10 Ways to Harness the Power of Data Analytics

 
 
By Karen A. Frenkel  |  Posted 01-30-2017 Email
 
 
 
 
 
 
 
 
 
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    10 Ways to Harness the Power of Data Analytics
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    10 Ways to Harness the Power of Data Analytics

    Here are 10 ways to incorporate data analytics into your strategy, improve your company's efficiency and get a leg up on the competition.
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    Make Good Decisions
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    Make Good Decisions

    A company should make decisions based on all available data. Use data analytics software to ensure that the right information gets analyzed in order to generate predictions that will support good decision making.
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    Create a Competitive Advantage
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    Create a Competitive Advantage

    Deep analysis of private and public data can enable innovations that improve customer satisfaction and loyalty. Act on advanced analytics to produce disruptive new products and services that differentiate the business and drive its market value beyond competitors.
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    Don't Delay the Implementation
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    Don't Delay the Implementation

    The technical learning curve to implement advanced analytics systems and dashboards is steep. The longer companies wait, the further behind most will fall, potentially jeopardizing their market share.
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    Rededicate Staff Time and Resources
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    Rededicate Staff Time and Resources

    Increased automation and efficiency enable the team to reduce manual tasks associated with data preparation and management, freeing them to focus on higher-value activities.
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    Organize Intelligence From Disparate Data
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    Organize Intelligence From Disparate Data

    Most organizations don't interpret relevant data sources from outside their company. External information should be organized and analyzed along with the company's internal data. This can help managers make real-time decisions that impact business outcomes.
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    Cascade the Power of Analysis
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    Cascade the Power of Analysis

    Enterprises can share the value of analytics dashboards with business and IT executives, line-of-business managers, IT professionals and other employees.
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    Eradicate Inefficiencies
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    Eradicate Inefficiencies

    Data analysis can drive greater productivity across product manufacturing, operations, distribution, sales and marketing. In-depth analyses of service engagements can help streamline new services to reduce costs and improve customer satisfaction.
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    Harness Analytics to Develop Talent
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    Harness Analytics to Develop Talent

    Hiring and retaining the best people is critical to business success. Apply the latest tools and technologies to provide a lift to HR for onboarding, training and development resources.
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    Improve Understanding of Customer Issues
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    Improve Understanding of Customer Issues

    Customer service can be greatly improved by analyzing customer sentiments across consumer review sites, and by measuring customer satisfaction surveys after transactions are compiled.
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    Analyze Your Firm's Standing on Social Media
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    Analyze Your Firm's Standing on Social Media

    Social networks can powerfully influence a company's public reputation, both positively and negatively. Advanced analytics capabilities allow organizations to stay in front of content posted on social media sites and to respond appropriately in a time-sensitive manner.
 

The digital universe—which incorporates the data we create, copy, distribute and store—is growing approximately 40 percent a year, and that growth rate is expected to continue into the next decade, as the internet of things (IoT) creates an enormous volume of traffic. The explosive growth of business data has created an urgent need for organizations of all sizes and industries to implement data analytics platforms that can help their executives, managers and staff members make sense of all that information and that can provide insights to support good decision making. "You can't fix what you can't measure, and you can't measure what you don't understand," said Carey Moretti, vice president of Data Intelligence Consulting for the IT solutions and consulting company, Trace3. "Data analytics can help by providing valuable capabilities for companies to address their current strategic needs, while preparing for innovations that are coming on the horizon." Moretti offers 10 reasons why organizations should incorporate data analytics into their core business strategies.

 
 
 
 
 
Karen A. Frenkel writes about technology and innovation and lives in New York City.

 
 
 
 
 
 

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