SigmaWay Blog

Analytics is one of the major jobs performed in companies these days. Daily operations are carried out involving data that presents us with results which helps an organization to carry out further processes and helps in decision making. Effective business intelligence is the product of data processed. This data is raw and can be either structured or unstructured. 

Firstly, one needs to manage data before processing it. Rules are to be set for the analytics process which can offer better insight and an easy processing. Below are the five rules that can help in managing your data more effectively:

1. Establish Clear Analytics Goals Before Getting Started
2. Simplify and Centralize Your Data Streams
3. Scrub Your Data Before Warehousing
4. Establish Clear Data Governance Protocols
5. Create Dynamic Data Structures

The field of data analytics is always evolving and thus it is important to create a proper structure that can help in future. By establishing them we can enhance the quality of data processing.

Read more about it at: https://www.sisense.com/blog/data-management-rules-analytics/

Data is very valuable for any business. It can help in decision making, planning, and more. Here, Business Intelligence comes into action. BI uses various softwares, applications, tools and services that enables access to and analysis of data. This improves and optimizes decisions and performances. Using Business Intelligence can help you to get more value by improving customer service, employee productivity, and more.

Following are the few ways one could get more value from Business Intelligence:

1. Build real-time BI into your customer-facing services
2. Improve employee performance through BI
3. Improve Customer Service
4. Predict new revenue streams
5. Automate budgeting and forecasting
6. Shift the emphasis to analysis
7. Embed BI into other platforms
8. Cut time wasted on data gruntwork
9. Bring unstructured data on board

Read more about them at: https://www.cio.com/article/3254646/business-intelligence/9-ways-to-get-more-value-from-business-intelligence.html

The creation and consumption of Data is growing at a very fast rate, so does the responsibility to manage it. A report said that 90% of the data available today has been created in last two years. So, companies are using Business Intelligence (BI) to manage quintillion bytes of data per day. Data Mining, Data Handling is used to handle the data. The sharing of data intelligence across an organization doesn't only benefit the entire business, but creates a culture of collaboration and uncovers synergies between departments to better reach an end-goal. Creating a data driven culture is not an easy task. Only 37% companies have found success by adopting it. So, how to do it. First, start at the top. Implementing this lies in the hand of top executives and managers. To start something new is very difficult, so it fully depends on the top tow they manage and impose it. Additionally, education is important when we introduce something new to the company. Read more at: http://dataconomy.com/2017/05/data-nirvana-develop-data-driven-culture/

Each and every sector of the economy is about personalized experiences. Business analytics and business intelligence is now a necessity. Data driven marketing strategies directly translate into conversions and revenues.  It is high time for the financial services industry to adopt the same.  The financial institutions are lagging in terms of consumer expectations and level of customization. Exclusive focus should be on their consumers and their specific needs.  In fact, successful implementation can add up to 14% to the annual revenue. Read more at: https://thefinancialbrand.com/65396/banking-data-analytics-marketing-personalization/