Predictive analytics transforms data into actionable insights, but only when combined with the decision-making process. As businesses become more adept at predictive analytics, data harmonisation becomes critical to success.
What exactly is data harmonisation, and why is it important?
Using Data Harmonization to Gain a Better Understanding of Your Business
Consider attempting to leverage the massive amounts of data available to any reasonably sized business. You do not have the luxury of time; you must make quick decisions. However, how can you determine whether the data is accurate? Which of the numerous data sources should you believe?
Numerous clients have contacted us with similar concerns. To address these concerns, we advocate for data harmonisation.
To put it another way, data harmonisation is the process of establishing a “single source of truth.” It accomplishes this by combining data from various sources, removing any potentially misleading or inaccurate information, and presenting it as a whole. This means you can see everything and anything that helps you make decisions, including financial data and business performance, in a single window.
Data is coming at you from a variety of directions. However, once it is standardised, it is cleaned, sorted, and aggregated to create a complete picture. Additionally, everyone views the same data. As a result, it’s easier to recruit new employees and steer your business in the right direction.
What Benefits Can Data Harmonization Provide?
Apart from providing a consistent reference frame for your entire organisation and preparing your business for predictive data analytics, data harmonisation provides four tangible benefits:
1)Provide access to novel techniques: Data harmonisation, in its simplest form, improves the quality and utility of business data. As a result, it enables the rapid and cost-effective deployment of advanced techniques such as machine learning, artificial intelligence, and the Internet of Things.
2) Making Confident Decisions: You are not required to wonder if you are receiving the complete picture. You can put your complete trust in the accuracy of your data. As a result, you can proceed with greater confidence and make more informed decisions.
3) Reduced Wait Time: If you have a “single source of truth” that is updated regularly or in real-time, you don’t have to spend time reviewing, rehashing, and tracking multiple data sources. The information is there and you can make a decision about it. This makes the company more agile and more sensitive to changes in the market.
4) A Smarter Workplace: Assume you begin using standardised data with a single team. As your system matures and accumulates additional relevant data inputs, replicating the process in other business areas becomes relatively simple. Additionally, as usage and adoption grow, the system develops into a robust knowledge repository. Once again, your entire organisation benefits from increased adaptability and activity.
The use of data analytics is increasing. Data harmonisation should be one of your first goals if you want to take advantage of the power it provides!