How important to use a Modern Data Stack to unify BI and ML to drive business innovation.
Data-driven companies are 23 times more likely to add customers and 9 times more likely to retain customers. Delivering actionable insights from all the data sources in your business has long been the goal of companies across all industries. Utilising this data in the correct way has led to companies reporting being 19 times more profitable and 1.5 times more likely to report revenue growth of greater than 10%.
You can use AWS, Fivetran, Databricks and Tableau as a start. It is important to understand how to leverage a best-in-class data stack that enables all forms of analytics, machine learning and BI workloads to drive innovation in business.
To be competitive, modern companies must be agile and make smart business decisions based on data, not hunches. Unfortunately, important data is often spread across multiple departments and teams, creating siloed thinking and making it challenging for leaders to get a holistic view of the business.
In an applied example, the sales team manages data related to the CRM, sales conversion and more; support holds the keys to customer success and support metrics; procurement knows the facts on supply chain management; and on and on. Mission-critical data is housed in different departments and managed by disparate teams.
What’s needed is a solution that will enable data-driven decisions and quicker time to insight by integrating important data for centralized analysis and business intelligence.
The ultimate goal is a single source of truth. It is DATA.