DVANA have the experience and the understanding to enable you to use data analytics for both strategic and tactical business advantage. Knowing where and when to apply which tool is critical to achieving the maximum benefit and return on investment (ROI).
When thinking about a data analytics, we have two things to consider:
So, let us address these topics one at a time.
First let’s take a couple of dictionary definitions; this is from the Oxford English dictionary.
The systematic computational analysis of data or statistics.
Alternatively, from a slightly different perspective:
Information resulting from the systematic analysis of data or statistics.
If we take both of these definitions as a whole, then it becomes clear what data analytics really years. To that end, we will create our own definition, which takes the best out of both.
The deliberate and systematic analysis of data or statistical information resulting in useful and actionable business decisions.
This new definition, gives us something that we can get our teeth into and we can use to improve the functioning and running of our business.
Functionally, it means that we can take our business data in whatever form it may be, transform it using computational techniques and then analyse it in whatever way makes the most sense for the particular application of interest. The typical example, that you’re probably already doing, is you were applying analytics to your sales data. However, we can be much more sophisticated than this. It’s possible for us to apply analytics across a broad range of data so in the first instance analyse within each silo or department and then, combined into much more rich data sets.
Now to answer the $1,000,000 or possibly more question, your analytics will give you this answer too. There are in fact many benefits to successfully and correctly using data analytics. We outline some of them below:
Engage more effectively with existing clients and customers, by knowing their detailed history and with new clients or customers because you know the best way to approach them. The more you know the more you are able to tailor your communications.
With analysis of what you’re currently doing, it’s straightforward to reengineer your processes and procedures in such a way that they become easier to use and more efficient. Therefore, saving time and making more money.
This presents itself in many forms from both internal and external sources. With state are analytics you can be best prepared to avoid these challenges, whether they come from your suppliers all from your customers or clients. Knowing where the danger might come from enables you to be proud.
News of data breaches seems to be continually in the media, there are literally millions of mini breaches that happen daily throughout industry. With the help of data analytics, many of these are detectable and the problem nipped in the bud. For example, credit card and phone numbers are relatively easy to find electronically in an e-mail or document.
An obvious example he would be to group products and/or services together in such a way is to create a new revenue stream or perhaps even business unit. This is all possible with data analytics, because you can see the big picture and you can see the relationships between the individual items.
This one speaks for itself, the more information you have about your own products the easier it is to change and update them and upgrade them in such a way, as they become more effective and useful products for your clients.
With an on-going analysis of client profiles and data, it becomes possible to tailor the content of websites and apps to individual users or groups of users. This means that the experience can be personal to the user while at the same time maximising the benefits to the company.
A better understanding when and how systems and infrastructure are utilised, means maintenance at times and in ways that minimize the impact on the organisation. Therefore, optimisation of another part of the business is possible, one, often overlooked.
The role of senior management within a business or organisation is to provide critical and insightful oversight of the business. This enables strategic and tactical decision-making. The more relevantly information available, and in a more timely manner enables faster decision making which in itself yields more profitability.
As more information emerges from different sources, clear patterns become clear and identification of efficiencies from activities and expenditure present themselves. The ability to reduce the wastage in operations can be a serious competitive advantage.
To discuss your specific requirements and to see how DVANA can help you, please call 0333 006 3800 now.