In a recent global survey by PWC, more than 2,100 executives shared their next big decision and how decision-making needs to improve by 2020. About 61% of the survey audience said that they would rely on data analysis more and less on intuition. Also, the companies that are not data-driven are at the risk of being left behind by competitors who are analytics-driven. Highly data-driven companies are significantly changing how they make decisions, improve operations, or use analytics to deliver products and services.
This article will delve into the importance of becoming a data-driven organization. The aspect in focus is understanding how it can be adopted by a “Medium and Small Scale Enterprise” (MSME) for increasing revenue.
Although data analytics can be used to resolve the biggest queries of this planet, however, in this article we would take you through understanding the relevance of analytics in day to day handling of business
- How to accomplish more with less?
- Is discount a random figure or a well thought out strategy?
- How to transform the worst days of my business into days for driving smart sales?
- Who are my best customers? Where are they based? What is the best way to reach them out?
- How to know what is working for me and what is not?
- How can I drive customer acquisition and retention on my terms?
Also, food for thought, “ How a company as old as Coca-Cola stays relevant and drive its customer loyalty? How a company as new as Netflix, is at the top of its game in providing the best consumer experience? Why KFC offers it’s best discounts on Wednesday? Is it a coincidence that Uber allocates the nearest available driver for your every trip ?” Believe it or not, behind every possible scenario, Big Data is in the background playing its role.
Data Analytics play a very important role in determining the KPIs (Key Performance Indicators) for any business. Every fragment of data we generate as an organization is significant and when we are able to collate all the data we have in one frame, it opens the door for endless opportunities! When you see your KPIs changing on a real-time basis on a dashboard, you know what is working and probably what may not work for you tomorrow. The term KPI denotes not only the financial performance of an organization but also could be used to evaluate the efficiency of employees. For instance, total distance traveled by an insurance agent could be one of the parameters to evaluate his or her performance. A senior admin might be interested in evaluating the collective performance of a team or a department. With data analytics, you can collate all the information you have, to generate what you really want to know about your employees, strategies, campaigns or sales.
Analytics as a tool is powerful enough to determine how to mobilize your best resources to achieve the maximum output. As a business one could determine, location customers are and design marketing campaigns in different regions to increase my customer base. A simple delivery business could be more smart about placing its drivers to save on fuel and maximize efficiency. A not so vintage restaurant could know how to attract customers on non-festive days. This is just the tip of the iceberg of possibilities with modern data analytics.
Traditional analytics dealt with complicated graphs and figures understood by few and the rest agreed with them with no insights. Now analytics is more about insights which you gain from the data and not the huge piles of data itself which is simplified for every user based on his use.
However, we also understand that it may sound all dreamy and easy on paper, it might be overwhelming for 95% of the business owners and stakeholders to understand the complicity of Data analytics. Write to us [email protected] or Click Here to connect to our data scientist.