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What this blog covers:

  • With data growing incessantly across industries, more organizations are now understanding the difference between ‘data’ and ‘value of data’.
  • Being insights-driven helps in easy data interpretation and analytics for better decision-making.
  • Explore the benefits of being insights-driven.
  • How does Kyvos accelerate this transition with unified data views and deeper analytics.
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Ever since data became an integral part of the business environment, organizations have been leveraging it to measure customer experiences, ensure financial success, and meet operational needs. However, this is still about creating data awareness without gleaning deeper insights.

You may be using business intelligence (BI), but unless you are insights-driven, you won’t make the most of it. According to a Forrester report in 2021, only 20% of the decision-makers credited data and analytics for higher revenues.

The reason may be a lack of realization of the benefits it can bring to the table, due to which many insight-driven projects get nipped in the bud without proper interest or investment. Since people drive such decisions, they should be aligned with the value this transformation can add to the organization.

As a result, the gap between “data” and “value of data” is widening. As the size of the data pool is growing, the time it takes to analyze is increasing.

What Does an Insights-Driven Organization Stand For?

In the current context, generating volumes of data and dashboards to visualize that data isn’t enough. The crux of the matter lies in the ability to make that data easy to interpret and use. So, an insight-driven organization will use every number to its advantage with company-wide analytics and BI strategies.

As per McKinsey, organizations investing in insights-driven infrastructure are up to 23 times more likely to get new customers and grow their revenues.

With the right technology and tools, data can be utilized to see exactly what’s happening within the organization and in the marketplace. The same information can then be used to make agile and accurate decisions.

In the future, organizations that put data to work for decision-making will lead the way as it will help them gain a strategic advantage over their competitors, identify problems beforehand, explore hidden opportunities, and reduce costs by managing their processes smoothly.

What Will You Achieve by Being Insights-Driven?

Insights-driven companies are growing exponentially. As per Forrester’s report for 2021, “insights-driven public companies continue to grow an average of 27% annually, and the startups grow 40% annually — much faster than the global 3.5% GDP growth”.

Here are some compelling reasons to follow this:

Remain Competitive, Stay Ahead

An insight-driven organization embeds insights deep into its culture. It uses insights to drive every business decision. This helps in coming up with ideas and strategies before everyone else and staying ahead of their competition. And by the time their competition reacts to their strategy, they have another one ready to outpace others.

This proactive approach is supported by deep insights into their customer’s behavior and market dynamics. They harness technology to get insights from their data and then build processes in their organization to convert those insights into action.

So, whether you are a startup or a market leader, you need to build an insights ecosystem in your organization to remain competitive.

Build a Future-Ready Business

Data-driven insights can be more evidence-based and help in building future-ready businesses.

It empowers business users with specific answers to questions that were previously guesswork. As a result, decision-makers do not need to speculate on their next move.  Instead, they can base it on real, quantifiable data.

This not only improves business outcomes but also pushes business users to think about their business in new ways.

Insights-driven decisions ensure long-term sustainability for organizations, as they can predict future trends with conviction and respond to changes quickly.

Identify Problems and Improve Efficiency

When insights become a part of the organization’s culture and are easily available to everyone across the organization, every department and function uses them to improve their processes and operations. Insights at the operational level have helped companies detect bottlenecks, identify problems, take corrective actions, and create interim metrics that can be used to streamline processes.

Insights-driven organizations do not limit data access to a select few but allow controlled access to everyone to ensure high overall efficiency. They know that having the data is not enough; it needs to be consumed and utilized at all levels.

Justify Data-Related Investments

Collecting, processing, and storing data requires considerable investments in time, resources, and initiative. However, those investments can be justified only when an organization can get business value from the efforts. To justify your investments and ensure more in the future, it becomes essential to put the data insights to the best possible use.

If you want to ensure the sustainability of your data environment, you need to make sure that you build an insights-driven organization where there is a clear relationship between your data and the business outcomes.

How Does This Transition Work?

The transition from being data-aware to insight-driven happens by putting together a framework or process where it is easy to sift through massive amounts of data for making intelligent decisions.

Instead of being a daily, weekly, or monthly activity conducted at pre-scheduled intervals, insights-driven decision-making can be a culture where every business decision in the company is backed up by verified and analyzed data, as needed.

A true insights-driven organization enables all users, even those without a technical background, to analyze and gain insights from data without needing support from IT or the analytics department to produce the reports they need.

To ensure that the journey is smooth, they should follow these golden rules:

Availability

For insights to be usable, they must be available instantly when decision-makers need them. Any delay in the availability of insights renders them useless as the decision-makers cannot be expected to wait for them. Once a decision is made, having the data or the insight will fail to serve its business purpose.

Accessibility

Data-driven insights should be accessible to all those who need them. Everyone across the organization should be aware of what information they can get, and the reports should be made available to them in a format they can consume. If insights are accessible only to a select few, they will not make the intended impact.

Adoption

Once the technology and infrastructure are in place, it’s about realigning the organization’s culture to ensure that everyone knows the value of insights and how to make the most of them for decision making.

Though the evolution of a company into an insights-driven organization begins with senior management and department heads, finishing the process requires adoption throughout the organization. This means transforming the company culture and getting everyone on board.

Kyvos offers an innovative solution to modernize your enterprise architecture and accelerate BI tool performance.

How Kyvos Accelerates your Journey to an Insights-Driven Organization

The journey from insights to business impact requires measuring the outcomes after data delivery and maintaining a closed loop of analytics for across-the-board usability. Kyvos makes it possible with:

Unified Data View

Siloed metrics can do more harm than good. When your metrics are tied to specific functions, there’s no holistic view of data to make better business decisions. Kyvos helps you gain valuable and high-quality insights by building a faster process for accessing data at every level.

But then, accessing data on any tool doesn’t always suffice. In fact, understanding comprehensive customer needs is essential to making decisions faster. However, this requires managing your data analytics efficiently without using fragmented systems for data visualization.

Kyvos adds a unified semantic layer to your BI tools to remove the data silos and create a single source of truth for all users. Our advanced data modeling helps you deal with complex hierarchies without breaking performance. The reports are easily accessible to any user to improve the speed of action drastically.

Faster and Deeper Insights

You don’t need to migrate from your existing BI tools to enjoy the full benefits of Kyvos. We allow you to access trillions of rows of data for thousands of concurrent users without any latencies in fetching the answers you seek. But above all, you can pull data from any lake or warehouse to generate deeper insights and sub-second responses for any query run by users.

Our Smart OLAPTM technology pre-aggregates the data in massive volumes across the dimensions to facilitate optimized cube builds. No matter how much your need for insights grows over the future, scalability without exploding costs will never be an issue with our platform. The build-once-query-multiple-times approach instigated by Kyvos keeps costs under control.

Looking Ahead

It’s not too late to build an insights-driven culture in your organization. Get the power of Kyvos to empower the users and build a data platform that ensures data is available to the right people, at the right time, in the right format.

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FAQs

Why do organizations need data-driven business insights?

Data-driven business insights help stakeholders gain a strategic advantage over their competitors, identify problems beforehand, explore hidden opportunities, and reduce costs by managing their processes smoothly for building a future-ready organization.

What are the key elements of an insight-driven enterprise?

The main elements crucial for building an insight-driven business are availability of data as required, easy accessibility to data insights across the enterprise, complete data governance to retain its integrity, and adoption of insights for every decision made by the business users.

What is the difference between data and value of data for business process insights?

Data can be defined as any form of information that can help gain valuable insights by reading, moving, or manipulating it. Value of data, on the other hand, is the measurable impact of the enterprise data when it is used in multiple ways, including data analytics.

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