08 Mar Data analytics becoming more popular in business strategy
Businesses need to store an enormous assortment of data that they collect everyday, from financial records to customer information. While there are a variety of ways that this data can be stored, keeping records of all of this information is nothing new. However, some technology experts say that the types of data that businesses are storing and how they use it is changing significantly.
According to Computer Weekly, business advisor Deloitte suggests that there has been an increasing number of businesses that are probing the information they collect using data analytics. It's become so popular that some organizations have actually been opening up positions on their boards for chief data management officers, Carl Bates, a partner in Deloitte's integration practice, told the source.
He added that it's now a necessity that businesses find unique ways to stand out against opposing companies within their industry, and because of that, a lot of organizations have been using data analytics to make that happen.
While companies can benefit their bottom line by factoring in enterprise data, Bates said that combining internal and external data – like customer feedback posted on Twitter – can help businesses even more.
"The advice for the CIO is to ensure they have a good view of the business problems and the issues they are trying to solve, and to make sure analytics is applied in an intelligent way to deal with those challenges," Bates told the website.
Companies that are still using inefficient means of data storage, like spreadsheets, should talk to FileMaker consultants if they would like to be able to analyze the information more effectively. With custom database software, businesses are able to streamline their data collecting processes through applications that were developed with their specific operation's needs in mind.