How Can I Decide Whether My Team Would Actually Benefit from Augmented Analytics?
Sometimes it is difficult to imagine how a new process, technique or software solution might help your business. You see the demos, you read the marketing messages and you wonder if there is true value in adopting these new ideas and concepts.
When it comes to Advanced Analytics and the benefits of predictive analytics, the same conundrum can often present itself to an enterprise. How do you decide whether this is the right idea to move your business forward, to help your team members and to provide the right decisions for your business to compete in the market and keep your customers, partners and suppliers happy?
That’s where Use Cases come in! When you read a Use Case, you can see your own business in the content and gain insight and inspiration into how augmented analytics tools, new techniques and culture changes within your enterprise can help you to grow and thrive.
If you are wondering about the advantages of advanced analytics, whether your business users can embrace these tools, and if the concept of Augmented Analytics will truly help your users to adopt these tools and find meaningful uses within their own roles and responsibilities, take a look at this list of Use Cases and see if you can find one or more that apply to your issues, challenges and focus.
Customer Churn – 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.
Fraud Mitigation – Businesses must work to mitigate fraud to improve business results and develop and sustain fraud detection processes to enable operations monitoring.
Quality Control – Businesses that fail to control quality will lose customers and market share and, in some cases, expose the organization to legal risk and liability.
Demand Planning – 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.
Product and Service Cross-Selling and Up-Selling – Business managers strive to leverage customer satisfaction to cross-sell and upsell products and services, thereby increasing revenue and brand loyalty.
Maintenance Management – 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.
Customer Targeting – 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.
Human Resource Attrition – 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.
Loan Approval – 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.
Marketing Optimization – 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.
Predictive Analytics Using External Data – 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.
Online Target Marketing – 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.
Students’ Academic Performance – To predict a student’s academic performance at an early stage based upon influencing factors helps decision makers to take wise actions at the right moment in order to improve student’s success rate.
Crime Type Prediction – Predict the Crime Type in order to prevent crime in the society and assist law agencies to design optimal strategies to ward off crime happenings to increase public safety and decrease economic loss.
If you are ready to leverage the benefits of augmented analytics and predictive analytics, and the powerful potential of your business users, you can start here, Analytics for All.