Everyone needs data. For manufacturing, distribution and retail businesses to succeed in today’s competitive market, data analytics has to be in the hands of all business users, from sales and marketing, to operations and logistics. This will require a major shift in perspective for many companies. Previously, business intelligence (BI) was designated as a project for the IT team. Now data-driven business models are the norm for all departments.
To complete his year's trends eGuide, 7 data priorities for mid-market managers, we worked with customers around the world, tracked the insights of industry analysts and reviewed our own technology direction.
The concept of data democratization is not new, and it’s not unlike other technological advances that have followed similar paths, including the role of the Internet and mobile devices. As BI solutions become more mature and custom to industry application and job functions, data analysis is now available to meet everyone’s needs. This broader access to data means business people use BI to gain information specific to them, helping drive their work forward by reducing time to market, increasing product quality and meeting customer expectations.
Adapting to this mindset of “data for all” is crucial to those in IT, accounting and sales management, who have traditionally used and controlled the data. Gone should be the gatekeepers and bottlenecks. Your teams need access to data, and the tools that can empower them to cut through the clutter, analyse what matters so they can make better business decisions.
The following is an excerpt from our trends eGuide: “7 data priorities for mid-market managers.” Access the complete eGuide here.
We hope these ideas inspire you to approach your business data with new perspectives and motivation in 2020.
Trend 1: Cloud enables data-driven strategy
Companies that create data-driven cultures want to realize all the benefits from different data sources. Data insights and full visibility of operations have become business-critical, so users need quick data access and reliable integration.
The best way for companies to use insights to be competitive is to get them faster so they can innovate quicker. Data anytime, anywhere is only possible with the cloud.
Executive management of technology-dependent industries, including manufacturing and healthcare, are pushing to become 100% cloud-based because they are pursuing digital models to drive revenue growth.
For the last decade, cloud was seen as a cost reduction strategy, but now it’s enabling a digital business model. The main reason for cloud adoption is to provide access to data from anywhere, but cloud investments also bring greater flexibility to companies, quicker reactions to changing market conditions and the ability to scale.
Trend 2: Frictionless tech stacks
As businesses become increasingly digitized, IT managers are spending more time managing the effectiveness of the tech stack and helping pick the best of breed from an ever-growing catalog of options.
Matters can get messy and complicated when several different tools are used. As companies become more dependent on data to drive decisions, IT managers need to ensure the integration is frictionless and suits the needs of all internal and external customers.
A company’s tech integration needs to deliver reliable data results and the software tools need to bring everything and everyone together in an easily accessible place. IT managers need to make sure that the technology they choose aligns with how the rest of the company works.
With tech stack integration, it becomes easy to see what tools are the most valuable, or which are the most integral to running your business. As the systems are linked, more data becomes available, improving business performance and scalability within the organization. The beauty of accessible data is that everyone can get involved at any stage, which can help streamline production and delivery.
As business SaaS companies take on database management and security, IT Managers can also redirect their energy into ensuring the rest of the business is getting the most value from the tech stack integration.
Download the entire eGuide by clicking here.