10 Ways to Harness the Power of Data Analytics
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
