The strategic advantages of business analytics
In the world of web 2.0 and industry 4.0, organizations that are flexible when it comes to adopting new technologies and changing their business model are better equipped to grow sustainably than their rigid counterparts. Business analytics is one such source of strategic value; converting data into actionable insights and profitable actions.
A basic goal of business analytics is to deliver intelligence in a timely manner to enable decision-makers to seize opportunities quickly or foresee future challenges or changes ahead of time. Real-world case studies of organizations utilizing advanced or predictive business analytics point to a number of critical advantages which have a direct impact on the bottom line and competitiveness.
A major advantage of business analytics is the ability to gain a 360 degree view of customers. Whether or not you operate out of a fiercely competitive industry, an intimate understanding of customer experiences and preferences can help you upsell, cross-sell or convert new customers to loyalists and brand evangelists more effectively.
Sure, you may already have processes in place to understand customer preferences or reasons for churn, but manual processes slow down execution, resulting in higher abandonment and effectively giving competitors leeway to move in. As you may already know, it costs more to gain a new customer than to retain an existing one.
Thus, by helping ensure that you don’t lose your existing customers; business analytics software protects your profit margins.
Organizations are leveraging business analytics in unique ways. Online property marketplaces are using market and user interaction data to generate reports quickly and easily without investing much IT resources. Some are using data visualizations to create more appealing and effective press release collateral in a bid to attract the media.
There are several instances of financial services companies discovering fraudulent claims and large-scale insurance fraud within a few months of implementing business analytics software. Additionally, intelligent analytics is helping agents process claims more efficiently, not only saving them time but also enabling companies to streamline resources and derive seven-figure annual savings.
The success of business analytics hinges on the rate of adoption of the technology among teams, tailored integration with existing applications and ease of use that encourages teams to get more out of their data platform. At iMovo, we can bring you up to speed with leading data visualization software Tableau to uncover opportunities and make smart decisions that generate measurable business value.