Phrases such as “big data” and the use of complex analytics platforms have become a prominent feature of modern businesses. Traditionally, analysis of business performance or other business activities was conducted by skilled statisticians who would interrogate data manually. As computer processing became more sophisticated and powerful, data analysts could automate some of the steps needed to gain insights from voluminous data. For example, a decade ago, many businesses relied on packages such as Microsoft Excel and Access to undertake a large proportion of their data analysis tasks.
Using simple prompts and coding, graphs, and charts could be produced automatically once the data is entered into the system. However, the latest analytics packages in modern business can offer improved insights into data and application performance. They are far more competent at processing high-volume data from multiple sources and producing information that can lead to actionable insights. This article will describe some of the key reasons why these platforms are so important to modern business.
Reduce uncertainty
Many high-level business decisions involve a degree of uncertainty. For example, business expansion plans may be affected by socioeconomic factors whose influences on the venture’s ultimate success may not be fully apparent. Business intelligence platforms such as Microsoft Power BI and Datapine allow complex and voluminous business, performance, or market data to be taken from multiple sources. This data can then be seamlessly combined and subjected to advanced analytical processes.
Insightful dashboards and key insights can be gained from this data that can be used to validate or disprove important business plans. By relying on data-driven decision-making, market and business factors are fully considered. Put simply, this helps to dramatically reduce the uncertainty that is inherent in complex proposals and may help to improve the success rate of future ventures.
Monitor and maintain your cloud operations
Analytics platforms are not limited to assisting in business decision-making. They can also be used to monitor and control the performance of your cloud-based digital infrastructure. Many businesses now operate from the cloud and have multiple applications, software, and pieces of code that are managed by application programming interfaces (APIs). APIs allow different pieces of software to function together effectively, but there is also a need to monitor APIs and API gateways. This is where API analytics platforms are needed.
These platforms allow IT professionals to effectively monitor the vital signs of all parts of the API infrastructure. Error rates and latency can be measured, and traffic behavior (including anomalies in traffic or access requests) can be monitored with this form of analytics. Put simply, API analytics platforms are becoming a vital part of modern business to ensure efficient and safe cloud-based operations.
Save time and money
Finally, analytics platforms in their many forms all help to save a business time and money. As previously mentioned, traditional data analysis methods were typically time-consuming and required skilled staff. Today, BI platforms can process and analyze extremely high volumes of data far more efficiently than could be achieved with a human workforce. In addition, high-level analysis of online assets and cloud behavior can help to protect a business from acts of cybercrime, thus reducing the risk of expensive remedial actions after a successful cyberattack.
