Latvian companies have not fully exploited the potential of data analytics

Data-driven investment decisions

Data is one of the most powerful tools for competitiveness. However, it is important to note that simply analysing data will not give a company superior results - to stay one step ahead of the competition, it is important to use more advanced techniques that allow for forecasting and scenario analysis. This approach is less common in Latvia, but is actively used by international players in other parts of the world. Microsoft, for example, uses in-depth data analysis to develop different strategies to predict where it will be profitable to invest in the future.

Time-saving data analysis tools

Currently, the data analytics efforts of many Latvian companies most often involve the use of Microsoft Excel at a basic level. Some companies are also trying to learn business intelligence tools such as PowerBI, but only a relatively small minority, mostly large companies and start-ups, are also using more advanced methods, such as exploring data correlations and building correlations through machine learning.

Each company's capabilities in this area vary, so I recommend starting with the simplest - learning the latest features of the familiar Microsoft Excel. For example, few people know that it is equipped with artificial intelligence tools that analyse data and offer formulas for processing it, making everyday work much easier. I would also recommend various automation tools, such as Microsoft Power Automate, which save time spent on manual data processing.