Contributed by Richard Gartner. Richard is a data scientist with greater interest in database management. Currently, he runs a private DBA firm in California.
Taking advantage of analytics in the business world goes beyond consuming terabytes of data and using ‘easy-through’ techniques to arrive into conclusions. An analysed data, well presented, should be able to help in real-time decision-making process. Transforming raw data into crisp insights that can be used in the decision making process is the complicated part. Presenting the final outcomes in palatable ways for the board of directors, ready for implementation is not a hurdle.
The truth is, performing proper business analytics accurately turns out to be more complicated than what many companies are tempted to imagine. In the wake of this realisation, enterprise marketers are planning to increase their budget on analytics technology by up to 83% in the next three years. Companies are willing to go out of their way to bring on board data and analytics experienced personnel. Businesses are willing to expand their budgets to bring data gurus who can squeeze meaningful conclusions of the large amount of data that flow through their databases every day.
For businesses that are able to understand that analytics is more than just a game of numbers played by data scientists, the future is bright. They will have a better idea of how and where to invest their money. Ove the years, analytics has helped several businesses improve in decision-making. In a more interesting turn of events, businesses can now use newly generated customer insights obtained through analytics, to foster innovations that will revolutionise many industries. How is this possible?
Using Insights in Quality Enhancement
Sophisticated business analytics technology isn’t just about providing random information on Big Data. Instead, it provides an important connection to Big Visualisation and Big Analytical models. This enables you to know and understand your customers at an advanced level. Consequently, businesses are able to innovate products and services more suitable for their target audience.
Take for instance, cross-channel attribution. Through analytics technology, you will be able to discern the likely influencers of a customer’s decision to make certain purchases. With that knowledge, entrepreneurs are able to know how best to allocate their company budgets. Most importantly, such information can be used to improve the quality of products and even innovate more services in line with users’ demands.
Integrating brand goals and timely response
Previously, marketing campaigns for various brands were considered long-term. The results took time to measure. Proper use of analytics is able to optimise marketing both on short and long-term horizons. With the previous systems, there was a difference in direct response. It only featured quick results that were easy to quantify. With the entry of cross-channel attribution, all these have changed. This provides room for greater innovations.
Eliminating Pre-existing Barriers
For the first time in history, the online and offline worlds have found a common ground, thanks to business analytics technology. Many entrepreneurs only think of marketing and other business aspects like the digital. Well, there might have been deeper penetration of digital technology in the corporate world but that doesn’t mean the offline world is shut. It is fair to appreciate that not all customers live in digital existence. There is still a great offline influence. Factors like economy and weather still have a greater influence on consumer behaviours. Business analytics appreciates the idea that innovation should be all rounded. Simply leaning on digital innovation is closing your eyes not to see another side of the world. For innovators that are able to read in between the lines, doing something for both worlds is a necessity.
Forecasting
Most companies still make production and marketing decisions based on past outcomes. They look back at a flow chart template and a couple of other data presentations then come up with conclusions. That is not innovation. It does not look backward. Instead, it focuses on the future. With analytic technology being embraced in today’s business models, it is easier to peer into the future, more accurately than ever before. It doesn’t stop there. The existing business analytics technologies even suggest possible outcomes and make you know what to expect before spending a single penny on anything.
With such trends, innovators no longer need to gamble about the future, especially with regards to key products and sensitive projects. The forward-looking insights are available for innovators to carry out prior tests and change directions if need be. Instead of relying on past data, presented in all manner of formats, leading innovators now have a better alternative of using analytic results to take a stab into the future. They no longer have to wait until the damage is done. If this does not encourage the spirit of innovation, then nothing else does.
Perfecting Automation
In the highly revolutionized world where machines are replacing almost every task carried out by human hands, it is not surprising to see companies spend more on programmatic ad purchases. Well, machine might be fast and efficient in the placement of ads and performance of other tasks originally handled by people. However, that does not necessarily mean that they are effective. Using the analytical insights generated by analytics, business owners are able to assess the things that work and those that require improvements.
With channel attribution technology, innovators are now able to focus more on better ways of enhancing efficiency in companies, even if it means perfecting the programmatic aspects. At the end of the day, what matters is the results produced after analytics.
Conclusion
By embracing advanced business analytics technology and data presentation techniques, there are greater prospects of companies getting better in decision-making and goal setting. There is hope for businesses to boost revenues and provide better services to their clients. Most importantly, businesses are now able to foster great innovations, taking customer experiences to greater levels. That is the power of analytics. For businesses that are yet to embrace sophisticated analytics technology, the time is ripe. The opportunity to drive significant growths in the market and encourage user engagement wholly relies on that.
For any queries on data analysis or presentation including flow chart templates, get in touch with Richard.
