Big data analytics can seem like a large undertaking, but the potential value of a strong analytics strategy can bring benefits to your organization across several departments. This value does not always come in large sums, but rather can be seen in small amounts of value hidden in large amounts of data.
While these small wins may have been impractical to take of advantage of through manual processes, with automation, analytics can unlock their value at a large scale to reveal substantial ROI.
Marketing Analytics
Who are your customers, how valuable are they to you and how can you identify other potential valuable prospects? These are some of the first questions to consider when marketing to potential customers. Segmenting and targeting the most valuable prospects keeps marketing campaigns working to their full potential by identifying where and when to best spend your next marketing dollar to generate quantifiable ROI. Analytics solutions can ensure you are making the best possible decisions at each step in the customer lifecycle.
Sales Insights
After marketing comes sales. What do you know about your prospects, and how do you use that to provide your salesforce with practical information such as scoring, upsell or cross-sell identification, sales territory definition and alignment, forecasting and more? There’s a massive amount of information available to businesses today about potential customers in both public and private databases, but without analytics the value of that information is largely obscured by the massive amounts of non-relevant information that are also in play.
Supply Chain Management
You’ll eventually need to produce whatever you’re selling. Analytics tools can unlock value from the large amounts of data contained in systems managing supply chains, purchasing, inventory, manufacturing, resource planning, logistics and more.
Risk Management
Managing risk is a key part of a manager’s job, and a dollar not lost to avoidable risks is as valuable as a dollar in new revenues. The more you know about what risks your organization is facing – and what new risks may be coming your way – the more effective you can be at risk management. Analytics tools play a powerful role across the entire spectrum of risk management, from finance to operations to fraud.
Human Resources
Accomplishing any of this requires people, and analytics tools can play a powerful role in helping your human resources team identify, attract and keep the best people; while avoiding bad apples before they walk in the door. Analytics tools help you identify staffing requirements, determine employee cost and compensation, analyze performance, optimize headcount and deployment and retain the right people.
Interested in bridging the gap between your data and its value to your business? Contact us to start the discussion.