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These figures are almost incomprehensible! But that is the reality of data growing exponentially. However, most of the data generated is raw and unstructured. For data to be of real use, it needs to be actionable. What does this actually mean?
Data being actionable means it has to be displayed accurately and in the proper context for insights to be derived from it. It should drive some of the following benefits for an organization –
- Improve decision-making
- Increase operational efficiency
- Enable customer insight
- Improve customer experience
- Enhance marketing strategy
- Develop new products and services
- Minimize expenses and increase revenue
The Challenges of Data Management
Organizations need a powerful data management architecture to effectively and efficiently handle and leverage data and make strategic business decisions. The architecture needs to be aligned with еvolving business needs and technological advancements to maximize the value derived from data assets.
Most businesses focus on being data driven with 71% of organizations claiming that they value data. But only 19% can boast of strong data management. This is because successful data management comes with its own set of challenges. The common hurdles an organization, with traditional processes, faces are –
- Growing Data Volumes
Vast volumes of data originate from different sources and get stored in multiple locations, on-premises and in the cloud and it requires tremendous efforts to standardize and transform the data. Different departments in an organization have access to various types of data, requiring IT assistance to prepare the data for use and then store and maintain the databases or files. With exploding data, it gets challenging to keep track of it.
This also leads to the problem of data quality. With the huge volume of scattered data, users may be picking up static and inaccurate data, which in turn will lead to inaccurate analysis and flawed decisions.
- Rising Infrastructure Costs
With big volumes of data come big operational bills. More than 80% of data managers have listed “cost control” as a big challenge for them. For instance, cloud storage has unending scalability but is expensive. Data warehousing solutions also have high operational costs.
- Restrictive Analysis
Traditional data analysis is limited, with the tools providing only half the insights and restricting a user’s ability to find insights, even if the data exists. With the time and effort it will take to convert the data, the analysis won’t happen or will be delayed, and the data will lose its value.
- Regulatory and Security Issues
With companies unable to protect their booming data, important data can become a liability. During the first quarter of 2023, over six million data records were breached worldwide. According to an IBM report, in 2023, on average, a data breach cost USD 4.45 million, an increase of 15% in 3 years. Businesses need to adhere to new data privacy laws and regulations worldwide in every industry.
This is where Quicklets come in!
Orbit’s Quicklets is the tool every organization needs on its data management journey. Quicklets can be used in any application to get precise, context-specific information at your fingertips in no time, without having to wade through all the various data and reports in ERP applications, such as Oracle, EBS, Salesforce, etc. It helps to improve efficiency and is the best way to democratize data in an organization, allowing for quick decision-making.
Why Quicklets?
- Instant and Unified Data Access
Information is constantly updated in real-time with business-critical information from multiple real-time sources or a central source, with all team members having consistent and up-to-date data. Quicklets can be used across domains and BI tools.
- Customizable or Pre-built Templates
Quicklets is simple and easy to create and can be started instantly without requiring any software knowledge. Users can either create as many of their own Quicklets as they want or use a pre-built template to meet their specific needs.
With Quicklets, data accessed from anywhere is all smartly arranged in one place and records are viewed right on the screen. For example, if the HR Manager of an organization wants to see the details of an employee (like date of birth, hobbies, performance, attendance, social media presence, etc.), she can use Quicklets, which will smartly arrange all the data, accessed from different sources in one place. This would not be possible otherwise with the manager having to navigate multiple sources and screens to get all the data.
- Well Organized and Accurate Data
Quicklets help access the precise information needed with minimum human interaction and errors. If there is information required on a certain product, Quicklets can be used to get the complete information in detail in a matter of seconds, organized on a single screen without having to go through multiple screens.
For instance, if the manager of a brand receives an inquiry mail regarding the availability of a specific product in different stores, instead of getting in touch with various teams to know the details, he can use Quicklet to get all the information right from the quantity available and in which warehouse, expected delivery, restocking time, etc. He can access the entire inventory on his screen within seconds without having to compile data from different sources. If some data is missing, a request can be run within the Quicklet, and the person in charge can feed it in. This allows the manager to quickly get back to the customer with exact details.
- Faster Decision-making
With quick and real-time access to data, Quicklets enhances productivity and faster decision-making. There is minimal human interaction, which reduces the risk of human errors. It supports Oracle Cloud ERP, and data integrity is ensured with consistent and accurate data.
Quicklets and actionable data in the future – Emerging trends, Innovation and Scalability
The landscape of data analytics is evolving and several trends focus on transforming unstructured data into actionable insights. Quicklets has proved to be a tool of the future by already setting these trends in motion. Let’s have a look at the top trends:
Smarter Analytics with AI:
This is changing the game with enhanced data analytics, speeding up processes and scalability. It is saving time and money.
Quicklets are AI-enabled and retrieve data-driven insights instantly without human intervention.
Data Democratization:
This is one of the best ways for all users to access data for complex analyses, including non-technical users, and make data-driven decisions.
Quicklets are self-service analytical tools and are the perfect example of data democratization.
Using Augmented Analytics and Generative AI:
Augmented analytics uses AI and machine learning and AI to automate data preparation and insight discovery. Gen AI has broken down all technical barriers to take data analysis to a new level.
Quicklets are user-friendly and use Gen AI and Augmented analytics to analyze data and simplify it, making it accessible to non-technical users too.
Integrating Natural Language Processing (NLP):
With NLP, human language can be processed to analyze customer sentiment, improve customer experience and communications, and offer tailored solutions.
Quicklets use NLP to help deliver precise information and analysis.
Focus on Data Privacy and Security:
With data booming, it is getting difficult to keep it safe. The future will see robust data governance and security to curb data breaches.
Quicklets come with stringent data privacy and security in place with access and display of information based on user authentication to protect sensitive information.
These trends indicate a future of greater integration and efficiency with AI-supported data analysis. They predict that organizations will thrive with adaptability and innovation in a constantly evolving environment using next-gen technologies.
Ready to try Orbit’s Quicklets?
Quicklets are created with the power to transform data insights into actionable strategies. It is Orbit’s robust data management capabilities that make it possible to build Quicklets and empower every professional with the data they need to make decisions quickly.
So, how are you preparing to tackle the explosive growth of data and leverage it for innovation and stay ahead of the competition? If you would like to experience the ease and efficiency of Orbit’s Quicklets, you can start with a FREE trial. Learn more at https://www.orbitanalytics.com/quicklets/
