In today’s digital world data is like air – it’s everywhere. Clean and fresh – brings life, but when polluted can be deadly.
Data analytics is at the center of the great transformation. It is an indispensable tool for organizations to uncover critical business insights and make smarter decisions. However, it is one thing to have data analytics capabilities in your organization and another one to use them to create actionable insight. Two challenges businesses face when it comes to decision-making are data quality and decision coverage. Data quality refers to the trustworthiness of the data and how it impacts decision-making. Decision coverage refers to how the number of decisions you can make based on a given amount of data. This can vary a lot depending on where you are in your value chain and your level of exposure to data.
In this article, we will discuss the challenges and importance of implementing data analytics solutions, and how well we can overcome these challenges with RAI Base the Data Analyst. Enjoy while reading.
The Primary Challenges for Data Analytics and Management
Trying to find the right data when you need it, under a tight deadline can be exhausting. Especially if you’re in the FMCG / retail or commodity trading industries, you know what we mean: you have to act fast to keep up with the race. In these industries, data is always changing, and it’s important to be able to find the right information at the right time.
All organizations in the supply chain need to understand their exposure and how they can affect the market. Whether you’re a retailer or a trader, having access to high-quality data, and being able to use that data to create actionable insights, is critical to all managers’ exposure along the value chain. Any of them need to understand their own exposure and potential gain from adapting to market changes. With well-executed data management, professionals can avoid headaches that go along with inconsistent data because it standardizes definitions and increases accuracy.
The majority of data management in FMCG and commodity trading occurs on timescales greater than fractions of a second, and choices are made to optimize operations of huge asset portfolios over the long run rather than focusing on short-term monetary benefits. That’s why anyone with considerable data exposure, not only the most active participants, has to manage market data first.
The problem is that data analytics is not straightforward—it’s actually very complex. In addition, many organizations lack the expertise needed to implement solutions that leverage their data effectively. And handling the struggles in real-time collaboration on data, sharing data with diverse teams, and tracking development on ‘relevant’ data are the keys to success. You could use a spreadsheet or Google Docs—but those aren’t built for real-time collaboration or pulling in real-time data from multiple sources. But what if you could have a reporting analyst who not only knew how to find the right data but also knew how to share it with your team? You will learn the answer in the upcoming sections of this article.
With the help of advanced data analytics systems, organizations can make smarter and faster business decisions. They can get more out of the data by gaining access to actionable insights that were previously inaccessible.
Implementing Data Governance and Analytics Solutions
The process of ensuring that data quality, accuracy, and currency are consistent across an organization are the elements of data governance. It’s a critical aspect of business intelligence (BI) and analytics, especially when dealing with large amounts of data.
The lack of standards for data quality and workflow practices can lead to inconsistent data across different teams or projects within an organization. This can cause problems ranging from wasted time on redundant work to errors in critical decisions based on bad data results. Data governance helps mitigate these issues by creating policies that ensure consistent practices so that no matter who creates or uses the data—it will always be up-to-date and accurate.
That’s why every organization requires attention to data governance. It’s a process, not a goal, and it won’t happen overnight. It has the ability to improve planned decision-making, quality, cost, and efficiency if done correctly. Moreover, a robust data governance policy boosts the motivation of the team, who know they can trust the data they work with every day.
Yet, Revenue AI Has a Data Analytics Solution to These Challenges
We created RAI Base, a.k.a Data Analyst: a smart AI reporting analyst who lives inside your team messaging platform of choice (like WhatsApp, Telegram, Teams), and helps you find exactly what you’re looking for when you need it. He provides a central place for all relevant information, and a secure framework to access data. He can pull together all relevant information from different sources into one place, so you don’t have to worry about leaving anything out or losing track of what’s changed since yesterday.
All in all, he makes it easy for you to unlock the maximum potential of your data analytics by solving mapping problems and connecting your organization with the right data via artificial intelligence, which will help you make sense of the data at your disposal. He helps you establish best practices in your organization so that everyone has access to accurate data on an ongoing basis.
With RAI Base, users can ask natural language queries to gain relevant, on-the-fly insights in real-time as they’re needed within integrated platforms—instead of having to wait for someone from another department or team to get back with them by email. It is possible to ask questions like “what was our profit margin this quarter?” or “what was the average price per gallon for soybean oil last year?” The AI will instantly provide useful insights into those numbers without any human intervention required.
Get Notified About Previously Determined Target Data with RAI Base
When we say that RAI Base is a smart AI tool, we really mean it. He is designed to help businesses make the most of their data, and one way it does this is by sending notifications about changes to shared data. The notification feature of RAI Base is one of the most important additions to its arsenal. He allows you to set up push reminders and alerts for the latest updates on your previously determined target data, which helps you to increase your productivity by 90%.
Drive Data Democratization in Your Organization
RAI BASE is a smart AI reporting analyst that has proven himself as an effective data analytics and management services provider in several data-intensive industries like FMCG / retail and commodity trading. He was created by people in Revenue AI who know what it takes for organizations like yours to succeed in today’s competitive business environment—and we’re excited about helping you do just that. With RAI Base, you’ll never have to worry about missing out on crucial information again!
Consider getting your demo to learn more about how RAI Base can empower your business’ growth by ensuring data accuracy and increasing data-driven decision-making.