Why Analytics Are So Important For Businesses Today

In recent times, most of the world swooned over new technological evolutions such as artificial intelligence, machine learning, the Internet of Things, and automation.  Even though these technologies are proving to be catalysts for growth, many small business leaders have decided to concentrate most of their investments on data analytics.

Why embracing predictability reveals the full potential of data analytics

Small business leaders have often felt left behind by the growing acceptance of analytics, fearing that their workforce, customer base, or operations were too small to justify the cost.  Although this view is short-sighted, it’s entirely understandable.  Budgets are usually so tight that it’s difficult to take money from one department to pay for a new solution when ROI is not 100% predictable.

While most things in life are anything but predictable, the cost of implementing and maintaining technology, especially business intelligence analytics, in the cloud is.  Here are three reasons why.

• Businesses stay in line with leading-edge capabilities without significant capital and head count.  Each month, a monthly subscription is paid to access the exact analytics capabilities they need now – with the flexibility to introduce or remove organizations, users, or capabilities later as the company evolves.

• Decision makers can discover, predict, visualize, collaborate, model, and manage data – all in one place and with a common logic.  With this infrastructure, businesses can take advantage of the latest digital innovations in a seamless, familiar user experience. This strategy not only reduces the cost of maintaining analytics, but also increase ROI.

• Guaranteed storage in a data centre can be protected against a range of ransomware and viruses.  As analytics become a natural part of running all aspects of the business, decision makers can take advantage of a growing, yet secure, collection of data to adopt predictive analytics and cross-functional forecasting.

Analytics and the cloud: A stunning opportunity for growth

For all of the reasons stated, analytics have never been more accessible. Subscription pricing is more in line with the various stages of a growing business.  Security concerns are subsiding as data centres comply with stringent government and industry regulations and certifications.  And more importantly, the capabilities needed to sharpen decision-making and compete in a highly unpredictable marketplace are only improving as emerging technology.

Whether you know it or not, the next wave of analytics innovation will accelerate and automate some aspects of decision-making through machine learning, artificial intelligence, and blockchain.  Such capabilities can give small companies a ground-breaking opportunity to compete like a large enterprise with the speed and agility of a start-up – but only if business intelligence is managed with the flexibility of the cloud.

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To make an appointment to discuss and prepare your 2019 Tax Return – call us on (08) 7078 3505 or email administration@ventureprivateadvisory.com.au

By the team at Venture Private Advisory.

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