The essential role of data analytics in organisations and why it matters

Data Analytics
Its importance has never been greater

The data science sector has continued to make rapid advances over the years, making data analytics an integral part of the decision making process for organisations. From the government and healthcare sector to bank and retail industries, data analytics has changed how we develop strategies and execute plans to achieve our objectives. 

Building effective data platforms and data strategies are key to accurate and timely data analysis. Thereby providing decision makers and data analysts the capabilities to capture the real value of the data.

Working with hundreds of clients across various industries, we’ve seen how data analytics has enabled them to:

  • Innovate
  • Improve operational efficiencies and reduce costs
  • Manage risks
  • Identify future opportunities
  • And make better business decisions.

Enabling Innovation

How data analytics supports discovery and creativity

From process to product innovations, data analytics gives you a deeper understanding of how systems work and gain insights on how to make them better. The ability to collect, organise and analyse data fuels the development of new ideas.

In healthcare for instance, data analytics is used to improve the quality of patient care. By collecting data around a patient’s medical history, age, genetics and other vitals, physicians have the opportunity to predict the onset of certain illnesses and offer the right treatment.

Improving Operational Efficiencies

And reducing costs

Data analytics has also become an important instrument in determining how organisational teams, resources and workflows are structured. Having immediate visibility into system issues as well as your teams’ performance enables you to provide solutions to significantly improve productivity, eliminate bottlenecks and reduce operational costs.

For instance, you can use data analytics to look into the procurement processes in your organisation. How are your departments obtaining and using their resources? Are the technologies and systems in place helping you reach your objectives? If so, is it consistent across different departments?

By using data analytics and mapping, you’ll be able to identify improper spending or system redundancies in procurement and areas to improve operational efficiencies. This translates into significant savings on staff time and costs that can be better spent on other projects.

Risk Management

Through reliable data

Analysing data gives you a clear picture of what has happened in the past so you can make predictions and consider the possible outcomes before any decisions are made. Risk assessments become more accurate leading to more strategic business decisions with effective results.

One concrete example is Sustainability Victoria’s (SV) initiatives to improve the management of hazardous waste in Victoria. Through data analytics, SV analysts are able to understand current and future waste amounts arising within Victoria’s hazardous waste system. This capability then allows them to project hazardous waste generation and better plan for processing the future state infrastructure requirements. Read more about how data analytics is minimising risk in Victoria here.

Future Opportunities

Understanding and identifying them

With data analytics, you can take a peek into the future and set your organisation ready for more development. Reliable data coupled with effective and real-time data analysis means you’ll be able to quickly identify opportunities to streamline internal processes and provide better solutions.

For instance, predictive analytics, a category of data analytics, is used to filter through current and historical data to discover trends and forecast events. For the energy sector, predictive analytics can be used to determine long-term price and demand ratios as well as the future impact of weather events and regulations on service costs. For financial services, having predictive capability could be helpful in forecasting financial market trends and predict the impact of new policies and laws.

Better Business Decisions

That are strategic and well-informed

All the key benefits mentioned above can be ultimately summarised into: data analytics provides the knowledge needed for better strategic decisions. It results evidence-based decision making rather than relying on instincts alone.

As data sources become richer and more diverse, organisations have more opportunities to make decisions faster, more accurate and more consistent. Where the speed of decision-making was usually limited by human constraints, data analytics allows you to process information quicker – a great advantage especially in sectors like urban management where rapid decision making is crucial.

With new insights provided by data analytics, you’ll be able to determine the best decision or action that will produce the most effective outcome against your specific set of objectives and business goals.

How Are You Using Data Analytics?

Unlock the potential of your data

How you connect with and apply your data is critical for future success. If you want to learn more how you can unlock the potential of your data and drive better decisions for your organisation, get in touch with us today for a 30-minute free consultation.

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