digitalize or eliminate 80 percent of business processes and products from a decade earlier.”
There’s no need to wait five years. Today, you can implement simple technology that will increase visibility of your most important metrics and deliver them to the business managers who are responsible for the profitability of each division or business unit. This information can be used across the board to influence day-to-day business – making it easier to invest in opportunities and solve problems, supporting employees with information at their fingertips.
Here’s how it’s done.
Data science tools help paint a picture of current business operations, equipping more individuals across the modern enterprise to the right data at a moment’s notice. Data science tools help show patterns and depict trends – making the options clear, instead of wading through blurry, vague notions – leading to discovery and tangible outcomes.
In doing so, employees of any level of experience can extract meaning to apply data to decisions – rather than relying upon assumptions. And by equipping more users further down the ladder with knowledge to provide rationale for their actions, decision-makers at the top realize substantial benefits: having more concrete information at their disposal advances strategic thinking across leadership, as a result.
The drive behind data science tools is usability: a simple, easy-to-navigate dashboard capable of displaying the results in a visual format that conveys performance metrics, correlates business data and relays next steps intuitively and responsively is the foundation to any data science tool. This is a priority, and it’s a standard that shouldn’t be compromised.
It’s all about giving the right people access to data, more than ever before; and trusting that, once the data is available and in front of more eyeballs, the tool will be able to guide users forward to a point where the data is no longer a slew of digits – it’s a narrative that can be translated into changes that impact day-to-day business activities.
Without the right data science tools, more data won’t equal better business
Today’s workplace reality – with data seeping into all corners of the enterprise – requires increased savvy on how to crunch the numbers, something companies are struggling to keep up with. As we’ve seen, employing enough internal data scientists and experts to find the value in the numbers does not appear to be a sustainable approach.
Instead, to unlock data science potential, companies should seek out an apt tool to intelligently turn numbers into easy-to-understand figures that can be translated into meaningful, immediate actions. By understanding the many different ways data can be used, a tool or resource for any data dilemma is possible – and working with experts who understand all of the potential that big data can unlock should make businesses confident that the right information will be pulled for them, organized in a way that makes sense to even the most amateur user.
If you’re still under the impression that data science tools aren’t sophisticated enough to empower your novice business managers to interpret customer and marketplace data to grow your business, think again. Companies are already realizing the need to leverage big data – that is old news. What will set companies apart today is the ability to make it a living, breathing component of their daily operations, ingrained in process and applied in all areas – an opportunity seized by the best-of-the-best by bringing in data science tools to bridge the gap from theory into practice.
There are many companies that are leading their categories because they found the right solution. By connecting the dots, companies will see stronger ROI as users make data science a part of their daily routine, and executives can see increased reliance on data as a result. Draw the line connecting your business to better data analysis – or risk getting left behind.