Data and Analytics set to Reshape Businesses

data analytics new business

Few assets offer the same benefits of capable data and analytics (D&A), the science of analysing data with the aim of uncovering patterns and drawing conclusions about the information. It’s a process that’s growing in importance and will reshape businesses in the near future.

Wrestling a hold over data, and implementing a D&A approach will be one of the most important areas for a company to focus on. This piece will look at what D&A means for organisations and why quality data will be one of the highest priorities.

What is D&A?

The amount of information companies have access to is now greater than at any point in the past, thanks to innumerable ways of reaping highly relevant data from customers, products and services.

A key emergence thanks to this information growth is D&A, which as noted above is essentially the science of analysing information so companies can draw relevant insights and patterns. In a new report from KPMG, in partnership with the Institutional Investor Research, it was noted that developments in this field are now disrupting business models and even changing consumer behaviour.

Key to this research was the finding that businesses will need to implement D&A as a formal strategy and not simply disparate technology efforts within the organisation.

“KPMG believes we are seeing the emergence of a new virtuous circle within D&A. Companies that invest wisely in data and analytics technologies and human expertise are likely to develop effective D&A strategies,” the report noted.

“As these strategies improve companies’ fundamental businesses and operating models, they achieve stronger competitive positions and higher market valuations. These results, in turn, encourage companies to continue developing the right data and analytics strategies.”

The organisation found companies that invest in data and analytics technologies are likely to focus on D&A strategies. In turn, as these strategies improve, companies will see greater returns and continue developing their strategies.

D&A will reshape industries, given the potential of access to large quantities of relevant information.

Reshaping business

While there’s no denying that data usage has grown significantly in recent years, it’s set to expand even further in the near future. With data so important for commercial and consumer purposes, KPMG noted that businesses can be sure their competitors are already taking advantage of information.

D&A will reshape industries, given the potential of access to large quantities of relevant information.

“In the short term, the sectors most likely to see a dramatic or moderate disruption due to D&A are technology, media, and telecommunications; business and professional services; and health care,” the report explained.

“In the long term, D&A will have an even greater impact, especially in information-intensive sectors such as technology and services.”

Focusing on quality

Writing for Actian, Sean Jackson compared data management to car ownership. He argued that few businesses actually carry out data quality checks, and in turn spend thousands on server and system upkeep. It’s like owning a sports car, he said, washing it and polishing it but failing to carry out maintenance to the point where it no longer runs.

With poor data control and subsequently poor data quality, businesses have to waste time and resources sifting through information that doesn’t offer any benefit. So is there a way out?

The right technology can be used to synchronise data across the business and ensure it’s both quality and reliable. Mastersoft can help companies to create complete master customer data, link records logically and de-duplicate data.

With data, analytics and control over the quality of information so important, there’s no better time to implement improved data control processes. Speak to Mastersoft today to learn more about synchronised, reliable information practices.