Running a business is all about making decisions, and the best business leaders can go a long way by trusting their instincts. And even better, intelligent use of data can help them take their decision-making to the next level.
The insights that can be gleaned from data through business intelligence – about customers, the market, competitors or your own internal operations – often end up being ignored as incomprehensible and too complex to overlook in an instant.
Faced with the challenges of adapting to a post-Covid world, it is especially important to have a new approach as companies move their digital activities to the cloud. IT teams are increasingly moving their infrastructure there in search of agility, the power needed for AI and better security. Such drastic transformations are rare, so it is crucial that managers seize this opportunity to reconsider how they integrate data insights into their decision-making processes at all levels of their organization.
Here are 5 important ways we see business intelligence evolve in the coming months:
- Intelligence on demand. In the post-Covid world, companies see the need for faster access to action-oriented insight. In 2021, we will see organizations transfer data on a weekly or even daily basis to their employees. This will mean less emphasis on slow tools such as Excel, PowerPoint and even email, and more emphasis on business intelligence tools that are able to deliver updated information as needed on all end-user devices.
- Snackable data. For many decision makers, the effective use of data depends on the ability to find the right data among a confusing set of information provided by IT departments, BI tools, and data researchers. Faced with a huge buffet of all-you-can-eat data, it’s easy to miss the data that would be most useful to you. The solution: snackable data, literally the data consumed as a snack, presented in portions tailored to the needs of each user of the business. Instead of an 80-page monthly report that takes three hours to read, give your managers a daily 3-minute update of important data, presented in an accessible and clearly contextualized way.
- One screen, one vision. On a daily basis, apps like Uber and Spotify are used that are designed so intuitively that they can be used instantly by any beginner, without training or onboarding. In business, on the other hand, information is often buried in software, applications or dashboards filled with indicators that require hours of training or a steep learning curve that scares many users. To make data more accessible and intuitive, one rule is clear: “one screen, one view” – because if your user has to wade through a screen full of confusing statistics to find the data they care about, you’ve already lost it. .
- Share information. Generating action-oriented insights from raw data is not only about performing intelligent analysis, but also about presenting new insights in a way that users who are neither analysts nor data researchers can easily understand and use. . Therefore, companies need to focus on data storytelling. It is by providing visually appealing information that we can ultimately encourage end users to translate data into action.
- Dynamic, not raw data. Many companies try to make their data available by creating dashboards, but these tools are often too technical and daunting for a non-technical user. The future lies in automated, customer-centric experiences delivered by dynamic data storytelling that puts data into a clear context. These stories should provide insights that do not depend on the user’s sophisticated data analysis skills.
Ultimately, in our rapidly changing world, we have an urgent need to make data-driven decision-making a reality rather than just a hope. With data visualization that everyone can understand, we can unlock the value of our business intelligence and more effectively guide our organizations through these turbulent times.