Let’s start with the very basics -what is analytics? In layman’s terms, an Analytics is a tool which is used to collect and collate information in order to make management decisions and to evaluate different aspects of a business (including both internal and external factors).
Unfortunately in the world economic market crisis, these tools are highly valued and often needed. The current economic crisis has created a perfect environment for businesses to make use of advanced analytics in order to stay ahead of the competition and provide solutions to various management challenges.
What they need: These tools are actually pretty simple. They need to have a set of basic requirements which include:
Data Format: The most important thing that any analytics tool will need is a tool for storing and managing data. This data should be easy to work with and be able to be easily read, analysed by humans as well as software. The software itself should be easy to install and use, the servers should be easy to manage, the monitoring system should be easy to deploy and the database should be flexible and easily scalable.
Data: Other important things that analytics software should be able to collect are customers/sales etc. the software should be able to retrieve this data from anywhere and therefore the business should not need to wait for the servers to be up and running before it can begin to access and analyse the data.
Business intelligence: Data collected by the software should allow the business to easily analyse it in order to learn about the business and improve its performance. A good analytics software should allow it to pull in and work with much more than just the basic financial data that the business needs.
Monitoring: The software should be able to provide continuous monitoring of the systems and data that it has collected. It should be able to update itself on a regular basis without having to wait for the hardware to be restarted.
Analytics should be used to help any business to make better decisions as well as help the business to keep up with its competitors. By properly using analytics, a business can monitor, manage and make changes in its system without the risk of making costly mistakes.
Management will benefit by having tools that are easy to deploy, easy to use and can also help them in their day to day business. The tools should also have the capability to monitor any problems that might arise from the system.
Easy to use and reliable: The software should allow you to integrate with all kinds of databases, be it Oracle, SQL or whatever. It should have robust data structures so that the system can be reliable and can handle large volumes of data.
Environment friendly: They should also be easy to deploy in various external environments such as the internet, the internet of things etc. The tools should allow users to access them from anywhere so that there is no need to install anything to be able to access the data.
Analytics should be able to give you clear and present information that will allow you to make sound business decisions. If you want to ensure that your business stays competitive and is able to compete, this is the tool that you need.