As a business owner, you are constantly faced with difficult decisions that can majorly impact your company. You need access to accurate and timely data to make informed decisions. Unfortunately, your data is scattered across multiple systems, and it isn’t easy to gather and analyze.
This is where a data observability platform comes in. Data observability is a term that is becoming more and more popular in the age of big data. But what is it, and why do we need it?
What is data observability?
Data observability is the ability to monitor and understand all aspects of your data in real-time. This includes everything from data collection and storage to processing and analysis. It also involves tracking the data itself for anomalies and understanding how it is being used.
The benefits for businesses
Adding a data observability platform to your business strategy has numerous benefits from an organizational, financial, and customer service perspective. According to a recent survey by New Relic, data-driven companies are six times more likely to be profitable than their non-data-driven counterparts.
Improve Decision Making
Data observability helps improve decision-making and adaptability when change is needed. When you have a clear picture of your data, you can identify trends and patterns quickly and efficiently. You will make better decisions about the direction of your business, products, and services.
Optimize business processes
If you can’t understand the data that you’ve compiled, how can you use it to move your business forward? Data observability helps you optimize your business processes. You’ll catch bottlenecks and inefficiencies, allowing you to make changes to save time and money. According to a study by The Economist, the average business wastes 6% of its revenue on inefficiencies. This amounts to a global loss of $2 trillion each year. That’s a massive part of your company’s bottom line!
Enhanced customer experience
Data observability can improve the efficiency of your customer service by helping you understand your customers on a deeper level. You can track customer behavior over time, identify trends, and calculate what drives customer engagement. By understanding how your customers use your product or service, you improve your marketing strategies, design better products and services, and provide a better overall customer experience.
Detect Fraud
Another significant benefit of data observability is its ability to detect fraud. Did you know fraud costs businesses an estimated $3.5 trillion annually? Just think of how that kind of money could benefit your company annually. It could be saved by simply using an observability platform to identify abnormal behavior in your data.
Being able to detect and prevent fraud also keeps your customers happy and builds trust. In fact, 86% of consumers say they would take their business elsewhere if they were the victim of fraud, according to a study by Javelin Strategy & Research.
Getting started with data observation
If you are not already using a data observability platform, now is the time to consider one. Implementing a data observability platform is a wise investment for any business that wants to stay competitive in today’s marketplace.
When researching brands that may be a good fit for your business, look for a platform that is easy to use and provides the features and functionality you need. It should also be scalable so that it can grow with your business.
If you need help choosing a data observability platform, speak with an IT consultant or your software vendor. They can help you find the right platform for your business needs and make the transition to data observability as smooth as possible.
Final thoughts
Data observability is becoming increasingly popular in the age of big data, and for a good reason. This technology can help businesses of all sizes make smarter decisions, improve operations, and lead to better relationships with customers and clients. The right platform can help you save time and money while improving the overall efficiency of your business. Do you use a data observability platform in your business? Let us know in the comments below.
