From data to knowledge and data-driven management

Data is accumulating at an accelerating rate in organisations’ internal and external databases. People say data is the new oil, flowing everywhere. It is important to bear in mind, though, that data does not have intrinsic value and that it is a tool to steer and enhance decision-making and processes in business. It should help you determine what is happening, why this is happening, what will happen and how operations and processes should be steered based on the knowledge gained this way. But how do you go about this? How do you make this knowledge available where it is needed? It is all about the effective collection, integration and reporting of data.

But how do you link data from different sources so that it is easily accessible for the various needs of managing your business operations? Houston Analytics’ Analytics Factory is an effective solution for the agile collection and synchronisation of various data flows. It provides a platform for new business services and removes the need for organisations to carry out infrastructure management and maintenance. In addition to analytics, this cloud-based service enables the introduction of real-time reporting and AI into business operations. Features that are increasingly relevant.

High-quality data is the foundation of solid reporting but understanding the business process is at least as important: What indicators are relevant to process control? On the other hand, it is important to understand what each indicator describes, or what it contains. The reasons for ineffective reporting often lie in the sources of the data: the wrong things are being measured and data is not evaluated from the viewpoint of decision-making or process control. For instance, is a 0.1% change significant? That is why business owners need to be closely involved when data is harnessed for business management.

With the appropriate data, it is easy to generate knowledge to serve different needs with modern tools. When data can be simultaneously viewed from several viewpoints, it becomes more relevant to business management. Depending on the situation, static or interactive reports are needed and sometimes both. The user does not need to be an IT expert here, either, because thanks to advanced and interactive dashboards, even a layperson can engage in data discovery and dig deep into the background of reported figures. The same applies to artificial intelligence solutions: no IT expertise is required.

All data use must be founded on user-friendliness and the significance of the data to the user. It is best to forget all activities and indicators that belong to the “nice-to-know” category. When data is agilely collected from different databases to assist in the optimisation of decision-making and processes, more time will be available for more relevant activities, which will boost efficiency.

Enjoy your journey from data to knowledge and data-driven management!