All over the world, businesses like yours are discovering the benefits of advanced analytics and, technology analysts predict that organizations leveraging augmented analytics solutions will grow at twice the rate of those that do not use these solutions. There is no denying that data and analytics are more important than ever and that the enterprise that engages in an active program to implement, adopt and use advanced analytics in the course of its day-to-day and strategic tasks and activities will have a competitive advantage and make better, more educated business decisions.
The rewards of business user focused advanced analytics are too numerous to mention and there are many use cases to support the effectiveness and benefits of augmented analytics within the average enterprise.
Here are some examples of the successful leverage of advanced analytics within other organizations:
The cost of acquiring and interacting with customers is one a business must fund and, every time the business loses a customer (customer churn), it must spend more money to replace that customer.
Businesses must work to mitigate fraud to improve business results and develop and sustain fraud detection processes to enable operations monitoring.
Businesses that fail to control quality will lose customers and market share and, in some cases, expose the organization to legal risk and liability.
Businesses cannot afford to use guesswork in the planning process. There are many factors that influence business success and a business must anticipate and plan to accommodate.
Business managers strive to leverage customer satisfaction to cross-sell and upsell products and services, thereby increasing revenue and brand loyalty.
A business must focus on maintenance to keep equipment up and running and reduce downtime as well as perform anticipating required resources, hours on the job and the types of training required.
If a business can identify the things that cause a particular customer to buy a particular product or service, it can create products, marketing messages, advertising and outreach that will target specific customer buying behaviors and needs.
To retain employees, the organization must understand what makes a team member leave a position, what makes them want to stay and invest in the future of the business and what types of issues will create dissatisfaction.
The cost of dealing with 'bad' loans is high and it reduces profitability and productivity. To succeed, businesses must have a dependable process for attracting the right clientele and reviewing, approving and managing loans.
Businesses create targets and goals but, without a fundamental understanding of what affects sales and what kind of decision process customers use to choose a product or service, the marketing and advertising process is based only on guesswork.
The ability to integrate data from sources outside the enterprise is crucial to many businesses. Analysis of external data is tedious and time consuming if it is not easily handled by an augmented analytics solution.
In order to optimize available marketing funds and resources, the enterprise must understand what works and what does not work, where to put its messaging and the ideal profile and demographic for its targeted customers.