Ever wondered how magically things happen every now and then? No, we’re not talking about winning a lottery or finding a $1000 bill on the road. Although that would be magical!
We’re talking about the surprise of finding leftover money in your analytics budget! After you finish your happy dance, you’re probably scratching your heads wondering what to do with your remaining budget. Well, we’ve come up with top 5 ideas that you might like to try out! Let’s dive in.
1. Integrations and Connectors
Data is growing faster than ever. Did you know that about 34 billion terabytes of data is generated worldwide EVERY second?
However, less than 0.5% of all data is ever analyzed and used!
Analysts are faced with more disparate data sources than ever. Being able to access this data and incorporate it into their analysis is critical to improve the accuracy of their results.
However, retrieving data from different platforms for analysis has always involved some amount of manual work, thus costing and reducing productivity!
Grazitti’s Alteryx connectors empower you to perform better analysis with Alteryx by automating the data fetch from a variety of platforms.
Efficient use of data also benefits you in monetary terms, while eliminating the need for additional hiring for data analysis and management.2. Data Warehousing
If investing in connectors is not your thing, maybe data warehouses are! Data warehousing is no longer just a buzzword or a novel idea for research—it has now become a mainstream technology.
In fact, data warehouses are slated to grow by 8.3% in 2019-2024, exceeding a gross market value of $20 billion by 2024. What’s more, more than half of all American companies have started using data warehousing.
A data warehouse helps –
- Save time
- Enhance data quality
- Improve business intelligence
- Provide access to historical data
- Generate a high ROI
Data warehouses are revolutionizing the way people from different industries perform analysis and make decisions, hence making it the right way of welcoming 2019!
Over recent years, an array of vendors have flooded the market with numerous data warehousing technologies. Read our blog to know which data warehouse tool you should go for.
3. Data Cleansing & Normalization
Maintaining data is a struggle – especially with the number of dupes, errors, and inconsistencies. There there. We feel you!
Did you know that 83% of organizations think that data is an integral part of forming their business strategy? And according to IBM, a whopping $3.1 trillion is the annual cost of poor quality data!
This staggering fact+leftover budget = look-no-further-just-get-your-data-cleansed!
4. Analytics Revamp
If you don’t want to invest in the above-listed suggestions, you may consider investing your precious moolah in revamping your analytics!
i) Uncover new data sources – While your existing KPIs are already giving you a complete picture of your organization, you could consider redefining your KPIs or making new ones for better business insights by tapping into new data sources and platforms.
ii) Dashboard Redesign – Picture this—A simple view of all data, being able to see trends and risky areas, and easily making informed decisions.
As an analyst, you sure would agree with the importance of building an effective dashboard to comprehend vast amounts of data and facilitate faster decision-making!
How about using your leftover budget to redesign your current dashboard for 2019? Match it with your branding through company colors, logos, and style. Organize your data by picking charts and graphs or present customer data on maps for better understanding! The list is endless.
A great dashboard should make things less complex, tell a concise story, and keep teams informed, motivated and aligned around your KPIs!
5. Intelligent Modeling
i) Predictive analytics & Risk Modeling – Every day more than 2.5 quintillion bytes of data is created! Somewhere in this data lie patterns. Uncover them and you stand at predicting future outcomes. This is exactly what the branch of data science, predictive analytics focuses on. It is said that predictive analytics is the backbone of data-driven marketing. If you haven’t invested in it, the time is now!
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How about leveraging your budget to use machine learning risk models that uncover new insights by providing a detailed understanding to improve credit decisions. These models provide a detailed understanding and help credit providers improve their acquisition, credit scoring, and account management strategies!
ii) Chatbot & NLP capabilities – Did you know, 63% people would consider messaging an online chatbot to communicate with a business or brand!
Chatbots have become even more prevalent over the last few years! However, the introduction of Natural Language Processing (NLP) in chatbots means adding a more human touch. If you’ve built a chatbot, (Check out Grazitti’s chatbot on Facebook messenger!) you’ve probably noticed how several users attempt to ‘bully’ it with their questions and eventually throw it off! With NLP, you are able to train your chatbot by streamlining the responses.
If you’re looking for some guidance on some of these points, get in touch now! Don’t wait until the end of the year; reach out to us today and we’ll help you finish 2018 with a bang!
Want more help to spend your analytics budget? We’ve got your back!
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