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.
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.
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.
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.
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.
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.
Enterprises can share the value of analytics dashboards with business and IT executives, line-of-business managers, IT professionals and other employees.
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.
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.
Customer service can be greatly improved by analyzing customer sentiments across consumer review sites, and by measuring customer satisfaction surveys after transactions are compiled.
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.