The research and planning that went into corporate strategies always demanded a wealth of resources, time and budget, while the insights gathered would take so long to become clear that the entire process would have to begin far ahead of a deployment or new initiative. However, modern reporting analytics solutions have completely changed the game when it comes to decision-making, market research, planning and strategic oversight, all the while streamlining virtually every facet of data management.
From reducing the rate of error to speeding up the process of turning massive quantities of metric-related information into powerful intelligence, reporting analytics have transformed the general practices of companies in a relatively short period of time. Business intelligence has come a long way since the turn of the century, and one of the main themes has been the increasing availability and accessibility of the most advanced solutions regardless of the backgrounds of companies.
Smaller firms, as well as those that have not traditionally staffed a large IT department, are now capable of deploying and leveraging reporting analytics tools to boost their decision-making and enhance the effectiveness of general information management. Taking a look at industries that are content-intensive and how they are navigating these landscapes can give other firms a better idea of what needs to be done to achieve strong metrics-driven decision-making.
Media industry evolved
The Columbia Journalism Review recently published an article regarding the increasing prevalence of metrics-oriented strategies in newsrooms, as well as the impacts the relevant technologies have had on culture therein. According to the news provider, one of the main advantages of taking this approach is that it essentially democratizes decision-making, effectively including more employees in the newsroom in high level strategic oversight.
Citing research from Caitlin Petre, a student at New York University who is looking to identify how analytics and metrics-driven decision-making is impacting journalists and other professionals, the source pointed out that there are struggles involved as well, especially by way of culture.
"Metrics inspire a range of strong feelings in journalists, such as excitement, anxiety, self-doubt, triumph, competition, and demoralization," Petre explained, according to the Columbia Journalism Review.
The same types of emotional responses can be seen in virtually any organization, especially as advanced metrics and the deployment of reporting analytics quickly transform the ebb and flow of corporate processes. Handling the challenges and capitalizing on the opportunities can be a difficult task, but is one that begins with the focus on employees and culture ahead of implementation.
The news provider went on to affirm that metrics cannot yield improvements all on their own, and that adopters need to ensure that they are using analytics in a way that actually enables stronger performance among employees.
Same story for other industries
Because of how new and complex reporting analytics solutions truly are, business leaders should recognize when they need some form of support in implementing, managing and optimizing the investments. Additionally, decision-makers will need to understand the stresses and anxieties of employees who are tasked with using and maintaining the new solutions, working to prepare and support them throughout the life cycle of each deployment.
When in need, companies will always benefit from the support of a software vendor that can at once ensure that the reporting analytics solutions are properly integrated and maintain the functionality of those tools over time. Businesses that do not embrace modern analytics solutions might begin to struggle when trying to compete with others in the market that have, as the benefits of data management efficiency and decision-making accuracy are vast.