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What is business insights?
Most organisations say they want to be ‘data driven’. But this data is only useful if it delivers insight into how the business is performing, and what needs to be done to drive success going forward.
Business insights are generated by analysing the information that has been gathered and drawing conclusions that help with decision making and reduce the risks that come with a trial-and-error approach. Organisations that don’t have the software tools they need in their existing systems to mine and interpret this data will struggle to access, present and benefit from these nuggets of vital intelligence.
These insights can create the light bulb moments that spark new ideas, introduce fresh perspectives, energise productivity and open up untapped opportunities.
say their IT software gives them the business intelligence to make the right decisions
say their IT software and services give them a connected, real-time view of the business
say it’s to have a clear vision and strategy amid economic uncertainty
say their software gives them the business intelligence to make the right decisions
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“A key driver for tech adoption is the ability it brings for businesses to analyse and extract meaningful data to drive decision making. In the past businesses have generally directed strategy on ‘gut feel’. Today this just doesn’t cut it. Leaders need to be able to base their direction on data and insight from software systems to ensure optimum success.”
Amanda Grant, Chief Product Officer at Advanced
“Having a clear view of business performance is critical today. Unstable markets and external environments mean understanding what is happening inside your business is paramount. Without access to accurate, real time data, leaders can’t drive continued growth and success.”
Gordon Wilson, CEO at Advanced
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- What are actionable insights?
Actionable insights are when you analyse data from your software solutions and use the information to guide business strategy. Organisations use actionable insights to make decisions based on accurate and meaningful data.
- Why are data insights important in business?
Using actionable insights means you are basing your decisions on accurate and meaningful data, not assumptions. This means you can be more confident about your strategy and the impact it will have. Using data to drive decisions should lead to enhanced success and growth of your business.
- What are the biggest challenges that the financial industry face?
Financial services organisations are struggling to enable their teams to work securely and effectively in a hybrid working environment. Security is paramount for financial services, which means traditionally employees have not had access to systems when working remotely. This however, is not sustainable moving forward as it is impacting employee productivity. Financial services firms need to find a way to give tools to teams when they are away from the office without compromising on security.
- What are the ways to gain valuable insight to improve employee performance?
You can only truly improve employee performance if you have a deep understanding of your people and what their requirements are. Therefore, gaining actionable insights to support this are critical. Only by tracking employee trends, monitoring training and performance and collecting employee feedback can you draw actionable insights to drive your employee performance strategy.
- What are the main components of an insight?
True insight comes from accurate, reportable data which is gathered over time. The quality of the data is vital and it must be up to date. The next key cornerstone is then being able to analyse and report on the data which is held in systems, so you can clearly understand and act on the insight the data is showing.
- How do I convert data to insights?
Converting data into actionable insights can be difficult if you have a complex or outdated software system in place. Ideally, businesses should look to implement Cloud-based software which comes with inbuilt reporting and analytics tools to support this. For example, Advanced customers who have Cloud HR or Cloud Financials are able to build their own reports and dashboards into their own personalised workspace using their platform, MyWorkplace. This gives users up-to-date, easy access to view and track the latest actionable insights from their system.
- How can I improve my business insight?
There are a few ways businesses can improve their insight, such as:
- Make sure you always update data to a Cloud-based, accessible system for all to use
- Ensure teams are using the Cloud software in place and everyone is accessing one version of the truth
- Regularly review data in the system so changes and trends can be picked up
- Continue to monitor data over time, comparing to last month or last year to pick up on noticeable changes
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