Technology is increasingly becoming an enabler for real-time business transformation, with big data and analytics climbing to the top of the corporate agenda.
By embracing analytics technology, businesses can transform their business processes. From predicting demand to accounting to human resource management, most aspects of businesses can be made more efficient with data analytics.
According to the 2018 Global State of Enterprise Analytics Report, 57 per cent of enterprise organisations are utilising big data and analytics to drive processes and efficiency as well as change and strategy.
This highlights the growing popularity and importance of utilising data analytics for businesses.
How then, can companies maximise the value of the data they have collected and use it to revolutionise their business processes?
1. Identifying The Right Data
The volume of information is growing rapidly, and companies typically have access to a wealth of data.
From customers’ demographics to consumption patterns, there is no shortage of data that companies can use to their advantage.
With data collection tools becoming more advanced, companies are now able to see what was previously invisible, increasing the potential for improving customer and business strategy.
However, workers might not grasp the importance of the data available, or are unsure of how to make key decisions with the data.
For example, marketers might overlook the importance of the bounce rate on a page when deciding how to increase customer engagement.
Furthermore, social media also provides brands and businesses with a whole new set of data. From conversations to photos and videos, these new sources of data puts companies in a different playing field.
Thus, it is important for companies to identify the types of data that could directly or indirectly provide solutions to the problems that they are trying to address.
2. Visualising The Data
After collecting the data that the company is interested in analysing, the next hurdle presents itself — understanding the data.
People have limited ability to understand the data itself, so it is much more user friendly to present the data in a form that can be visualised.
Visualisation is the very first step to understanding a situation: why it happened, and what are the next steps to take.
Importantly, people or organisations can sublimate this information into knowledge or wisdom by iterating this process, leading to data-driven decision making.
Companies usually make use of tools such as Tableau or Qlik. However, WingArc1st Inc., a data empowerment company headquartered in Tokyo, has developed a tool that makes data visualisation easier.
Its product, MotionBoard, includes more than 40 types of off-the-shelf chat and graph templates, such as the calendar, Gantt, Network Tree and Sankey Diagram.
With calendar function, users can easily grasp the relationship between data and its business operation by day of the week, visually.
Manufacturers often monitor and compare their planning/actual data by using Gantt charts. Furthermore, MotionBoard can visualise the data in Gantt format in real-time.
On the other hand, the Network Tree enables manufacturers to identify and visualise what their final outputs can be composed of. This is especially beneficial to manufacturers or food processors from a traceability point of view.
For vivid charting, the tool also has 3D functions.
3. Transform Your Business’ Capabilities With WingArc1st Inc.
It is important that companies upgrade their analytical skills and literacy to be able to work with simple and usable data analytics models.
This is where WingArc1st Inc. comes in. It has partnered with data analytics company Azendian to deploy data analytics solutions, with the core focus on data visualisation.
Azendian is a Singapore-based company which uses machine learning techniques to achieve productivity gains for clients.
The partnership allows WingArc1st Inc. to deploy its data analytics solutions such as MotionBoard to the ASEAN region.
WingArc1st Inc. provides products and solutions that organise work environments. It also enables companies to “see the right data at the right time, in the right format, to make the right business decisions.”
WingArc1st Inc. has the top market share in Japan, and provides services to generate, manage, aggregate, analyse and visualise data on demand. They also empower the full data spectrum with its three unique business domains.
First, its Business Document solution enables users to digitise documents or business forms via Artificial Intelligence and Optical Character Recognition. This allows businesses to easily store, manage and analyse documents, and currently serves more than 26,000 companies.
Next, its Data Empowerment solution allows users to compile, visualise and analyse data to empower decision making. The Data Empowerment solutions currently serve more than 8,500 companies, including big-name Japanese firms such as Panasonic and DENSO.
Lastly, WingArc1st Inc.’s latest product DEJIREN is an office communication platform that provides cutting edge messaging and automation services.
Though data visualisation and analytics are not new concepts, the sheer amount of data possessed by a company can be extremely daunting.
Thus, WingArc1st Inc.’s cutting-edge data empowerment products and solutions provide companies with an easy way to transform their data analytics strategy.
To find out more about WingArc1st Inc.’s products and services, check out their website here.
This article was written in collaboration with WingArc1st Inc.
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