How Your Company Can Leverage AWS Data Analytics for Growth
Amazon Web Services (AWS) makes leveraging big data easy through their AWS data analytics platform. What's more, if you partner with a hosted managed services provider like ERPA, you can maximize your data potential and not break the bank.
It's no secret that data-driven business decisions help companies succeed. Business leaders need to gather, sort, and prioritize data analytics in a way that positively influences company finances, HR management, IT logistics, and all the in-betweens.
Industry research compiled by tech job hub Leftronic showed that over two-thirds of enterprise companies that had experimented with big data initiatives decreased their operational costs. This was because the initiatives increased the companies' efficiencies.
Save time and money . . . and grow your business in the process? Sounds like a no-brainer.
AWS data analytics, along with unique opportunities presented by AWS Data Lakes, can make the most of your data with a simple, intuitive process.
AWS Data Analytics and Data Lakes Explained
Let's start with the basics. Amazon Web Services offers an abundance of cloud-based and hosted business management service options. One of the most useful is AWS data analytics.
AWS data analytics enables businesses big and small to implement unified data access through their convenient portal while it provides the best price-performance, scalability, and the lowest cost.
Data Analytics—both the AWS platform and the concept as a business process—creates a hub around which your business's data movement, data storage, big data analytics, business intelligence, machine learning (ML) capabilities, and more all come together. From the AWS data analytics dashboard, you can collect, organize, and prioritize information that can then be used to inform important business decisions.
AWS data analytics is unique because it uses something Amazon calls “Data Lakes.” Data Lakes are centralized data repositories that let users store structured (and unstructured) data at any scale. Think of an AWS Data Lake as a large body of data through which you can operate fast, free analytics processes and not have to structure them or define data scopes first.
AWS data analytics makes use of both Data Lakes and Data Warehouses, but Data Lakes provide the broadest, fastest information assessment.
Now that you've been introduced to the concepts of AWS data analytics and Data Lakes, let's jump into how your business can use both to maximize growth.
Four Ways AWS Data Analytics Can Help Grow Your Business
According to an IBM study on big data, more than 60% of reporting retailers gained an advantage over their competitors from information and data analytics. This means it's in your best interest to make the most of your data. The AWS experts at ERPA can set this up for your business.
You can use the following four AWS data analytics tips to sharpen your big data proficiencies, then contact an ERPA certified AWS specialist to keep the ball rolling.
1. Utilize Data Analytics to Measure Performance and Productivity
Healthcare is one of the most regulated industries worldwide, so PeopleSoft's ability to serve this field speaks volumes. One perfect example of the resources in this space is the PeopleSoft Healthcare Scorecard. This introduced a new layer of data analytics to the healthcare systems so organizations can track performance and find new ways to do more with less.
Here are some of the main benefits and features of this system for PeopleSoft innovators:
- Healthcare Metrics: The selling point of this platform is that it provides over 120 key performance indicators relevant to healthcare. Examples include supplier rating systems and HR compensation ratios. Managers can review this data to make informed decisions.
- Continuous Performance Measurement: PeopleSoft makes it easy to automate the monitoring process. Users can simply set it and forget it. For example, they can set trigger warnings for KPIs. When metrics move outside these safe ranges, it notifies the relevant users.
- Personalized Performance Management: Everyday users can choose metrics to monitor what matters most to their specific job functions. This feature can improve productivity and effectiveness with ease.
- Enterprise-wide Performance Measurement: PeopleSoft Performance Management Warehouse makes it easy to deliver organization-wide metrics. Managers can design this deployment so workers can see how their individual contributions affect company performance.
The healthcare providers using Oracle are some of the best in the world. These include the Children's Hospital Colorado in the United States, Medife in Argentina, and Kaiser Permanente in the United States.
2. Build a Data Pipeline to Better Predict Labor, HR, and IT Needs
Tertiary education is experiencing an upheaval. Colleges struggle with underfunding and enrollment declines. Meanwhile, high costs and student loan horror stories continue to scare future students away. Reports say there are 1.4 million fewer students enrolled in colleges across America than compared to 2020. That represents a 9.4% decline over that period.
Needless to say, colleges now focus on doing more with less, and optimizing the PeopleSoft ecosystem helps make this happen. Oracle provides a Campus Solutions Warehouse that helps PeopleSoft innovators in higher education tackle these problems and more. Its core offering is robust data analytics, which colleges can use to understand their student populations and staff better.
Here are some of the top areas it helps colleges better delve into:
- Applicant progression as they go through the admissions process
- The efficiency of the admissions process
- Recruitment effectiveness and trends
- Financial aid and student finances
- Term and class enrollment trends
- Effectiveness of curricula offered
Colleges worldwide rely on PeopleSoft Campus Solutions and other products for the reasons highlighted above. Florida State University in America, Birla Institute of Technology & Science in India, and Simon Fraser University in Canada are just some of the many that do.
3. Predict Sales, Revenue, and Cash Balance with Predictive Analytics and Machine Learning
It's impossible to gauge performance if you don't establish and track key performance metrics. AWS data analytics makes it easy to establish both Data Lakes and Data Warehouses in which you can structure and assess different data sets.
- Actionable performance and productivity metrics worth tracking in AWS data analytics include:
- User visits (to your website or sales portal)
- Bounce and exit rates
- Percentage of visitors who view product pages and make purchases
- Sales figures and average order value
- Search traffic
- Task completion
- And more
Are you falling behind on your sales goals? Is your staff underperforming? Where can you improve? AWS data analytics helps you define and monitor these types of performance indicators.
4. Develop Comprehensive Data Lakes to Make Informed Decisions in Fast-Paced Environments
According to data management specialist Seagate, the predicted sum of the world's data is expected to grow to 175 zettabytes by 2025. To even keep up with this kind of data flow, 30% of the world's data will need to be processed in real-time.
Platforms like AWS data analytics help business leaders make sense of their data while they try to succeed in fast-paced, high-pressure environments.
AWS Data Lakes, as discussed, are a way to pool vast amounts of data in both unstructured and structured ways that provide reliable, actionable information.
ERPA's AWS specialists know how to maximize your Data Lake and AWS data analytics solutions so you can make informed business decisions faster.
Partner with ERPA for Improved AWS Data Analytics Results
Having any data analytics platform work for you is better than having none. At least, that's the mantra many businesses follow when they roll out underwhelming, expensive data management solutions.
Don't settle for something that simply works when it comes to your data. Save time and money. Partner with the ERPA AWS data analytics experts. Contact ERPA's AWS professionals today!