When it comes to digitalisation, big data and automation have been topping the trends for the last few years. Companies are continuously adapting and trying to keep up as they transform across to more modern processes. When it comes to data, a surprising number of companies still rely on traditional Excel spreadsheets to gather and evaluate their data.
Data is often siloed within business units or teams, but in fact, even individuals can be sitting with their own data analysis which is not shared with the wider team or management. This is a good way to ensure a bottleneck in the flow of information and a lack of transparency.
While Excel is great for data analysis, the spreadsheets can often become extremely complex and much of the data analysis ends up hidden amidst formulas and calculations. Unless, those using the data are the people creating it, analyses can often end up lacking transparency for other parties.
Excel sheets also have limitations when it comes to sharing. Data can easily be edited or removed and often spreadsheets are simply updated instead of added to, meaning historical data is lost. There is no real-time sharing so once saved, the data is out of date. Spreadsheets can easily break and often, sheets or tabs do not have obvious names so hours can be lost searching for tables. These risks can easily be eliminated.
Data is tracked and analysed in order to gain actionable insights. Very often people don’t want to get bogged down with the data algorithms, formulas and calculations. They just want to know the key highlights (or lowlights) and what actions they have to take as a result of that. At Lighthouse8, our Business Intelligence team and K8 have saved our consultants hours by moving away from manually gathering and updating individual data files.
Instead, the data is updated regularly e.g. daily, weekly, through an online report. This keeps our client’s in the know at all times, allowing them to be more involved and providing easy to share reports they can distribute within their company. This solution means that data from multiple sources can be aggregated, including client databases and online sources. Customised and up-to-date data is collated and presented in an easy-to-understand format. Simple graphics and easy navigation, together with consultant support and advice, allows you to be secure in your next steps towards digitalisation.