One of the key challenges faced by IT is satisfying the large volume of requests for IT and business projects, including BI (business intelligence) and report requests that can be difficult to fulfill when data is siloed across the organization.
It’s time-consuming and inefficient for IT to address these requests as well as gather and qualify the data to create the reports. Then, by the time the business units receive and explore the reports, the data is no longer fresh.
One of the ways data analysts can better demonstrate their value to the business is by spending less time compiling BI reports and more time analyzing current data. This is achieved through the use of data discovery tools that uncover emerging business trends that company leaders can act on to generate business value.
For instance, business analysts for a consumer packaged goods (CPG) company can use predictive analytics and data discovery tools to help identify shifts in consumer behaviors that may not otherwise be picked up by management.
Let’s say sales for a fabric softener manufactured and sold by the CPG have deflated in recent weeks in a particular region. A deeper dive into the data by analysts reveals that a top competitor has recently undercut the company’s pricing as a means of gaining market share.
Analysts are then able to share these insights with category leaders and offer recommendations based on models they’ve created for the next best action for responding to the drop-off in sales. For example, a price discount of six cents is expected to bolster sales by nine percent, while generating a three-percent profit margin.
By identifying critical trends ahead of the market, analysts can strengthen the confidence of business leaders and generate higher ROI through faster insights that improve top-line and bottom-line results.