Although reporting analytics are most commonly applied to corporate accounting and record-keeping needs at first, and big data is generally first targeted at market research for advertising purposes, the potential uses of these technologies are vast. Companies are already beginning to understand how reporting analytics can be leveraged in a wealth of decision-making procedures, as more timely acquisitions of accurate insights can have a profound impact on the success of leadership.
One of the more commonly discussed applications of big data and reporting analytics in the past few years has been security, as intelligence garnered from advanced record-keeping and analysis can help firms sidestep vulnerabilities that would otherwise lead to breaches and exposure. Especially in today's threat-filled private and public sectors, the implications of enhanced intelligence to protect against highly savvy hackers and other risks are substantial and positive.
Taking all of this a step further, reporting analytics might be just what firms need to completely overhaul their general risk management strategies and procedures – not just to protect against data breach but also loss of any kind. With the economy still getting its footing after the height of the Great Recession, the margin for error is still extremely small in business, and taking any and all precautions to defend against loss and disruption is critical to sustaining operations for the long haul.
Analytics in risk management
The Consumerist recently argued that big data and analytics might represent one of the better options out there today to conduct recalls in industries that manufacture and sell products, such as food and automobiles. If one were to look through the headlines on any given day, he or she would likely not take all that much time to land on a news story regarding a major recall in a consumer products industry, especially considering the scale to which mass production has grown in the past several decades.
Intelligence, accuracy in reporting and other matters will always help to streamline risk management when applied in this fashion, and taking these steps to become a bit more progressive in safety can have a profoundly positive impact on any organization. According to the news provider, the two most pressing and challenging aspects of recalls involve timeliness and effectiveness, as damages can increase exponentially in a relatively short period of time in many of these situations.
Considering the fact that the two most advantageous aspects of analytics include more timely accumulation of insights and greater accuracy of information, connecting the tools to needs within a recall situation should not be all that difficult. In fact, the source pointed out that regulators and others gathered in Washington, D.C. to try and come up with more effective methods of conducting recalls, and data analysis and utilization were the most prominent topics of the bunch.
Interestingly, the experts at that meeting found that recall notifications can be made more effective with respect to being written and packaged in a way the recipient understands when leveraging analytics.
Risk management is simply a core business responsibility, regardless of which industry a firm might be competing in or how long it has been in operation. From the avoidance of regulatory issues and downtime to the strengthening of continuity and sustainability, intelligence solutions have clear applications in the discussion of proactive threat mitigation, and even reactionary procedures when completely necessary.
Reporting analytics can have this positive impact on the risk management aspect of operations, while simultaneously boosting daily performance on a large scale given the enhanced ability to improve decision-making every step of the way.