If you’re still running monthly reports and poring over Excel spreadsheets to find the insight hidden in the numbers, you’re working too hard – and worse, you’re missing opportunities to help your company thrive.
Thanks to the nearly unlimited amount of cheap online data storage, the advancement of computer processors, and the brilliance of software programmers, business analytics has been growing exponentially in both demand and usage. Soon, it will be nearly impossible to compete in any industry without a strong business analytics foundation.
Business analytics is critical to achieving digital transformation.
Most businesses collect too much data and use too little of it. If you want to convince your CFO, CEO or other executive that business analytics is worth the effort, bring up the following 4 points.
1. To make better decisions, people need to understand the big picture.
Problems start when departments make decisions without understanding the full implication and impact on the rest of the company. Data warehouses, like DataCONNECT, connect the data between disparate systems, creating “one version of the truth” and building a strong foundation for analysis.
2. Investing in business analytics increases the return on investment on our technology purchases, our marketing budget, our sales efforts, our production controls – and pretty much everything else we do!
Whatever you do, having accurate information faster is bound to improve your results. Fewer product defects. Fewer customer returns. Better understanding of buyer needs. Accurate sales forecasting. Optimal inventory stock levels. What do you need to know to boost your bottom line? There’s a business analytics tool for that!
3. Business analytics can help our company save money.
Manufacturers are using inexpensive IoT sensors to collect data on industrial equipment. Remote monitoring of machines can keep them from overheating, causing damage and downtime. Predictive analytics and machine learning can help you understand weaknesses in your systems, and can trigger corrective actions. Banks use predictive analytics to detect credit card fraud and stop the transaction before it goes through. Manufacturers use it to identify defective parts and pull them off the line before shipping.
4. Business analytics can help us attract new customers, and delight the ones we already have, which will boost both top and bottom line revenue.
Marrying company data with big data can help you pinpoint more of your best customers. Big data solutions provide a fast, effective way to query data across multiple systems. In addition to modeling data from ERP/ MRP and CRM systems like Microsoft Dynamics 365, smart companies are streaming real time data from multiple external sources, which can help you respond to customers faster.
What key performance indicators do you track today? How could business analytics help your company be more competitive and gain more market share? If you’d like to explore your options, reach out to our team to request a free Business Analytics Value Assessment.
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Author: Mark Hatting, Managing Director – Business Analytics