Do you know that almost 99% of organizations invest in some data activity? Yes, you heard that right. Data and its related analytical works have become part and parcel of any business, irrespective of the industry. But, to your disappointment, only 24% of these organizations yield fruitful results that lead to their business development. This 24% is a drop ratio from 37% in 2021. If organizations are towards data, then what is causing their inefficiency?
The simple answer to this is the accessibility rate of data. Data accessibility is the most underrated term in the business world for data-driven operability. Let us find out why organizations must give more importance to the accessibility of data-driven business analytics, especially smaller firms.
What exactly is data accessibility?
Data accessibility, as the name suggests, is about allowing an organization’s employees to access and utilize the data to its fullest to attain maximum benefits from them. Not all organizations in the business world can access their data, and a majority of them suffer setbacks with data accessibility.
Why is Data Accessibility important for any business?
Today, organizations from different industries are involved in data-related projects by investing their time, resources, and money. But more than 90% are not justifying their spending and making similar mistakes by not focusing on data accessibility. Having easily accessible data sets helps your organization and its key stakeholders to take proactive decisions and stay ahead in the industry by deriving insights. Hence ensuring data accessibility helps to implement business analytics practice that leads to the development of an organization. But organizations are currently facing some common issues that need to be sorted out.
What are the barriers organizations face in terms of data accessibility for business analytics?
Data Protection and Regulation related issues
Data security is crucial in any organization despite its size. Hence the data governance and protection acts will be stringent to ensure data security. Sometimes, these acts might lead to dullness in the data-driven process for organizations to attain business analytics where data accessibility is complex. Creating and implementing a harmonious platform in your existing organizational setup makes the job easier by making data easily accessible.
Data that needs deep digging
Data extraction and cleaning consume a majority of the time, whether it is about analysis or analytics of data, and at times, organizations must go for a deep dive to find valuable data sets. It might sound annoying, but it has to be done to attain insights, which is a tiresome process in any data-driven business analytical approach and makes data access more complex. The only solution to this issue is the metadata platform makes the job easier by finding the data set.
Handling Independent data
Some departments exist that solely operate without connecting with any other department, it is technically termed organizational silos, where they store data in a highly restricted place. Accessing these data is a herculean task for employees from other departments who faces two issues. One is they need to look out for authenticated data from the beginning, and the other one is if they planned to go for an access request, still, they would consume more time in finding the owner. The best solution for this issue is to create a centralized data warehouse that gives access to employees from different departments by ensuring their authenticity.
What are the benefits accessible data-driven business analytics brings to small organizations?
To make Informed Decisions
Data is not bound to just one department of your organization and helps to make decisions for different departments, which collectively contributes to the overall development. To attain development, an organization must derive insights and make sound decisions from it, and the availability of accessible data is found to be the base here. Easily accessible data helps to derive easy insights, which leads to better decision-making.
Swift in Operability
Organizations can fasten their overall performance and operability if the required data are accessible and available. An organization that operates faster when compared with its competitors will acquire the market leader position with ease by reaching out to the users on time. Data accessibility not just helps in accurate decision-making, but also assists in making it quicker.
Faster Insights
Creating data-driven business analytics would incur a specific time, and if your data are sorted and accessible, it would be much easier for the analytical teams to come out with the reports hence, making the process move much faster.
Helps in Tracking
Data accessibility delivers an all-round performance when used to its fullest, and the combination of business analytics helps the executives in each department to track the performance of their employees and the project, to know its feasibility to deliver.
Brings Innovation
How can a technology-related business solution attain its completeness without the innovation part? Innovation is an unwritten expectation from any organization that deploys new technology-based solutions, and data-centric business analytics is no exception here. Accessible data helps the data professionals in an organization to make innovative decisions and ideas that help the business address unidentified issues and solve them.
Wrapping up
Accessibility has become the most happening thing in the business world in the recent past, and its wave has also influenced the world of business analytics. Top companies have already started focusing on creating a healthy data warehouse ecosystem that encourages its accessibility. Similarly, it’s time for small businesses to break out of their shell and start to adopt data-driven business analytics into their operability. It is estimated that 73% of organizations are about to adopt business analytics into their operations, and we will see more of this happening in the future. Getting proper business-driven data analytics consulting services from a renowned data-based business firm would help you frame the right strategy to utilize the existing data and also to retrieve the data which you hold in any format.