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Data aggregation – your business on one board. Advanced reporting for business

01.09.2016 Anastasia Yurieva
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Data aggregation – your business on one board. Advanced reporting for business

Nowadays the amount of data which must be processed gains larger volumes at exponential proportions with each single day. Companies face numerous problems on how to collect, analyze and report the data related to their activities effectively. They use various applications created specifically for data analysis to optimize their business processes. Anyway, it may sometimes be difficult for a company management to get defined at once what kind of app they need, where they can find it and how it should operate to ensure the best results.

What is data for a business today?

There are very few businesses which do not require data processing. For example:

  • financial area requires optimization of work with reports,
  • sales and marketing area needs to organize permanent analysis of consumers’ behavior,
  • medical field of services needs systematization of the information about patients.

And this list can be continued with dozens of other examples from the same and other areas of activities. Looking at the situation in general, all these needs seem to be different, but if we look closer to the point, we will see that the solution of the problem is single for any business area. The information stored in data warehouses must be converted into information for its target users without any gaps, distortions, and delays. And this is when data aggregation techniques come to help us.

What is data aggregation?

Data aggregation consists of getting the necessary information by means of its derivation from two or more relevant data characteristics. Practically this is a conversion of the available information into a summary which may be represented as a statistical report or analysis. Data characteristics vary from one business area to another and from one purpose of research to another. For example, data aggregation for a social project would most probably operate with categories of age, education and profession, and for a marketing project – with sales, consumers’ preferences and incomes.

After the information is collected, categorized and processed one will get kind of a ready-made report, just on one board. The results of this report will be used to make a service or goods of the company more personalized for the target user. Such data analysis allows improving business, its processes, services, and products in current mode.  This is a precious ability in the highly-competitive business area. Any project will be able to focus on its target audience, create a larger base of potential consumers and, as a result, to increase its profitability.  This is an eternal source of renovations and improvements for any activity.

What do effective data aggregation services involve?

There are several aspects which should be observed to let businesses obtain well-qualified data aggregation services. Of course, the company should secure favorable in-house conditions of work with their data. Good hardware with powered servers will allow faster and more efficient work with a database. The company can also create special derivative data marts to simplify work with information. Various summary tables and other in-house solutions would be useful too. Nevertheless, this is far not all which should be done.

The next and the most important step is to find a reliable partner, a professional company, which supplies high-level data aggregation tools. Depending on the application area a business may need just specific software or app to be developed and implemented or even a permanent service and support.

Let’s consider general features of the data aggregation solution which would allow effective processes to be implemented.

  1. Data aggregation solution should be adaptive to the requirements of business. Today business needs can change quickly due to the unstable market situation and fluctuations of demands. Investing in poorly adaptive solutions would be too much time and money consuming for a company.
  2. It must be easily integrated with your current apps and operation systems. IT equipment is one of the most expensive parts of the business maintenance. Implementation of data aggregation tools should not result in the necessity to renovate all the processes established in the company.
  3. The solution must use standard methods accepted in certain business industry or the environment. There is no point to work with applications which do not cover your requirements completely.
  4. Effective data aggregation solution must be quick and responsive. Reports and analyzes usually lose their value if they are represented with delay.
  5. A valuable addition to any data aggregation service, technique or a tool would be the elaborated method of its implementation into operation. In this case, the business transfer to the permanent data aggregation processes would be much easier.
  6. Implementation of the data aggregation technique and its tools should not require specialized training of the employees. It must be intuitive and user-friendly.
  7. Any data aggregation solution must be scalable. It is evident that volumes of information will be only growing so the solution must be easily adapted to any new challenges.

Taking into account certain technical complexity of the process, the implementation of data aggregation solutions should be carefully planned and effected step by step with the help of reliable industry professionals. If data aggregation is effective, it may solve a lot of the business requirements and become an eternal source for business development. One may turn the data aggregation tool into the most valuable asset of the company. So what is highly recommended is to make a careful and thoughtful choice of the software developers. And if this decision is correct the first positive results will be seen almost immediately.

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