Business analytics must take priority
Business owners are always in search of new ways to expand their operations and prepare themselves for the future, and it seems analytics could well hold the key.
According to Gartner, advanced business analytics are essential at present, not least because of the challenges faced by big data and the growing use of IT systems.
Advanced analytics have been around for the past two decades, but they’re no longer the domain of a few select groups and have instead become more valuable to companies of all sizes and backgrounds.
Research Director at Gartner Alexander Linden explained how knowing what is going on at every level of a business can only be advantageous to managers.
This is where the role of programs such as HRIS software can be invaluable, not least because they give businesses a far-reaching insight into operations they may otherwise be unable to achieve.
“Data scientists are not business analysts. They are professionals with the capability to derive mathematical models from data to reap clear and hard-hitting business benefits,” said Mr Linden.
This follows the release of a report by Deloitte Access Economics, which emphasised the need for companies to invest in their digital expertise if they are going to be able to thrive.
It also highlighted the need for analytics, saying that the smartest small and medium-sized businesses are currently finding more out about their customers in order to improve their offering.
However, Deloitte stressed how businesses can’t afford to underestimate the value of their people, which can be achieved by improving working conditions and helping them feel digitally connected.
Recruiting the right talent from the outset is one means of ensuring success, as 37 per cent of business leaders said this will be the primary driver of future growth.