In the world of big data and analytics, solely using your instinct to make smart decisions doesn’t make good sense. However, 41% of business leaders reported that they rely too much on intuition and not enough on data. Predictive analysis is less about instinct or gut feeling but more about actionable information and decisions.
Take a hypothetical business case for example. One of your critical projects is falling behind your expectations and over budget. In a review meeting, your manager asks if it’s worth replacing the employee or moving to a new technology platform that makes sense and increases the likelihood of success. After a quick deliberation, you intend to replace the manager to curtail the cost.
Our brain has to constantly juggle between multiple responsibilities and be responsive at a time. Although executives want to become more data-driven and action-ready, the majority of companies are making critical business decisions based on gut feelings and intuitions. These executives constantly face the need to make decisions at the drop of a hat and therefore start to make decisions based on their instincts which are not correct most of the time.
Replace yesterday’s gut feeling with insight-ready BI tools
As per Ewan McIntyre, research director of Gartner, “ Yesterday’s gut feeling can now be replaced with data-driven marketing cultures where decisions are made based on fact and insight during his session on cultivating a data-driven culture.”
So, the time is right to invest in one of the best data analytics products that can help you with insight-ready intelligence.
Following benefits are commonly observed while deploying Tableau software.
1) Foreseeing trends
Business Intelligence software operates in real-time and gives you the most up-to-date data. By having accurate details of your historical sales patterns, you are able to project future revenue, sales, and customers and be ahead of all competitors. Further, you can drill down further like how many new customers have you gained each month/quarter/year? How many customers have you lost each year? And how many sales per month do you achieve per year or month?
2) Create realistic targets
Tableau tool helps you to set realistic targets and forecast the number and value of sales you expect to see from your team. You can then set targets accordingly and inform your sales team about the numbers and figures. Further, you can dive deep and identify the sales target you wish to achieve in the year ahead, by quarter or month, and set realistic sales targets for your department.
3) Eliminates Guesswork
Why waste your time on mere guesswork when you can gain useful insights on business processes. If you search from the best data analysis software list, you will find Tableau is a robust data visualization software for your business to gain real-time actionable insights, forecasting, and avoid “what-if” scenarios.
4) Provides easy access to vital business metrics
Your employees can use the Tableau software to access important information such as dashboards, business metrics, and other key reports on the fly. They can scan and have all the information ready at the time and place they need.
No matter whether you’re still building out dashboards or implementing advanced analytics – it all comes back to trusting your data. If you can’t trust your data, you’re losing out on many potential opportunities. In this fiercely competitive environment, it becomes imperative to be data-driven and have insights ready at the moment. So, it pays to invest in robust data visualization software for the good. You can envision a sustainable and resilient path for your business by giving a sound foundation with the best Tableau software.