Analytics – Helping businesses see the Bigger Picture

Implemented effectively, data analytics will give you a comprehensive understanding of what your business is excelling in, where its pain points are, what the future pitfalls are, and the strategies to steer ahead.

Taking accurate, up-to-date data from multiple sources and applying the latest analytics tools helps businesses to see the bigger picture for themselves. How does the phrase go?: “What you can’t measure, you can’t manage”. ?However, if the way you are measuring means you don’t have access to all the data or all the facts, can you manage things effectively at all? Essentially you are working in the dark, it is the blind leading the blind.?

Here are 10 ways that a specialised business analytics solution will well surpass traditional Excel based reporting to help business see the full picture: ?

1. Consolidated data from all sources?

• Unified View: Analytics solutions can integrate data from multiple sources (e.g., sales, finance, operations, customer feedback – in a variety of formats) to provide a unified view of the business, eliminating data silos.?

• Cross-Functional Insights: By combining data from different departments, businesses can uncover interdependencies and correlations that traditional reports might miss. More often than not, business functions operate in silos.?

2. Real-Time Monitoring and decision making?

• Up-to-Date Information: Real-time data monitoring allows businesses make quicker, better and more accurate decisions based on the most up-to-date data . More often than not, business are looking back at what has happened in the past, meaning they are analysing often out of date or even inaccurate data.?

• Continuous Tracking: Continuous tracking of key performance indicators (KPIs) helps businesses to identify trends and patterns as they emerge?

3. Advanced Analytical Techniques?

• Predictive Analytics: Tools like predictive modelling and machine learning can forecast future trends, helping businesses to anticipate changes and prepare accordingly. By analysing historical cost data, material prices, labour costs, and other project parameters, predictive models can help forecast project costs more reliably, reducing the likelihood of budget overruns.?

• Prescriptive Analytics: Prescriptive analytics considers possible situations or scenarios, based on available resources, past performance, and current performance, and suggests the best course of action, providing actionable recommendations far beyond what reports can offer.? ?

4. Deep Dive Capabilities?

• Drill-Down Analysis: Interactive dashboards allow users to drill down into granular data, uncovering detailed insights and root causes behind high-level metrics.?

• Customisable Views: Users can customize views and dashboards to focus on specific areas of interest, enabling more personalized and relevant insights.?

5. Visualisation and Storytelling?

• Interactive Visualisations: Sophisticated visualisations (e.g. heat maps, network graphs) make complex data more understandable and highlight critical insights at a glance.?

• Data Storytelling: Analytics solutions can create narratives around data, making it easier to communicate insights and strategic implications to stakeholders.?

6. Trend and Pattern Identification?

• Longitudinal Analysis: By analysing data over long periods, businesses can identify long-term trends and patterns that are not evident in periodic reports.?

• Anomaly Detection: Advanced analytics can detect anomalies and outliers, signalling potential issues or opportunities that require attention.?

7. Scenario Planning and Simulation?

• What-If Analysis: Businesses can perform what-if scenarios to understand the potential impact of different decisions and strategies, enabling better planning and risk management.?

• Simulations: Running simulations helps in visualizing the outcomes of various strategies, providing a clearer picture of possible futures.?

8. Benchmarking and Competitive Analysis?

• Industry Benchmarks: Analytics solutions can incorporate industry benchmarks, allowing businesses to compare their performance against competitors and identify areas for improvement.?

• Competitive Insights: By analysing market data, businesses can gain insights into competitor strategies and market dynamics which can be fed into the mix to help aid better decision making.?

9. Customer Insights and Segmentation?

• Detailed Customer Analysis: Analytics can provide deep insights into customer behaviour, preferences, and segments, enabling more targeted marketing and personalized customer experiences.?

• Customer Journey Mapping: Understanding the entire customer journey helps businesses to improve customer satisfaction and loyalty.?

10. Operational Efficiency and Optimisation?

• Process Optimisation: By analysing operational data, businesses can identify inefficiencies and bottlenecks, leading to improved processes and cost savings.?

• Resource Allocation: Advanced analytics helps in optimizing resource allocation, ensuring that the right resources are deployed where they are needed most.?

Conclusion?

Specialised business analytics solutions provide a comprehensive, dynamic, and actionable understanding of business performance that goes beyond the static and historical perspective of traditional reporting methods. ?They provide you with data, metrics and insights at the click of a button every day. Who wouldn't want to see the position of their business on a day-to-day basis? This is what a modern analytics solution can do for your business! ? ?

Analytics solutions?enable businesses to integrate and analyse diverse up-to-date data sources from across their organisations, from core ERP solutions along with peripheral operational systems that are being used across the business. ?The ability to consolidate data into a single view of the business allows key decision makers to monitor real-time performance, predict future trends, and make informed strategic decisions with all the facts in front of them. This holistic approach helps businesses not only to see the bigger picture, but also act on it effectively. ??

@businessanalytics @datadrivenbusiness @constructionindustrysolutions