Businesses know that knowledge is power and that knowledge stems from data. And there seems to be no dearth of it. The only issue is that often, businesses don’t know how to utilize the data to change the course of their business and turbocharge their transformation. That’s our modern-day data paradox. Data analytics solutions can put an end to this paradox effectively. Detailed insights, enhanced decision-making, and the final word on business operations- what’s working, what can work even better, or what should be better left out – all this is possible with data analytics solutions.
Data analytics solutions combine several approaches, which are:
Descriptive Analytics: What is happening (at present), what happened (in the past), or what may happen (in the future)? Discovering the trend or a repeating pattern and interpreting and contextualizing it according to the problem statement is addressed in this phase.
Diagnostic Analytics: The ‘Whys’ of a business are unearthed here. Why are the salespeople not closing sales? Why is email marketing not yielding results? Why does the business fare better in one province?
Predictive Analytics: The good ol’ forecasting of future business trends to enable businesses to earn and grow more.
Prescriptive Analytics: The form of data analytics solution business that suggests options and ways for businesses to think proactively, cash in on future trends, and take calculated risks.
It is a compass that lets businesses navigate operational challenges and ace them by harnessing data. A process that shuts the noise off the background of humongous data piles and lets businesses focus ahead, course-correct, be better with operations and take appropriate actions in time. Be it for digital transformation, customer experience, production, quality control, marketing, or sales- data analytics solutions are based on data and data alone.
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Here are a few benefits of data analytics solutions in day-to-day business operations:
Utilizing the data:
Data seems to be the buzzword everyone knows and wants in on. However, the question that nobody seems interested in is ‘what to do with it?’ As a result, the data overload has created a significant barrier to extracting real-time insights from it. You would think it should be the opposite, but too much data hinders organizations’ quest for growth and excellence. That’s another data paradox businesses are dealing with.
- Over 67% of businesses deal with data inadequacy and feel that data analytics solutions are lagging.
- More than 64% of businesses see data as capital in this on-demand economy, but only 23% treat it so.
- Data proliferation is the real culprit. Almost 70% of businesses are facing issues of data overload. Their existing capabilities are unable to handle the data they are generating.
- 64% of companies are overwhelmed and unable to meet compliance and security standards.
- More than 61% of companies have dissatisfied and overwhelmed data teams.
- 65% of companies admitted that data analytics solutions made businesses’ processes and operations better, simpler, and more agile. However, only 20% made the move and acknowledged that the transition has made handling and understanding the data much easier.
- More than 13% of companies can optimize the value and volume of data they have and can meet their technology and organizational goals.
Data analytics consulting services let businesses make data-based efficient decisions that are not guesswork but calculated risks. To further enhance decision-making and leadership, companies can benefit from engaging corporate speakers who inspire teams and drive innovation. It addresses data proliferation, a major headache for businesses, and reduces the backlog on internal teams.
Market forecasting:
Data analytics consulting services provide in-depth insights that can be used to conclude current demands, market trends, and customer expectations. For instance, job feed data for a particular role can be interpreted as a spike in demand, industry trends, skills gaps, or location-based business opportunities. This data can also be studied in correlation with economic growth and can be used to manage business expectations around it. This isn’t it. Market forecasting with data analytics solutions means you stay ahead of your competition. It trains businesses to be proactive and can be applied across segments. Marketing teams can use it to sharpen their communication and reach potential customers on the more conducive channels. One of the most brilliant examples of data analytics solutions in business decision-making would be Coca-Cola. The beverage brand utilized AI-powered technology to listen to social media channels and how its name was dropped in conversations or mentions. This raw data helped the brand understand its customers’ demographics and map their psychological profiles. Based on these insights, the brand dropped tailored ads that are more likely to gain traction than the generic ones. This social data mining isn’t new for the brand, and it has been one of the early big data adopters in FMCG sectors of big data.
Similarly, the sales team can enhance their performance by mining data on sales rep calls across channels like phone calls, emails, and in-person meetings. Discovering patterns in successful deals can be utilized by underperforming salespeople to clock more sales. The data analytics solutions can be used to reveal trends and forecast sales. Instead of throwing spaghetti at the wall to see if it sticks, it enables businesses to use data to drive their decisions and sales performance.
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Customer experience:
Data analytics consulting services help businesses improve customer experience, address pain points, and feedback intuitively, and reduce customer churn. Listening and analyzing customer data lets businesses chart holistic customer journeys and offer personalized experiences. Since customers are an integral and most important aspect of a business, customer experience is streamlined across verticals. Using data analytics solutions, customer data is seen and monitored for specific metrics to manage customer expectations and increase customer retention. Issues that negate customer experience, such as friction points during the onboarding journey, confusing in-app messaging, difficult-to-navigate menu, and delayed responses, can all be identified and addressed via customer experience analytics.
