Big Data Analytics, at a glance.
Your business data may hold much promise for your business: in terms of insights into various known and unknown aspects. What you don’t know could be both good as well as not so good for you. Data analytics helps you in finding them as we touched upon briefly in the points below.
Spot new opportunities and avenues for business growth.
- Gray Areas
Identify issues, problems, and concerns that could be hampering your business functioning.
- Operational Issues
Zero-in on the operational hassles, and address them quickly before they weigh on your business prospects.
- Customer Expectations
Assess what your target customers specifically want and need, and serve them per those.
- Customer Experience
Gauge if you are delivering highly desirable and engaging moments and experiences to your customers throughout all of their interaction with your company / brand.
- Work-force Productivity and Efficiency
Find ways to improve output from your work-force to derive most from their efforts, while also ensuring that the results are of the highest quality.
- Sales Drivers
All successful businesses have some important aspects around which their sales results hinge. Find out what those could be for your business.
- Product or Service Performance
Is your product or service living upto the end-users’ expectations? Making their lives easy? Delivering the uses or benefits it was supposed to? What is constraining their performance? How are they being received? Generating desired revenues and profits?
Ensure optimal inventory management (No ‘out-of-stock’ situations, timely replenishment, real-time update, etc.) and minimize costs (Transportation, maintenance, handling, etc.).
- Market Dynamics
Be seized of the market you are plying your trade in, check what your competition is doing, and align your strategies (Pricing, packaging, place, promotion, offers, discounts, services, support, etc.) as per customer dynamics and, generally, be up to speed with the market.
Crunch past business data while you are munching in real-time, to be able to forecast sales performance, revenues, incomes, etc. and, plan and prepare accordingly.
- Innovate and Compete
The pre-requisites of the digital age are pushing businesses towards greater innovation (Enabled by modern technologies) so as to stay relevant and ahead (of competition). You can do the same too.
- Efforts and Costs
How much is going into it, what’s the yield, and what’s the action needed to be taken, etc. can be easily assessed and, anomalies — if any — could be addressed.
- Top and Bottom Lines
Find newer ways and sources to achieve business growth and profitability.
- What’s hot and what’s not?
What is finding traction within and without your target audience; and why? What is not ‘happening’ anymore, and needs to be phased out of your business set-up, if at all. Know it all.
- Signs (Indicators)
Find hints specific to your business that will help you remain sustainable, relevant, and profitable.
- Quality, Faster, and Relevant Decision-Making
Not all days in the life of a business are same. Often times, business will test your resolve by throwing up various scenarios (threats & opportunities). Those who respond faster with correct and suitable decisions, will not only sustain but also thrive.
There’s many more use-cases of big data analytics -based on the industry and scale of operations- that could prove significant for a business. Connect with me (email@example.com) to know in-depth about our ready-made as well as customizable, industry-specific analytics solutions.
*This was also posted on our LinkedIn page also.