The Internet of Things (IoT) has brought a significant change in our daily lives and is one of the most popular technologies today. With the improvement of connectivity over the last several years, IoT has become more widespread as it expands into home and work environments. As these IoT ecosystems evolve and collect their data, they offer businesses the opportunity to tap into new territory by creating custom applications that utilize these data pools.
Having a visual representation of your data can be critical to any business. The word “dashboard” implies machine operated, and business dashboards are used in the same way. The business has hundreds of moving parts impacting overall performance. Dashboards summarize the data from these moving parts with easy-to-understand, real-time visuals. Almost any type of business can benefit from having a dashboard aligning them with their objectives. Here are three types of dashboards than can benefit any business.
Today every action taken leaves a digital trail. Data is generated when you go online, carry a smartphone, communicate through social media, make purchases online, or using a home device like Alexa. Digital footprints are everywhere. The question is, does your business use its data to know and understand behaviors or user experiences honestly? Here are five tips to use when creating data strategies to gain more insight from user interaction and secure an advantage.
Prescriptive analytics is about using data and analytics to improve decisions and consequently, the effectiveness of actions. After all, analytics should lead to more informed decisions and successful measures. So, given known parameters from predictive analytics, Prescriptive Analytics help businesses find the best course of action for a given situation.
With so much data available at your fingertips, how can your company make sense of all the information? Every business should have the knowledge to leverage their data and make meaningful, informed decisions. The answer is to have the correct business intelligence (BI) tools to find the usable pieces of information as well as fit the current and emerging needs of the organization. So, here are five tips to use when seeking BI tools.
Using BI to analyze information reveals insights and actions for businesses to use as facts for decision making and not just gut-instinct. It allows businesses to acquire knowledge from a sea of data. While following instincts is not always a bad thing, BI offers a realistic snapshot on how to improve profit margins and track sales performance, manage data for customers, have better inventory control, create the analysis of financial data, and be the advantage for an IT department.
The best way to describe Predictive Analytics is – it’s the practice of extracting information from existing data to determine patterns for predicting future outcomes and trends. While it’s not a crystal ball into the future, it can forecast what may happen with an acceptable level of reliability. Here are four ways Predictive Analytics help businesses grow: