7 Ways To Improve Your Business Using Analytics
Tracking a company’s internal business performance is a very important step towards identifying the critical areas within an organization that deserve immediate attention. Basing decisions on data and statistical methods is a unique way that ensures outstanding business results and this is exactly what business analytics stand for. Experts believe effectively using analytics is essential in delivering insights that help achieve new levels of innovation and value.
Business intelligence as a discipline is made up of several related activities, including data mining, online analytical processing, and often proved to be an expensive method reserved for big enterprises. But now, thanks to the rapid development of technology and software, it has become something that all businesses, from startups and small businesses to medium sized businesses and large corporations, can use.
Here is a compiled list of ways in which business analytics can improve a business overall.
Improve Sales Team
Business analytics can provide your sales team with valuable data on what are the most effective ways to generate leads. Merging data with tools such as AdWords and Google Analytics transforms business analysis into intelligence, making your investments safer. Furthermore, by adding product IDs, churn rates, geo locations and order tallies, you will have a valuable insight into which sources of sales leads are driving business growth.
Customer data is a powerful source that can lead to promotional effectiveness. Business analysis is a method which provides integrated customer data from social media and Web interactions. When an organization is able to precisely define customer segments by delivery channels and locations, it becomes very easy for them to determine their effectiveness.
Avoid Market Related Problems
Besides identifying key performance indicators, business intelligence is a unique way to do accurate forecasts in order to avoid bottlenecks and indicate a perfect time for making investments or hiring new people. With the possibility to constantly review business intelligence, data managers will be well informed and ready to avoid problems and challenges presented by an oversaturated and volatile market.
Detect Possible Fraud
In the financial world, there are many opportunities to commit fraud. For instance, refunds, reimbursement benefits, transactions and applications for credit. Business intelligence data is a great way to prevent or identify fraud that comes as false identities, false insurance claims or inaccurate credit application.
Predictive analytics are the best way to determine which patients are at risk of developing specific illnesses (diabetes, asthma, and heart disease). This is why medical centers rely heavily on business intelligence methods. It helps healthcare administrators cut down expenses and make sure that the best decisions are being made.
Improvements for Insurance Companies
Business intelligence can be used by car insurance companies to precisely determine a premium to cover each car and driver. Furthermore, banks will have a valuable insight that will help them determine if a borrower has an income high enough to be granted a mortgage.
Capitalize on Buying Trends
Business intelligence is a key component that leads to success in the world of retailers and brands. Compiled data precisely shows where the inventory is located and how well it is selling. Identifying buying trends is important for executives so that they can capitalize on them, and this is exactly what analytics provide. Especially, when customers expect orders to be home delivered and everything (shopping, packing, sending, delivering) should be done at a fast pace.
As you can see, there are many ways in which predictive analytics can improve business. No wonder it’s market is growing at a rate of 27 percent. It presents a unique way for a CXO to find out more about sales and marketing efforts.
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