We all use computers to run our businesses every day, and data has become a key factor in what most businesses do. Even smaller businesses have begun to use their data for strategic purposes, and in doing so have started a trend that has taken the world by storm. Let’s take a look at the data services that are designed to inform business owners and decision makers on how their business is actually working and how to improve operational effectiveness.
Recently, as technology has been implemented, and its price has dropped, small businesses are now beginning to use “big data” to improve the way their business functions. Data services are just that, services that involve the structuring and securing of data. Let’s take a look at a couple that are changing the face of business.
Every business has to protect its assets. Data most definitely is an asset. The best way that your business can protect its data is by relying on a Backup and Disaster Recovery platform. The BDR is a customizable network-attached device that takes backups of your data and pushes a copy to the cloud. In doing so, it ensures that your data is available for restoration regardless of the problems that your business has. Not only is a BDR a critical part of a business continuity program it can help operationally as well.
Business intelligence (BI) is the strategy of using data to better understand how your business functions and promotes better decision making. Delivered through data visualization, BI gives decision makers the ability to assign value to certain metrics and get answers for queries that were otherwise impossible only years ago.
BI provides a view inside a business where truth is often different than perception. These advanced intelligence platforms can allow decision makers to see the whole business, or select specific data sets that can help them pinpoint what is going right, what can be improved, or changes that need to be made to keep the organizational profitability up.
Business analytics (BA) on the other hand is a platform used to identify and address a business’ failings. Using BA software, decision makers can analyze business initiatives' historical and current performance to identify trends that will work to improve decision making.
BI and BA seem interchangeable at face value, but they are not the same thing. BI is for crunching data that will let decision makers structure the way their business functions, while BA’s purpose is to help them understand business trends so that they can plan future strategy.
More businesses than ever are in on the “big data” trend. If you would like to speak to one of our consultants about rolling out data services for your business, call TaylorWorks today at 407-478-6600.