Let’s understand data analytics and its role in business decision-making:
Data analytics is a process of gathering and interpreting data to derive productive and actionable outcomes. It is a process that takes raw data and works on it through machine learning and algorithms. In simpler words, it lets businesses find the needle in a haystack, which otherwise, to the untrained eye, is considered to be lost.
The process has been mechanized and automated over the years with little to no manual intervention. Data-first businesses have been using data analytics solutions to derive their business decisions and for market forecasting. Data analytics rely on various software tools and programs such as data visualization, data reporting, data scraping, data de-duping, data mining, etc.
Also Read: Data scraping for BI: Picking the right service is vital
Here’s how different businesses use data analytics solutions across different industry verticals:
Manufacturing Companies:
Data analytics is used to reveal patterns in runtime, downtime, queueing up of workloads, supply chains, and machine sensors to enhance production efficiency, reduce bottlenecks in logistics or supply chain, and better waste management. Data analytics solutions are used for predictive maintenance in big plants.
Healthcare Industry:
This is an industry dealing with mere numbers and human lives, and here, data analytics solutions have been proven to be a blessing. Data analysis is used to monitor a treatment’s efficacy and understand patients’ medical history. It can also interpret genetic health issues and help medical professionals devise a preventive plan in time.
Content Companies:
Gaming companies use data analytics to manage reward schedules for active players, whereas content companies like Netflix use analytics to understand viewers’ choices to bring forth customized thumbnails and programs more suited to their interests.
The algorithm recommendations such as the ‘For You’ and ‘Suggested for You’ sections on TikTok, X (Twitter), and Instagram are nothing but prescriptive analysis for you. The content companies analyze users’ interactions and browsing behavior to suggest posts for you. If you like a reel, watch or share it ahead; the content suggestions are going to be quite like that one.
Banking and Fintech Industry:
Banks and fintechs handle large volumes of data. With prescriptive analysis, transactional data is sorted and identified for patterns so that any suspicious activity or transactional data can be detected and flagged. For instance, an unusual credit or debit transaction is flagged and cross-checked manually if it doesn’t match the transactional data in the past for that account or customer.
FMCG Companies:
Data analytics consulting services lead to efficient stock management, logistics diagnosis, improved sales, and better supply and demand forecasting. The marketing team can benefit from product recommendations and personalized content creation for the customers.
Hospitality Industry:
Hospitality industry deals in large pools of structured and unstructured data. Leveraging data analytics consulting solutions, it has managed to navigate through customer feedback across different verticals, including social media channels, third-party sites, and call centers. An industry that thrives on patrons can create a sea difference in perception and profits by listening to its customers, and data analytics can make it happen. Besides, it also lets the restaurant staff forecast demand and manage inventory accordingly. Data analytics consulting services let businesses take charge of investigating customer preferences, feedback, and pain points by using the channels they are more responsive to.
When it comes to decision-making in businesses, be it macro, micro, tactical, strategic, real-time, or predictive, data analytics can reveal patterns and insights based on evidence and empirical insights. Businesses can use predictive outcomes to enhance their profits, optimize their operations, and manage market risks efficiently. The marketing team can work on customer feedback and have a clear, concise strategy to reach out. Personalized ads and social media listening can help in maximizing ROI. Likewise, trade show analytics can lead to better and targeted lead-generation efforts for the sales team.
…But what’s stopping businesses from becoming data champions and harnessing data to improve decision-making?
Large data pools are required to work out a thematic pattern or uncover an insight. Since businesses don’t have the technical acumen or a trained workforce to handle and manage such extensive data, they should outsource this to data analytics companies.
The gap between data overload and data analytics is due to data silos, lack of technical prowess, and excessive reliance on manual processes. When coupled with outdated data culture, the untrained and overworked workforce doesn’t work in favor of optimizing the value of data businesses want to work with. If businesses want to promote a data-first system and optimize data to drive business decisions, they must invest in a scalable as-a-service model.
If you want to address data bottlenecks and believe that ‘data can change your business,’ it is time to book a demo call to learn more about moving to the data-as-a-service model with BizProspex. With over 15 years of data analytics consulting, it is home to end-to-end data solutions and your one-stop service provider to eliminate data paralysis and prompt data readiness. The entire process is automated and complemented with manual intervention for last-minute cross-checking and verification.
Data is the difference and keyword in today’s competitive and complex business ecosystem. Businesses need to gather, study, and manage extensive data pools to drive good and productive insights, accurate market forecasting, and improved decision-making. BizProspex deploys AI and machine learning models to extract insights and enhance and analyze data for your business as required. BizProspex data analytics solution is scalable and custom-made.
Join hands with https://bizprospex.com/ data analytics solutions for effective and enhanced decision-making and let your in-house team breathe a sigh of relief and utilize their productive hours on their core competencies.