How Analytics Can Speed Up CXOs Decision Making
Over 2.5 quintillion bytes of data are created every single day, and it’s only going to grow from there. By 2020, it is estimated that 1.7 MB of data will be created every second for every person on earth. We are collecting more data than ever. Data about customers, their habits, their buying patterns, their demographics, their age-group, their interactions, and much more. But,organizations often struggle to deal with the growing pace of changing data sources and cater to business requirements. So much so that they fail to make the best of business opportunities, whichcan be realized by leveraging this torrent of information.To address such challenges and to drive improvement in outcomes, Analytics comes into the picture.
Analytics - the buzzword, with merit, is helping businesses transform data into meaning information.Modern day businesses are adopting a data-focused approach to be able to gain insights, make well-informed decisions, and predict business results.Further, to achieve goals of digital transformation and take the winning leap, decision-makers are combining analytical capabilities with Business Process Management (BPM), Enterprise Content Management (ECM), and Customer Communication Management (CCM).
Before Hopping on the Analytics Bandwagon
If you aim to derive maximum value from the historical data at disposal and hop onto the analytics bandwagon, you must be well-informed about its critical aspects. Analytics can help your organization to:
· Figure out the what, why and how of cases and events
· Make your process smarter
· Empower knowledge workers to make well-informed decisions
· Unearth business opportunities and capitalize on them
Analytics as Catalyst for Bifocal Strategy
Business leaders need to adopt a bifocal strategy to succeed.Asignificant focus on efficiency and growth, and not on enhancing customer experience canbe a deterrent for anorganization. Innovation-driven growth and delightful member experience are the concrete pillars for an organizationto set success strategy right.
Analytics - descriptive, diagnostic, and suggestivecan be applied in different flavors to cater to varying business needs:
· Descriptive analytics -This analytical capability enables business users to capture what happened in the past, see what’s happening in real-time. Itprovides operational managers with the ability to get the right information and take corrective actions. This is the first step in monitoring and streamlining operations as necessary. The decision-makers, in an organization, can leverage capabilities, such as creating dashboards to visualize operationsand set alerts for events like an SLA breach.
· Diagnostic Analytics– This capability facilitates fact finding, such as were the resources allocated to the process? Or, was there a significant increase in workload that caused the breach? If so, then what exactly was the cause of the increase in work-load? Or, were there multiple factors that combined to cause it? This goes a long way in enabling business users to make informed business decisions.And, organizations use drill-down abilities to discover causes and see the bigger picture, prior to taking pin-pointed actions.
· Suggestive Analytics – This analytical capability allows organizations to take a step beyond cost and efficiency. Organizations need to have the capability to move a step further from improvement to improvisation. And, to make this happen, the duo – analytics with case management capabilities do wonders for organizations. This analytical approach helps organizations to deep dive into the needs of the customer and handle dynamic business situations in a hassle-free way. It guides knowledge workers to take apt actions and provides them with information regarding actions taken in the past for similar scenarios.
To sum it up
In a digital age, do not dawdle in meaningless stats. Leverage data, be it internal, external, structured or unstructured to drive business forward.Adopt the right analytical approach to tie a strong knot between the data available at disposal and operative business decisions to enable business reach new heights.
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