Businesses who are seeking to be more agile and data-driven are embracing the power of technology. The objective is to be highly competitive by formulating quick and shrewd decisions by investing in big data analytics. While the usage of these analytics involves examining large amounts of information to uncover hidden patterns and correlations, it gives insights for making proper business decisions for organizations that want to evolve from a knowing organization to a learning organization.
Here are five examples of how big brands are using big data analytics:
1. Boost Customer Acquisition and Retention
Even after establishing a solid customer base, businesses cannot afford to disregard the competition. They need to be quick with learning what customers are looking for by observing various related patterns and trends. Big data offers the ability to observe customer behavior and how to trigger loyalty. The more data a business collects, the more patterns and trends the business can identify. Understanding customers allows businesses to not only deliver what they seek but provide opportunities on how to keep them loyal.
2. Offers Production Insights
Data analytics provide the ability to match customer expectations with product lines. It impacts production by providing online activity, monitored point of sale transactions, and immediate detection of dynamic changes to inventory though customer trends. This type of information offers insights into inventory that mitigates the risk of investment.
3. Risk Management Analytics
Highly risky business environments call for superior risk management processes. Having plans is a critical investment for any business and the ability to forecast a potential risk, and then mitigating it before it occurs is critical to the bottom line. Using big data analytic tools allow businesses to quantify model risks. By using available and diverse statistics, analytics offers considerable potential for enhancing the quality of risk management models.
4. Product Line Development
Big data helps companies innovate and develop new products, or redevelop their current products, by using analytics to identify and capitalize on the best approach. This information is critical as a means for tracking products, competitors, and customer feedback. The analysis is conducted to ensure logical reasoning is applied before an action plan is devised. Through data, product manufacturers of every size have a unique advantage as well as the ability to personalize marketing for highly potential clients showing them new products or ideas.
5. Managing Supply Chains
Big data in supply chains offer supplier networks greater accuracy, clarity, and insights. Big data enables more complex supplier networks, so supply chains can use knowledge sharing and high-level collaboration to achieve contextual intelligence.
Data analytics is one of the most important investments for any business. FocustApps offers our clients data knowledge to help achieve a competitive advantage, reducing the cost of operations, and drive customer retention. To learn more, contact Blake Patterson at 502.907.6593.