By Simon Rolph, CEO & Founder of Such Sweet Thunder
The world as we know it has changed – it’s undisputed. Industries of all kinds face a wholly different landscape compared to 18 months ago, and the data industry is no exception. With each step we take into this new environment, new technologies are being developed to fit unique business needs, ultimately improving our capabilities.
The data analytics industry has proliferated in recent years, with the global market expected to value $132.9 billion by 2026, a nearly 500% growth from its valuation of $23 billion in 2019. As an evolution of data analytics, directed data analytics is an essential step in making efficient and accurate business decisions.
Defining directed analytics
In comparison to traditional data analytics, directed data analytics offers rapid information about new trends in the market. This allows companies to make data-driven decisions faster, reducing the delay between analysis and action. Ultimately, data has a short life span, and in today’s fast-moving world it is vital to act on data as quickly as possible.
Not only this, directed data analytics means companies can stay on top of a continuous and increasing stream of data, allowing more extensive databases to be built whilst allowing for analysis on a wider scale.
directed data analytics aims to move on from the digital dashboard approach that has been a core part of the industry for so long. Whilst dashboards are fit for the purpose they were created for, businesses are now looking for solutions that are fluid and fast-changing. Dashboards can’t provide the speed to keep up with the rapid onslaught of data that exists in the modern world. Similarly, when dashboards first emerged, they weren’t just a big step forward for data management – they were also a significant advance for MIS (Management Information Systems) and EIS (Executive Information Systems). However, they haven’t yet evolved sufficiently to continue to be efficient and effective in this area.
Being directed in a competitive landscape
Directed data analytics offers the next generation of data reporting, providing a multitude of data in a short period, displayed in a customized way that is fit for the user and company, and compiling the data into a broader industry context in order to visualize long-term trends and patterns. This approach is crucial for businesses to remain competitive and stay ahead; with industries changing at a rapid pace and global events happening on an unprecedented scale.
Providing feedback on product performance, marketing strategies, and customer experience, directed analytics is fundamental for businesses in today’s climate. Without this crucial, timely information, leaders cannot confidently make decisions that will allow them to improve performance, profitability, and employee satisfaction.
The future of data analysis
Many companies have the data analysis tools and infrastructure they need, but the analysis fails to have a more comprehensive business impact due to red tape and lack of agility. Data can often remain stuck in dashboards, reports aren’t circulated to the relevant people, and crucial insights don’t reach senior decision-makers.
The distinction here is that the technology is widely available and often already implemented; however, it is the corresponding data analysis that fails to have an impact. It’s what the data means that needs to be communicated, not the data itself.
Directed analytics allow these insights to become a part of everyday workflows. Integrating insights into a business’s existing workspaces and tools means that users don’t need to access specific dashboards or applications to find the data and then analyze it themselves. The future of directed analytics will mean that employees can ask questions and get simple, straightforward answers grounded in data, allowing them to work seamlessly, and make smarter decisions at a faster rate.
In order to progress, the directed data analytics industry needs to become almost invisible; so seamlessly integrated and providing insights so effortlessly that it causes no disruption to business’ daily operations.
About the Author
Simon Rolph, CEO & Founder of Such Sweet Thunder. Simon is the founder of the data analytics firm, Such Sweet Thunder, and has been CEO since its inception in 2007. As an experienced interim software engineer, business analyst, and IT project manager, specializing in Data Management and Analysis projects, Simon has over 25 years of successfully delivering complex, high-value cross-sector projects, and programs for ‘Blue Chip’ internationally renowned organizations.
Simon’s goal as CEO of Sweet Thunder is an aim to create a great environment for people to work delivering simple solutions to complex problems that make a tangible difference for our clients.
Simon can be reached at our company website https://www.sweetthunder.co.uk/