/ Why your business should invest in IT analytics now
Why your business should invest in IT analytics now
The rise of data-driven technologies has changed the way businesses navigate and operate in the digital age. Data is everywhere, and companies are collecting more of it than ever before.
For many, however, it can be challenging to make sense of all this data and use it in a meaningful way for your business. This is not surprising when you consider the sheer volume of data being collected by businesses today, which often comes from a variety of sources — from social media platforms to cloud-based applications.
Through the use of BI tools, businesses can make sense of their internal and external operations to gain a competitive edge and create better business strategies with real-time intelligence at their fingertips.
Why your business needs IT analytics
As you invest in analytics solutions for your business, one of the most important things to keep in mind is that BI is not a one-time investment, but rather an ongoing process that should be monitored regularly.
A recent study found that nearly 65% of businesses have not adopted or even begun to implement data-driven practices, and 53% state they don’t view their data as an asset in their business.
Clearly, there is a disconnect between understanding the importance of data analytics and actually implementing it effectively into your business practices.
IT analytics is a subset of BI that focuses on analytics to monitor and improve your business’s IT infrastructure. Many companies have not made the leap because they are concerned with the time it would take, resources required, and more. But smart IT analytics can put these concerns to rest.
Here are some key reasons why every organization must invest in IT analytics now before it’s too late:
1. To gain a competitive edge
As we mentioned earlier, data is everywhere and businesses are collecting more of it than ever before. The ability to make sense of this data can give you a competitive edge in your industry.
With the right BI tools, you can slice and dice your data in various ways to get insights that are specific to your industry or business.
You can also use data better to target your customers with more relevant and personalized offers. This will allow you to identify new market opportunities and track the competition’s moves in real-time.
2. To minimize risk
In today’s digital world, businesses are exposed to an increasing number of cyber threats. According to one report, there will be 6 billion connected devices online by the end of 2020. Most of these devices are new consumer gadgets that don’t have any security measures built into them, which means they could be vulnerable to attacks.
As more and more of your business is digital (anything from social media platforms to cloud-based applications), you expose yourself to potential security risks. Poor integration between different systems within your company can also lead to security breaches.
You can also use data to detect security breaches by monitoring your network for suspicious activity—as well as identifying and preventing these breaches from happening in the first place.
You can also use IT analytics to monitor your company’s data security, including access to your databases and network.
3. To get insights from your data more efficiently
In order to get business insights from your data, you have to spend a lot of time sifting through reports and creating custom summaries. But when you use BI tools in conjunction with IT analytics, you can do all of this automatically.
IT analytics can help you to quickly and easily identify trends and correlations in your data that would otherwise be difficult to find.
This means that you can spend less time analyzing data and more time using those insights to make decisions about improving your business.
IT analytics can help you to identify inefficiencies in your business processes and make changes accordingly. You can also use IT analytics to monitor your network’s performance and optimize it accordingly.
This can lead to improved productivity and reduced costs, which is a win-win for your business.
For example, by using data visualization tools built into IT analytics software, you can gain an accurate understanding of key performance indicators that are crucial to your business.
This can help you make better decisions about allocating your resources and improve your overall performance.
Implementing IT analytics effectively
Now that we’ve seen some of the key benefits of using IT analytics, let’s look at how you can go about implementing it in your business.
The first step is to identify the areas of your IT department where you can immediately gain the most value. This may vary depending on your industry, but some common areas include data security, infrastructure support, resource management, or support team performance.
Once you’ve identified these areas, you need to start connecting your IT data to a modern BI system. This data usually comes from various sources, including cloud-based systems, and on-premise databases. Finding and implementing a BI tool such as Domo allows you to quickly connect to data from any data source. They have a library of 1,000+ pre-built data connectors.
The next step is to analyze this data using powerful dashboards and visualizations. This can help you to identify patterns and trends that would otherwise be difficult to find.
Once you have done this, you are well on your way to driving value through optimized IT data analytics.
Invest in IT analytics now
As you can see, there are a number of compelling reasons why your business should invest in IT analytics.