It has become nearly impossible to decide which is faster - the creation of data or the consumption of data. Whichever it is, the investments in data analytics hardware, software, services and service providers, as well as the demand for data scientists, data engineers, and data translators, are growing in leaps and bounds. Convenience in the availability of large data sets is a primary reason why deep learning, a subset of artificial intelligence (AI) has emerged as one of the hottest tech trends today. Google, Facebook, Baidu, Amazon, IBM, Intel, Microsoft, and many others with really deep pockets are watching the space and have made significant investments in acquiring decision analysts delivering data analytic solutions.
Organizations and enterprises, irrespective of their size, are looking to master, monetize and measure their use of data. Business analytics specialists are saviors in this case. They are masters at looking inside the data to gather information and generate actionable insights that help in differentiating business decisions.
Ask smarter questions
To ask questions, you need an information-based strategy. The issue is that you have more information than you could imagine at hand about your business than ever before, but you fail miserably when it comes to using it to 'outthink' competitors. The challenge that you or your business failed at was not with how to gather the
What should companies be asking to use analytics to transform their performance and boosted revenue, increase profits and enhance customer satisfaction and retention?
1. How does data analytics improve service level performance?
Take delivering flowers as an example. It exemplifies the granularity which analytics can deliver. Florists use a network of small flower vendors to
2. What about order
Florists measure success in many shades, based on the time of day, day of the week, products being sold, and whatever festivities may be
3. Does data analytics take care of supplier management as well?
Direct assessment of customer complaints and refund requests, empowered by data analytics, is what will help you drop poor performing suppliers. It may be from on-time or product quality perspective. Ultimately, it helps you to ensure that your clients get good quality of products and services.
4. What about customer value? Does data analytics
Data engineers enable you with insights of customers, such as those who will come back for repetitive business. This will empower you to
5. Cost efficiency and data analytics; is it not alienate?
The flower business is very seasonal. Certain days in a month and in a year, such as Valentine’s Day and Mother’s Day and Christmas, are known to have at least ten times the demand as normal days. Meeting such circuits of demand requires a flexible
6. How does the magic of analytics
Your marketing and advertising plans may be A, B, and even C split tested. Your in-house teams would have gone to the extent of assessing the effectiveness of landing pages, pop-ups, and even the product images, with tweaks to ensure maximum results. Product positioning on the website is measured to identify the best location to rocket drive sales and engagement.
But, if you are reading this; you are experienced enough and know that advertising can turn out to be a costly affair at any given moment. Only data analytics can help you get the best return on investments.
7. Data analytics penetrates in product management, is it?
A product or service provider today provides thousands of various products. Only analytics can help understand which ones are the most
It's time to strengthen the scale and power of analytics
Companies today are generating more data, and this is because their customers are using more devices to interact with them, increasing the overall volume of interactions. Instead of aggregating that data, our analytics should become more granular of everything from site features to ad campaigns. Customers are changing the way they used to shop and so should we change our focus to use analytics and create the experience for them.