Analytics | 2 Min Read

Data Analytics: The Tool to Turn Your Data Into Gold

August 24, 2023

Applied Systems logo By: Applied Communications

Data is a rich and abundant resource in today’s digital world. According to Accenture, the world produces five exabytes (the equivalent of five billion gigabytes) of data daily. By 2025, this is set to rise to a rate of 463 exabytes per day. As data continues to multiply with no end in sight, there is an even greater need to leverage all data sources – internal and external, structured and unstructured – to more clearly understand your business today and in the future.

“Never before has so much data about so many different things been collected and stored every second of every day. In this world of big data, data literacy – the ability to analyze, interpret, and even question data – is an increasingly valuable skill.”

– Jan Hammond, Harvard Business School Professor

But how do you turn your data into gold-mine-worthy insights so you can truly benefit from it? This is where data analytics comes into play.

Data analytics uses specific technologies and business processes to gather, organize and analyze a company’s existing data to provide greater insights into its operations for faster, more informed decision-making. It's more advanced than traditional reporting in how it analyzes data and delivers multiple levels of analysis via highly graphical, interactive dashboards. Data analytics solutions are also automated and use real-time information, eliminating the reliance on manual reports that are time-consuming to create and likely contain outdated information. 

Why Tap the Gold Mine?

Information is like currency. The ability to have actionable business insights at your fingertips is an invaluable asset that directly influences the success of your business. A report by business intelligence company MicroStrategy cited the riches awarded to those who use data analytics, including: 

64%increased efficiency and productivity

51%improved financial performance

44%enhanced customer experience

How can you strike it rich and experience these benefits at your company? Read our Unearth the Power of Data Analytics eBook for steps on how to make data analytics work at your agency and tech recommendations to become more data-driven.

Applied Systems logo

Applied Communications

For more than 35 years, Applied Systems has led an industry we helped to create with a mission to continuously improve the business of insurance. Insurance agencies and brokerages have faced new challenges and demands on their businesses over time, and we have been there to guide them. Since 1983, Applied has been at the forefront of insurance technology, leading the way through innovation. As the insurance industry becomes increasingly global, we are delivering new technology and expanded multinational capabilities for this changing marketplace.