Many successful organizations, no matter if they are online or have a physical setup have started using business intelligence analytics to support their major business activities such as storing buyer information, monitoring sales and marketing functions, and managing the complete finances of the company. Technology such as data analytics helps in addressing complex business challenges related to management, marketing, decision-making, and customer support. Here are five common and real business challenges you can solve with data analytics:
1. Reduce deceptive revenue models and estimates
Companies often foresee revenue by using rough models. To be candid, these models try to point out one aspect of the estimation for each month in the future. The reality is that revenue varies or fluctuates and businesses do have too much indecision as to what will happen in the coming month, next quarter, or subsequent year.
Use data analytics to address this issue by aptly accounting for specific mechanisms through companies create revenue as well as the unlikelihood when it comes to sales. Besides coming up with the perfect revenue forecast, your business can gain some transparency as far as the inconsistencies are concerned, especially in fluctuating revenue outcomes.
To get rid of ambiguous revenue models, you need to realize that data literacy is simply for the data analyst but for all, who are part of your company. You need to build an analytics culture in your organization for attaining the best results.
2. Make sense of unused organizational data
These days, cloud storage has minimized costs and businesses are amassing loads of data. To be candid, organizations are using approximately one percent of the data they stored to make useful and informed business decisions. That is because they fail to find the right kind of data.
The skill to look for and retrieve information is the most crucial activity for improving your business and understanding the benefits of big data. Again, search technology needs to be faster as well as contextual to decipher complicated data. It is essential to make data utilizable for employees across your company and entire levels. It is where data analytics come into play, streamlining essential information so that it’s accessible and consumable for all in your business.
Your employees require tools to determine behaviors, activities and that too holistically to zero in on information according to regions as well as promotions. It will help in automating the business process eliminating churn and gear up end-users to present data results in a clean, simple, and visualized manner.
3. Draw attention to micro errors
Most of the time data analysts are busy resolving bigger challenges with predictive analytics. However, you need to pay more attention to small decisions to ensure enhanced results. It means what checkbox you need to check before, which part of your business website your customers liking the most, or what products buyers are more possible to add to their cart.
4. Make your business proactive
With new regulations and channels in the world economy, businesses are operating amid many changes. That is why you need to become more proactive and not reactive to such changes. Data analytics can help businesses in these ways:
Provide useful insights for trends motivating the industry
Ensure support so that your business stays relevant to consumers
Aware of macroeconomic influence leading to local operations
5. Reduce issues in customer service
Use analytics software to provide outstanding customer service and build better customer relationships. Data analytics cuts back and eliminates customer issues before arising. Data from various sources helps you to be proactive, understand what is missing, and address the problem before a customer calls to complain.
Data analytics thus help your business to address complex challenges making you confident to march forward with our best analytics tools and reports.