Big data keeps playing a significant role in countless industries, especially as the post-COVID world settles. Today, companies can’t overlook the advantages of in-depth data analysis methods and solutions.
That’s particularly true in real estate and similar industries. Data analysis’ benefits flourish where financial information is plentiful. Insight Software recently released its three fundamental trends growing this year.
Focused on the financial sector, it gravitates around data visualization, and it makes compelling arguments comparing the economic landscape with medical and science examples.
What do these trends mean, and what can you do to leverage them? The first step is to modernize your company. Working with a professional software implementation service is a crucial advantage.
Data visualization tools and democratization
The first trend is how data visualization keeps becoming easier in management and deployment. Most modern digital solutions, like Yardi’s ERP software, allow you and all users to access the data they need at all times.
Instead of creating security issues as more people can visualize said data, it streamlines multiple business processes. Data management used to depend on dedicated departments and infrastructures.
Today, users can leverage the required data immediately, and that means efficiency.
1. Users can take care of more tasks
At its core, democratization enables your users and resources to perform more processes with minimal onboarding and training.
It allows every team member to register and use the data required for their daily developments. It beats the traditional obstacles from business management and collaboration: limiting data access to specific roles.
2. The competitive advantages from adopting this approach
This information distribution allows a company’s resources to perform more effectively. It impacts your organization’s operations and decision-making throughout multiple departments. It empowers your teams, making them more independent from others.
3. What should you keep in mind?
On the flip side, data misinterpretation can backfire considerably. Users with minimal experience in data analysis pose the main risk.
That means that intuitiveness to reduce onboarding complications becomes crucial. Thankfully, most apps today offer stellar interfaces, reducing clutter and error margins.
Holistic approaches to data analysis
Secondly, companies move to a more holistic methodology in software implementation. Data analytics and reports previously focused on particular platforms. It limits business managers to the information available for specific systems.
Today, most apps work with APIs, and this enables extensive cross-platform integration possibilities. Your ERP can connect with CRM solutions, such as Salesforce, which produce considerable amounts of data.
That means managers can access marketing, sales, financial, and other data categories from one dashboard.
1. Software integrations need to expand
Sadly, app connectivity still needs to include more substantial information flow. Reporting tools are usually unavailable between unique systems, and this constitutes a significant hurdle.
However, APIs have influenced the technology industry significantly. The benefits and possibilities of software integration continue to cover more ground as time goes on.
2. Companies can streamline their operations
Accessing all the information necessary from one dashboard makes it easier to collaborate between teams. It’s more noticeable when we consider dedicated collaboration platforms.
Management resources spend less time assessing individual departments’ performance. The benefits manifest throughout entire companies.
3. What should you keep in mind?
When implementing new software into your company, you must consider its integration properties and open APIs capabilities.
With the proper software selection, any company can connect their entire databases and features with little effort.
Data visualization and business improvements
Finally, data visualization keeps gaining more attention by business managers looking to design new projects and initiatives. Reports provide invaluable insight into a company’s performance and which changes can optimize operations.
Analyzing past performance and common pitfalls is a critical advantage for ensuring future projects’ success. However, data analysis goes beyond studying the past.
Current developments allow companies to assess possible outcomes based on history. It essentially looks at the future with a new perspective. That’s why you should consider integrating an AI intelligence & data forecasting solution ahead of your competitors.
1. Power plants: An excellent example
POWER Magazine has a fantastic article detailing how data analysis is invaluable for power plants. Essentially, it explains that generating value from data is a new challenge, which can translate into noticeable developments in operational efficiency.
Power plants generate virtually endless amounts of data. It’s not different from industries like real estate. Leveraging this data enables them to analyze problems more extensively and optimize their operations as a result.
2. The principles apply to most industries
Most sectors generate significant data quantities today, especially with how many digital apps make up companies’ standard structure.
Real estate, healthcare, logistics, and other sectors can apply the same approach to optimize their processes. Data-led decision-making keeps gaining more ground as managers realize its benefits.
3. What should you keep in mind?
Any company needs to realize the information they can gain from data, even from past failures. It would help if you had a centralized dashboard to keep all this information at hand.
Additionally, it would be outstanding if you considered integrating advanced automation scripts. They streamline data management, organization, and accuracy.
What does all of that mean for you?
We can simplify these trends' consequences as the need for digital adoption. Leveraging data availability today goes beyond a competitive edge. It's becoming the standard for numerous sectors, and neglecting it means handicapping your business.
Our main recommendation is to embrace a digital adoption strategy and execute it effectively. Most software solutions for business and project management offer these advantages.
Yes, it means a prominent investment. However, the benefits you can reap from these solutions are worth more than any project. That’s particularly obvious when we consider the market’s rapid standardization of these methodologies.
The need for a professional technological partner
Lack of expertise is one of the primary reasons why tech implementation is challenging. Most companies have a general idea of what they need. Regardless, they lack the experience and knowledge necessary to translate those ideas into tangible outcomes.
Want to Streamline Your Business Workflow?
If you’re considering implementing new technology to attain these benefits, make sure to contact us for expert consultancy and solutions. The Assetsoft team can help you find the right ERP for your business. Know how ERP integration will help you get better results, and how you can make data integration between various departments simpler.
Talk to us to know how we will help you find the right technology and integrate the ideal solutions for your company.