| | OCTOBER 202319CIOReviewNow a days we are bombarded with information on data and analytics. Who hasn't heard that AI is going to change all of our lives as well as the way an enterprise operates? But in spite of the hype, there are still some potential benefits to data and analytics to the core of an organization. Here are some in no particular order:- Faster reports and analysis ­ in the past, it could take weeks or even months to get proper reporting from data. Now, with the use of business intelligence this can be reduced to mintues by use of statistics and visualization. Gone are the days of excel spreadsheets with no clear patterns or analysis.- Informed business decisions - Enterprises are constantly moving from gut-based decisions to data enlightened decision making. The data is not the only thing upon which decisions are made, but it is definitely a strongly weighted part of any difficult decision.- Improved data quality ­ We have changed from thinking of data as a way of keeping track of information to an asset of an enterprise. Due to this change in attitude, we understand the importance of correct data and thus data governance across the entire organization. Better data means lower costs as well as trusted sources.- Goal setting and growth plans ­ With the use of data we can make predictions of a new type. From the days of "throwing a dart" to predict growth, we have come a long way. Companies can use advanced analytics to see what future growth will be and the factors that affect it. This affects all areas of the organization from procurement to sales, marketing and By Michael Morris, Director, Data & Analytics, Global Furniture GroupWHAT TANGIBLE IMPACTS ARE DATA AND ANALYTICS HAVING ON ORGANIZATIONS?CXO INSIGHTS
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