How to Find the Right Data Intelligence Platform for a Business
Data intelligence platforms give businesses the tools to import, clean, and analyze data from a wide range of sources so that they can make decisions based on these insights. They deliver intelligent summaries of information in real-time, including comparisons to key performance indicators. Here is a guide to finding the right data intelligence platform for a business.
Understanding Data Intelligence
Generally speaking, data intelligence refers to the automated use of metadata to better and more deeply understand your company’s data, its quality, context, and usage, and how it impacts all facets of your operations. In other words, you can discover, manage, and leverage your data to make better decisions and protect your company against risk.
Key Features to Look For
There are several elements to data intelligence platforms that need to work in concert to ensure that data is managed efficiently. When choosing a data intelligence platform for a business, be sure to look for the following features:
- Data governance: This involves the design of policies and procedures that ensure consistency throughout its life cycle. Effective governance helps organizations comply with regulatory requirements and maintain data integrity.
- Data lineage: This tracks data as it moves down the pipeline, monitoring the ways it transforms and is used.
- Data quality: Arguably the most critical element, data quality ensures accuracy and reliability.
Benefits of Data Intelligence Platforms
Once you’ve implemented the right data intelligence platform specific to your business, you’ll be in a position to reap all kinds of benefits, and your business will be on a path to success.
- Better decision-making: With data intelligence, you have a factual basis for the decisions you make. You can make predictive insights, mitigate risks, and measure performance without any of the guesswork. You’ll be well-armed with the data needed to react to different performance metrics.
- Better customer understanding: With deeper insights, you’ll have a much better understanding of your different customers, who can be grouped by behaviors for targeted marketing. This lets you offer customized services and communications and interpret customer feedback to make improvements.
- Operational efficiency: With better data, you can analyze your workflow to get rid of bottlenecks and delays, optimize resources, and allocate them based on where the data says they’re needed. You can also improve supplier relationships and cut down on lead times.
Add all this together, and you have yourself an edge against the competition. Keeping apprised of industry developments gives you the ability to respond and adapt accordingly, meeting emerging customer demands through innovative new products and services. The data you obtain can also reveal gaps in the market that are ready to be tapped into.
With the right tools, an organization can implement a data intelligence platform to keep it able to effectively manage and analyze the value of its data. Any company can and should leverage this data to come up with their marketing strategies.
The right data intelligence platform should have the ability to adapt to innovative technology and scale as your business does. Furthermore, it will serve as a flexible, easy-to-use tool that helps you achieve your business objectives.