Analytics has become the game changer in today’s info-centric age where data runs supreme. Today’s highly competitive business environment is forcing organization of all hues to do more with less, and take decisions based on hard facts. Furthermore, 42% of all data would be machine generated by 2020, a quantum increase from the 11% in 2005. This means it has become even more critical to subject available data to analytics and make sense out of it.
All business processes start simple. Over time, data starts accumulating and the nature of business operations become complex. Silos start to develop, impeding visibility. This leads to inefficiencies in processes. Data analytics offers valuable insight into ways for the business to reduce such inefficiencies.
However, it is not enough that the copious amount of operational data generated every day, much of it unstructured and machine-generated, be subject to real time analytics. This is where BI-Analytics, or business analytics, comes in.
BI-Analytics brings together descriptive, into a common platform, allowing the workforce to identify anomalies and get insights on the best course of action. It gives decision makers the right answers at the right time.
In today’s highly competitive business environment, decisions have to be taken instantly. Any delay in spending time seeking the required information – say capturing consumer sentiments – means your competitor has beaten you to the sale. Today’s customer gets her information from diverse sources, and will not wait on you to finish your analysis!
Real time operational analytics allow marketers and decision makers to seize the moment when it arises and do the needful. Take the example of an online campaign that creates a buzz in the morning. The odds are that this campaign would be forgotten well before the end of the day. Subjecting the demographic data from this campaign could allow marketers to identify the demographic group that the campaign appeals to most, enabling them to make tweaks in the campaign to target that segment better, or launch a new engagement strategy to reach out to that segment, when the campaign is still viral.
Real time operational analytics quantifies the situation, offering decision makers greater insights and allowing them to make informed decisions on the fly. The absence of a highly mature BI-analytic platform that captures all relevant data, and tools that analyzes such data to generate actionable insights, might lead to critical gaps in information, leading to distorted decision making.
Subjecting the marketing data as they evolve to analytics, for instance, would allow a marketer to determine the potential worth of a new prospect, allowing them to prioritize engagement with the prospect. Get this insight too late, and some other marketer would already have netted him. Simply engaging him, and then later finding out that the customer is not worth the while could also mean a wasted effort.
The worth of operational analytics goes beyond securing real time actionable insights. It is invaluable when managers get to the drawing board to formulate strategies. BI-Analytics becomes an invaluable tool in production planning, to help the enterprise understand customers better, and design better products and services. It helps marketers capture real wants and needs from real customers.
Today’s enterprise operation closely resembles a war-campaign, and a war-general manning an operational command would be quite at home as a manager handling the gamut of day to day operations. Real time analytics is the most valuable tool that such managers can aspire for in such situations. With analytical insights on real time operations, the manager can identify crucial areas of operations that are not efficient, hot leads that are not being attended to in time, a prospect waiting for the right engagement that would advance him or her up the sales funnel, a new opportunity waiting to be seized, and more. The need for analytics is most felt in workforce management, to allocate and reallocate workforce where it is needed most.
Conneqt Business Solutions offers robust and flexible BI-Analytics services that offer an unprecedented opportunity for your business to know itself better. Ourteam of experienced and competent professionals, well equipped with BI-Analytics capabilities, can help clients attain BI-Analytics maturity and reap latent benefits from available data. Learn more about Conneqt Business Solution's Business Analytics Services.