In the past decade, advanced analytics has come a long way. Beyond simple call insights, companies can now track how teams from every sector work collaboratively.
Work devices are often connected by a single centralized system, so business leaders can track productivity and strengths at multiple levels, from individual employees to cross-department collaborations.
Today, there are many platforms available to organizations that provide access to the latest collaborative analytics tools.
Various players like Sigma, Cisco, and Tollring are already offering diverse hubs that provide better call recording management and call quality insights than ever before and to organizations of all sizes.
These insights are perfectly packed into digestible, user-friendly interfaces within accessible software, so everyone in an organization, not just the data team, can use them to innovate.
Maryville University’s deep dive into their online master’s program in business data analytics discusses a boom in the industry which has led to a 13.2% compound annual growth rate in the field. In fact, global big data revenue is expected to grow to $274 billion by 2022, while the annual amount of data created worldwide will hit 180 trillion gigabytes by 2025.
Big data is powering collaborative analytics technologies that will ultimately load to more success for data-driven organizations.
The Benefits of Collaborative Analytics
There are various ways to demonstrate the benefits of collaborative analytics, but they fall under two distinct categories: business and individual. Both a business as a whole and individual employees can improve and grow based on interactions with company data using the analytics tools at their disposal.
According to a recent CGMA report on improving decision-making in organizations, business intelligence tools are more likely to give companies a competitive advantage now that software is more efficiently integrated into cloud computing and in-memory processing. The same report also notes how 46% of corporate executives feel their decision-making is impeded because of a lack of data and too many irrelevant factors.
Usage statistics show, subsequently, that working with the correct metrics and information tools can significantly speed up the decision-making process and even lead to better quality decisions. When the best resources are provided to leadership teams, companies can better foster innovation and improve productivity. With higher rates of productivity, the bottom line naturally increases as revenue streams improve.
When it comes to individual employee growth, collaborative business intelligence opens up the possibility for more KPIs that can be measured and rewarded accordingly. Collaborative analytics is an effective way to spread knowledge across an organization. Barriers in deliberation, communication, and creativity are rooted out and dealt with more easily when modern platforms for collaborative analytics are properly deployed.
The Growth of Analytics Tools and Techniques
As remote work continues to see rapid growth, we can expect to see the development of the capabilities of existing software to address new challenges. As various industries seek to bolster performance and accelerate their growth, a lot can be taken from software vendors vying for the top spot.
A solid example can be seen in the major Fortune 500 players adopting solutions to leverage digital solutions and new leadership structures, hot on the heels of sizable growth. In 2018, the majority of global organizations had already employed a Chief Data Officer. Forbes even reported a surge in business intelligence penetration for small organizations in the year prior. A data-driven culture was also reported to be among the top priorities for business intelligence before the pandemic.
In a post-coronavirus world, adoption is expected to increase as more organizations operate remotely. Because technology has reached a point where powerful processes can be achieved in mere seconds, there are few to no hurdles in the way of organizations integrating these tools into their operational platforms.
As smaller vendors like Knarr come out of the woodwork, solid data analytics that foster collaboration are accessible even to small businesses and start-ups. Where different teams may not have been able to see weak points in their organizational structure, collaborative analytics comes in to usher in a more aligned future.