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Why ‘All-Data’ Enterprises Are Set for Success

Written by GoodData Author  | 

Why ‘All-Data’ Enterprises Are Set for Success

There’s a newcomer to town that’s soon to get a lot of attention: the ‘All-Data’ Enterprise. These are companies who are looking beyond classic BI data sources and tracking more than only financial or operating metrics.

They’re breaking into the wisdom hidden in alternative data sources, such as social media feeds, machine sensor logs, and weather patterns. They’re uncovering important relationships between traditional and unconventional BI data. And that insight is leading to improved decision-making and a certain competitive advantage.

As a Cloud Business Intelligence company, we’ve found that by exploring fresh sources of data, and unifying both structured and unstructured data in our Open Analytics Platform, GoodData is fueling the rise of this new class of highly-innovative enterprises.

Let’s face it, technology-driven business success isn’t new—but the potential gains that new analytics technologies like GoodData are driving through Unified Data are very new, and very attainable.

Moving beyond the ‘usual sources’

There is already a wide array of new data sources that you can gather, compile, and analyze—and those sources are growing daily. Additionally, it’s evident that business today is heavily dependent on the interconnections of actions and events. At GoodData, our Cloud Business Intelligence helps customers analyze data coming from those actions and events. We unify relevant information from both traditional ‘core’ data sources with new and previously overlooked data sources—to broaden your line of insight.

In a recent Blue Hill study, researchers examined companies who were able to ‘expand the jurisdiction of their data analytics initiatives’ with GoodData. They found that when BI customers were able to broaden the scope of their data sources, they uncovered previously unquantified relationships and new insights.

Accessing a broader range of data is possible, yet many organizations still use only a fraction of the data available to them. The study showed that analysis of relationships between core and ‘non-core’ sources can lead to new business insight and set companies up to drive unrealized business value—by helping to improve decision making, cut costs, and develop new revenue streams.

Expand your reach to ‘All Data’

When you’re looking to successfully expand your analytics beyond core data sources, we’ve found that scalability, ease of integration, and a clear path to value are the top three things that matter. Turns out that GoodData All-Data BI has all three. Why are these important to your business?

1. Because you’re going to want to add additional data sources into the mix.

As you grow and continue to bring together large and unfamiliar data sources, you’re going to run into data management and governance challenges. It’s difficult to build a solution that can scale in size without creating additional headaches for yourself. Most businesses don’t really want to build and manage the day-to-day operations of a bunch of physical data centers—they just want business insight. Do you?

When you work with a BI partner who can provide scalability in addition to guiding you in best practices, you can avoid all those potential data management headaches. Instead, you can meet governance demands, find additional insight from untapped data sources, and shift your own resources to focus on more value-add endeavors.

2. Because you’ll want to quickly build proofs-of-concept for each data type.

In addition to expanding you BI data sources in scale, you’re going to want a solution that is easy to integrate with your existing systems. Remember, with each new initiative or additional data source you choose to explore, it helps to develop a proof-of-concept model to demonstrate its potential value—so a solution well-suited to varied integrations is your best bet. GoodData’s ability to unify data sources and provide you with one open, cloud BI platform for all sources makes integration easy.

3. Because data can become a ‘valuable merchandise’ for your organization.

Do you use BI insight only for your internal business operations; or do you share it with your customers and clients? At GoodData, we work with a lot of businesses that choose to integrate and re-package their data as a branded offering or a value-added service for customers. When utilizing data in this way, the time savings from our ease of integration accelerates timelines for customer-facing products—and in many instances shortens time to revenue or increases profit.

By expanding the boundaries of what can be analyzed, ‘All-data’ enterprises are discovering increased insight. And better-informed decisions can impact everything—from strategy to markets to customer service and your own innovations.

With the ability to collect and store information on nearly any activity, you’ve got ample new sources from which to gain access to additional amounts of data. Above are three great reasons for companies looking for shortcuts to innovation to give unified data a try. At GoodData, we’re ready to help.

Image: Creative Commons

Written by GoodData Author  | 

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