Business today runs on two things: coffee and data. Data analytics (DA) platforms are easily among the most important business solutions in an increasingly data-driven world. Why?
- They mine insights captured from big data which is defined as large amounts of structured and unstructured data sets.
- They simplify data visualization and accelerate pattern discovery and intelligence.
- They contribute to smarter decision making, greater efficiency, and higher-quality outputs.
With the volume and variety of data generated by each one of your employees, devices, and locations, your business simply can’t afford not to have a DA platform in play. Here’s why.
When Data Meets Analytics
When data meets analytics, you get more than a glimpse into the future. You get the power to avert crises before they happen. Big data, along with artificial intelligence (AI) and machine learning (ML)-empowered analytics, make it possible to strategically plan for potential scenarios based on patterns and trends. Executives can then leverage these capabilities to inform strategies and choose investments with guaranteed returns.
- Prescriptive analytics tools provide information about what could happen based on historical and real-time data. By running simulations on data trained models, you can identify process improvements and efficiencies.
Get a better perspective into what's happening now with data analytics platforms like Cognos. AI capabilities inside Cognos and the like improve visibility into your business processes.
- Descriptive analytics leads to better reporting and transparency. Further, more visibility leads to better quality control and an easier path to compliance.
With this level of visibility into the inner workings of your business workflows, you’ll be able to better identify opportunities for optimization. This will save time and money associated with trial and error by addressing security risks and accelerating supply chains when and where it matters most.
Track and Trace Data for Meaningful Insights
Data analytics can help you quickly understand the root of any issue. For example:
- Are your sales stalling out at a certain stage in the process?
- Is the market shifting in interests?
- Maybe the offer itself has become unappealing?
- Why is there a poor revenue outcome in your health center? Is it the lengthy block times or inefficiencies in billing and coding?
You could invest months poring over systems and reports, trying to make manual connections, or you could invest in a solution that mines, maps out and drills through your data for insights you can act on.
Provided you are working with reliable data, a BI solution can make the necessary correlations, giving the clarity you need to make business-critical decisions in real-time. You can track and trace problems to their roots and further use the data to explore vet and validate possible solutions.
Five (5) Use Cases for Data Analytics
1. Targeted Marketing
Today, marketing experts no longer have to rely on gut instinct and guesswork. AI-driven analytics solutions can:
- Cultivate accurate customer segmentation and profiling for improved campaign targeting
- Predict customer behavior and buying patterns
- Personalize a prospect’s entire digital experience from messaging, to product, to pricing
Data analytics uncover a host of consumer insights by the set of actions they take in your physical or digital locations. In the retail sector for instance, you can combine the use of IoT capabilities such as motion sensor cameras and analytics solutions to discover:
- Strategies that shorten the sales funnel
- Sections or shelves that attract the most traffic
- The impact and resonance of advertising and signage
Refining your customer’s experience based upon their specific preferences is much more successful when backed by real patterns and behaviors that can then be extrapolated upon.
3. Compliance and Quality Assurance
With more businesses reliant on countless software solutions, the right analytics platform accelerates report creation and collaboration. Being able to quickly compile and share out real-time dashboards allows business leaders to make informed decisions on the fly. This leaves an easy-to-follow audit trail which makes compliance requirements much easier to manage. Cumbersome tasks like risk management and monitoring of financial transactions, for instance, become a cinch.
In the same sense, increased visibility helps evaluate and improve quality standards, reducing risks and optimizing safety measures. It can also help minimize product recalls and machine failures—anything that could lead to lengthy levels of downtime.
4. Strategy Acceleration
Adopting data analytics creates a culture of strategic decision making across the entire organization. Businesses can accelerate growth plans and give their teams the autonomy to execute without fear or uncertainty. The result? Elevated business acumen, informed operations, dynamic problem solving, and measured performance, which creates:
- Empowered teams and higher job satisfaction rates
- Successful change management
- Improved crisis-readiness
- Enhanced collaboration, organization-wide
5. Precision and Insight into Your Supplier Networks
In complex B2B supplier networks, progress can quickly stall out if there is not reliable data to extract and analyze. In other words, it’s much easier to be the “Monday morning quarter-back” when you can reexamine the play by the play. Businesses that use data analytics solutions with high contextual intelligence to understand and streamline the movement of raw materials and products will see:
- Reduced costs in logistics and labor
- Better handling of storage and quality needs
- Reduced complexities in upstream and downstream supply chain partner relationships
- Better reporting and decision making leading to compliance and quality reliability
Build Your Data Driven Organization on the Right Data Analytics Platform
As we just illustrated, there are countless advantages that validate the business case for a data analytics platform. With some of the deepest skills in the analytics industry today, LPA is the proven expert for various data science and AI solutions. Finding the right one for you is the first step, finding the right implementation partner comes next. Let LPA be your guide: 4 Steps to Implement AI in Your Organization.