By John Kullmann | December 4th, 2018 | Business Analytics & AI
Analytics can be a powerful way to identify opportunities as it impacts the organizations business decision-making abilities. With modern analytical techniques, business leaders can analyze the latest market trends and customer preferences based on which new targeted business models are developed. Once businesses gain analytical experience they develop strategies to optimize key business processes that focus on enhanced customer experience and satisfaction.
Let’s see what Burak Tansug (VP Analytics, Metrica), a world leader in Big Data and Analytic Services have to say about “How analytics is changing the way businesses make decisions in the modern world”. Nowadays the number of touchpoints (interactions) and the volume of potential customer searches are increasing rapidly. Touchpoints are created based on, how a given potential customer searches for the product or services, the way they explore the marketplace, and the way they interact with the advertisements. These sequence of events amounts to so many touchpoints that have resulted due to interactions between customers and the services companies offer.
Yes, it’s time for a new game
So, the old ways of trying to come up with a marketing strategy or trying to promote a certain product or service, where some of the decisions are just based on gut feeling or imitating other competitors are gone. Instead, you really need to look at all the data created from all these touch points, analyze them and see what the trends are. A focused analytical effort is required for businesses trying to understand its customers, which in turn helps make appropriate business decisions.
Analyzing the huge pile of data that companies are sitting on will help derive value to make real-time fact-based decisions. New innovative technologies are required to deliver data-driven results that can be extended throughout the organization. Not only this, companies need to be able to incorporate data into their business processes, their strategies and their day to day operations. Most important of all companies will have to identify the kind of data that will provide insight to make strategic and operational decisions. Mainly the challenge lies in sorting through all of the available data to identify trends and patterns that will drive beneficial changes to the business strategies.
How can they do it?
Companies can no longer afford to not be data-centric as they are sitting on piles of data, about which their potential customers are telling them stories. Finding the optimized set of parameters for each product is crucial which ranges from,
- optimal pricing,
- to the way the product or service is put in the marketplace, and
- how to know the specific needs of the customer.
All these different parameters should be optimized and the way to optimize them is to understand the story behind the pattern that the data tells you.
So, in that sense companies should change their mindset from the old school of making or other subjective ways of making business decisions to the objectivity of what story the data tells them. In an ever-changing business environment future prediction become all the more important in delivering real-time business insights. Quality data is the key to it and identifying such data sets are critical to effectively manage business policies that have long-lasting outcomes on your organization.
Contact us to know more about how big data and analytics can pave way to a better future for you and your company.