Data is one of the most important aspects of any successful business. As the value of data continues to increase and is further commoditized, modern businesses must recognize the value of data collection and data analysis to correctly identify valuable insights.
Studies indicate that the average ROI for organizations that utilize business intelligence and analytics is approximately 1300%. However, as the amount of data that businesses are expected to collect, track and analyze increases exponentially, you must understand how to identify and derive business insights from organizational data.
How To Derive Business Insights From Organizational Data
1) Data Presentation and Visualization Tools
One of the most important aspects of deriving business insights from large volumes of data is utilizing data presentation and visualization tools that can enable users to present data clearly and concisely. The method in which organizational data is presented can help significantly increase the number of trends and data patterns that can be easily identified.
Planet Crust’s CRM solutions are equipped with powerful chart-making tools and data-rich dashboards that can help your business easily present data to identify insights.
2) Long-Term Historical Data Analysis
Although many businesses may find it more efficient to analyze specific periods of data to identify trends and derive insights, this may lead to errors that can significantly impact your organization’s decision-making processes.
Data may be affected by certain external factors such as seasonal changes as well as industry changes. Therefore, it is more effective to analyze data over longer periods to ensure that interval-based variables can be eliminated.
3) Identify Data Set Outliers
Although measuring averages and several other measures of central tendency may be more efficient and more economical in the short term, these metrics may not provide your business with accurate data insights.
Measures of central tendency may be significantly impacted by data set outliers that can substantially impact the reliability of your data insights. Therefore, it is highly recommended that your business identify extreme data values and measure incremental percentage changes to ensure that data insights are as precise as possible.
Planet Crust – Store, Retrieve, and Manage Data At Your Convenience
Planet Crust’s open-source, low-code solutions are the perfect tool to help your business store, retrieve and manage data extremely conveniently and efficiently. Your business can derive insights from organizational data by utilizing data presentation and visualization tools, performing historical data analysis, identifying outliers in various data sets, and undergoing trend and pattern identification processes.
Planet Crust’s software is equipped with data-rich dashboards that can provide users with a 360-degree overview of large amounts of organizational information, advanced data reporting tools such as graphic visualization tools and powerful chart-making tools, flexible data modeling, scalable data architecture, and much more.
Try a demo so that your business can take advantage of the various advantages of deriving business insights from large amounts of organizational data.