87% of enterprises trust that Big Data Analytics has the capability to redefine the competitive landscape of their industries within the next three years, as indicated in a study carried out by Accenture and General Electric. The same study also reports that 89% of enterprises believe that those not adopting Big Data Analytics strategy in the next year risk losing market share and momentum.
Analytics have found widespread applications in almost every field ranging from supply chain management to research & development. Following are some ways in which Data Analytics applications have made a positive impact on business performance.
Defining Ideal Customer
Data Analytics can help organizations to understand their consumers better and identify characteristics of a pragmatically ideal customer. With this information, organizations can work on improving and modifying their products in accordance to their customer’s expectations.
Optimizing Customer Experience
The knowledge of customer’s behaviour and penchants can help organizations in making decisions on how to better serve them, optimize pricing models, and meliorate product credence in both new and existing markets.
Organizations can improve their marketing by posting ads simultaneously and in real time on multiple channels their customers prefer. Through testing, measurement, and on-going analysis they can further optimize their marketing efforts to better reach consumers.
Organizations collect employee data personal and professional while hiring them. By analyzing this data further through Data Analytic techniques organizations can make strategically smarter and more informed talent decisions. This would also help organizations in improving employee performance, retention and save money in hiring new talent for client requirements.
Business Process optimization
With analytics, organizations can identify inefficient processes causing leaks through monitoring, quick reporting, and analysis of business routines. Through quicker analysis, business critical insights and other performance data can be delivered to the stake holders in real time. They can further use these insights to make decisions on either redressing such process or shutting them down completely and prevent further money loss.
Analytics can be used to process customer data and buying patterns to generate valuable insights in understanding consumer behaviour. This can be used to automatically create personalized offers and promotions for customers in real time to increase their engagement.
Data Analytics makes market research easier and faster by parsing huge survey and market data in less time. It gives organizations an opportunity to get a deeper understanding of their industry and gain data-driven performance metrics. Technical advancement in the cloud, artificial intelligence, and robotic process automation can help greatly in research.
Apart from direct customer feedback organizations can access data on consumer purchases and follow-ups on other platforms over the internet. They can then apply Data Analytic techniques to this data and fancy customer’s indirect feedback on their products. With this information, organizations can also run analytics to discover insights related to their brand value and reputation and make decisions on improving it.
With competitor analysis organizations are able to predict the direction where competition is heading and what moves their competitors are planning. By analysing key performance parameters like operational and process excellence, product innovation, and workforce planning. Organizations can also obtain insights into their relative position in the market against their competitors.
Organizations expand as they acquire smaller enterprises and make new deals. However, making decisions on deals can be a very gruelling process as it requires a good deal of crunching numbers, anticipating roadblocks and estimating potential. Through smarter data analytics organizations can make informed decisions by running possible scenarios and estimating risk involved in real time.
Data Analytics can be a powerful tool if you know how to use it, a lot of expertise is required to implement advanced analytics techniques that can yield desired results.