How to Create a Coherent Business Analytics Story to Make Sense of Complex Data
We put so much effort into analyzing our business landscape, conducting market research, consulting with marketing strategists etc. But we quite often forget the single most important tool we have to understanding the landscape and making the right business decisions – and that is our data analysis. We tend to trust familiar charts and Excel sheets provided by our analytics department, even when it’s hard to fully understand their meaning and implications. More often than not, we miss out on interesting dynamics and events, mostly because we can’t connect the dots – such excel reports are not fit to coping with the complexity and multitude of the big data available.
To ensure we’re making the right decisions, we have to make sure our data analytics tools are capable not only of handling huge amounts of complex data, but also of making sense of it. Traditional analytics solutions can present your data in some well-organized chart. But a great analytics solution can generate a story to not only organize gathered data, but also monitor and explain business phenomena, evaluate hypotheses, drill into interesting findings and substantiate conclusions. The business value is tremendous – identifying correlations, understanding causation, and most importantly, allowing better informed decision making.
In short, businesses today need a solution to create an analytical story that would make sense of the ever-growing multitude of data collected in the organization.
And that is essentially what business analytics solutions are all about – telling a story based on an overwhelmingly large data cluster.
But what differentiates business analytics solutions from one another? What is the most important factor that really distinguishes a high-end analytics solution from any other?
Key Benefits to Look for in an Analytics Solution:
Here are a few pointers to help us identify the most important benefits to look for in a high-end analytics solution:
- Automated: Saving time on processing and analyzing data, without the risk of leaving out any data unprocessed.
- Emphasizes unusual phenomena, and focuses on linking different data pieces to contextual dynamics.
- Establishes a platform for collaborative sharing of information and insights from the processed data.
- Stitches together different findings to fit to a lucid, comprehensible narrative.
- And most importantly, creates a simple, concise story out of a complex cluster of data.
These benefits are the ones we should be looking for, when upgrading our data analysis process.
So in other words, while traditional analytics solutions offer to entertain our visual senses with charts and diagrams displayed in colorful presentations, the handful of real high-end solutions offer us to clear our minds from complex data processing, leaving us to work on actual valuable insights.
What if we were to tell you…
Verix has developed a cutting edge automated analytics solution to generating, presenting and sharing a narrative from a trail of data analysis, in various formats (presentation, spreadsheet, PDF). Once data is collected and recorded, it is then generated in such a way to constitute a logical sequence of analysis that monitors, evaluates, examines and concludes.
How it Works
The Analytical Story Generator works like a shopping cart; at any point during your work, you can click on the ‘add to story’ button, and immediately add any data chosen (chart, map, etc.) from the current dashboard, to your recorded sequence of data analysis. Or in other words- your cart. At any point you can edit your storyboard by adding, removing, commenting or highlighting components of the story. And finally, you can also incorporate additional data sources to further enrich your story (for example, an external excel file with last year’s regional sales data).
Is this the solution you were looking for?
Essentially, Verix’s analytical story generator combines all key benefits we’re looking to find in a high-end analytics solution:
1. It’s completely automated; thus saving time and effort, while still flexible enough to insert and edit data.
2. It illuminates significant insights, allowing you to focus on what’s relevant, while keeping everything in a contextual sequence in order to surface the various dynamics.
3. It’s designed for sharing and collaborating with one another, allowing unprecedented passing of knowledge and insights between co-workers across different departments.
4. It’s built to gather insights from data processing to join together in establishing a coherent logical narrative of business dynamics.
5. And finally, it generates the simplest story, with zero time wasted on figuring out complex data analyses, telling you the most relevant, concise, deeper truths about your business.
To Wrap This Up
Today’s challenges are different than those faced with in the early days of business analytics. We have oftentimes more data than we know what to do with, and the challenge today is finding a solution that can pinpoint the real significant insights in this big data, and help us tell a relevant story that entails priceless business value; A story that enables collaboration between different teams and departments, better communication between peers, and clarity among decision makers.