Make data-driven business decisions with BI and analytics
Is your data trying to talk to you? Is it trying to give you insights that you can leverage? How do you interpret your data in a mobile and cloud computing world where the volume and velocity of data are growing exponentially by the minute? Besides, what do you do to manage the big data platform? Business Intelligence (BI) and analytics have all the answers.
BI helps you make data-driven business decisions. It has transformed the erstwhile reactive approach to data to a more proactive one. While BI reveals the happenings of the past and present to portray business trends and patterns, analytics refers to data analysis techniques that are predictive and prescriptive by nature. They inform about future incidents and the measures to be taken to prevent disasters.
Applying a custom BI layer to data architecture makes data volume, variety and velocity easier to manage. Analytics utilizes technologies such as scalable databases and streaming technologies, state-of-the-art data warehouses, dashboards and visualizations to help better your decision-making based on facts, trends and predictive analytics.
Let’s take a look at the key advantages of using BI and analytics.
Better data-driven sales and marketing strategies
Data analytics software can analyze campaign outcomes. Companies can use it to decide how to prioritize campaigns, tailor promotions and make strategic decisions that will fine-tune their marketing strategies, reduce overheads and garner a better ROI on ad spend.
Industry-specific business intelligence enables companies to discover detailed sales trends based on their customers’ preferences, reactions to promotions, online/retail shopping experiences, purchasing habits, and patterns and trends which affect sales.
Having a clear picture of sales trends also makes way for better collaboration in marketing and management decision-making.
Greater revenue with predictive analytics
Companies that embrace data and analytics initiatives experience significant financial returns. According to various global reports, organizations that invest in big data yield a six percent average increase in profits, which goes to nine percent for investments spanning five years. Businesses that can quantify their gains from analyzing data, report an average eight percent increase in revenues and a 10 percent reduction in costs.
Improved operational efficiency with futuristic insights
Many firms are now using BI and predictive analytics to anticipate maintenance and operational issues before they become larger problems. For mobile network operators, it leverages data to foresee outages days before they occur and prevent them by timing maintenance, which saves operational costs and ensures keeping assets at optimal performance levels.
BI is critical in helping access, analyze and share information across the business and allows for more intelligent responses to trends in production, material usage, supplier information and more.
Insights and smart decision-making
Competition moves quickly. It’s vital for companies to make decisions as fast as possible. BI and analytics provide clearer insights through past, present and future data visualization. Comprehensive charts and graphs ensure that decision-making is accurate. Through visual representations of extracted data, organizations get the advantage of taking strategic decisions faster and leveraging businesses more efficiently.
Increased customer satisfaction with predictive analytics
BI software can help companies understand customer behaviors and patterns. Taking customer feedback in real-time helps retain customers and reach new ones better. Modern consumers are easily swayed by better alternatives. Predictive analytics gives organizations insights in to how target markets think and act. It also makes them act dynamically and adapt to the needs of changing consumer mindsets.
Building efficiency with big data analytics
Efficiency for businesses has been improving since the advent of BI. With the ability to collect a large amount of data at a faster rate and present it in visually appealing formats, companies can formulate decisions to help achieve specified goals. Analytics encourages a company culture of efficiency and teamwork where employees can express their insights and share in the decision-making process.
Real-time performance measurement with live insights
BI tools continually monitor large amounts of data generated by an organization and analyze it in real-time for several performance metrics such as efficiency, sales figures, marketing costs and more. This keeps top management informed about the status and performance of various critical components within the organization and the collaboration between business units. It also helps detect market opportunities and take advantage of them.
The advantages of BI and analytics can now be better illustrated through a case study where the challenge was to build a data platform for advanced analytics for our customers.
At Systems Plus our BI and analytics specialists help you leverage data to understand trends and derive insights by streamlining the searching, merging and querying of data. From improving your CX and employee performance to predicting new revenue streams, our BI and analytics expertise helps you make data-driven decisions for saving costs and taking your growth to the next level.