By now, you’re well aware of the essential role data plays in making informed decisions about your business. Analyzing the data can tell you which items to restock, which sales reps are most productive, and which costs are increasing or decreasing.
The Problems with Pre-Aggregated Data
But in order to develop the most effective insights and make the best decisions for your business, you’ve got to reference real-time data. If you’re still relying on pre-aggregated data provided by your IT team, you’re making two mistakes: you’re basing business-critical decisions on outdated data, and you’re wasting IT resources.
Let’s say that you want to compare available units—your supply—with products on order—your demand. Not only do you need this information in order to restock, but you must also look at the most accurate data in order to reallocate resources as necessary. For instance, if customers are ordering striped leggings in far greater quantities than polka-dotted leggings, you can convey that information to your manufacturer and let them know it’s time to bump up production on the stripes.
Here’s one problem with relying on pre-aggregated data to make these decisions about supply and demand and sales trends: By the time the data gets to you, it’s at least 24 hours old. What if there was a sudden surge in orders of polka-dotted leggings during that time period? You may need to restock the polka-dot pattern, too, but you’ll have no way of knowing until you run the numbers again.
There’s another drawback to pre-aggregated data—you can’t immediately visualize the information to easily spot trends. Instead, you have to wade through rows and rows of information in a spreadsheet or export the data to Excel and manipulate it there to create charts and graphs. Neither process is particularly efficient.
Why You Need a Visual Analytics Solution
By choosing a visual analytics solution that integrates with your existing CRM or ERP solution, you’ll never have to rely on outdated data. And thanks to self-service access, you won’t have to turn to your overburdened IT department to supply you with information. You’ll have real-time data at your fingertips, integrated directly into your existing workflow. You won’t have to waste time logging into a separate business intelligence solution to find the information you need.
In addition, with the right visual analytics solution, everyone on your team will have access to the same data. It’s a single source of truth that allows you to focus on developing insights, rather than reconciling multiple data sources.
A robust visual analytics solution allows you to make crucial decisions more quickly. You can create and share data visualizations in minutes, based on the most up-to-the-minute information. And because you’re able to spend less time prepping and manipulating the data, you can spend more time developing useful insights.
Our iCharts | Cloud Enterprise customers have another advantage, thanks to prebuilt dashboards. We’ve used our deep expertise within specific functions, including finance, sales, supply chain, and customer service, to create best-in-class prebuilt dashboards for each function. By identifying best practices and creating dashboards that support those practices, we’ve given busy executives an additional way to tap into the power of visual analytics.
Don’t run the risk of making an ill-informed decision based on outdated information. Instead, put the power of real-time data to work for you with iCharts.
We invite you to learn more about the iCharts portfolio, so you can see why everything is better with visuals.