15 April 2020

5 Powerful Strategies to boost your business with Data Analytics

Did you know that according to Forrester, until 73% of all data gathered by organizations is stored without actually being used?

Times are expected to be challenging for business. Whatever the sector of activity, organizations need to reduce costs, predict and anticipate scenarios, optimise and accelerate processes, improve agility and operational efficiency, increase sales, as well as gain and retain its customers.

Are you ready for the Future?

Use the potential of data to create higher competitive advantages for your organization, such as anticipating scenarios, increasing productivity, automating processes and reducing costs.

Decisions can no longer be based on intuitions, but rather on clear and accurate information that guarantees business prosperity. Data Analytics solutions can provide powerful and differentiating strategies that help to leverage your business.

Therefore, it is important to look at the generated data, store it and obtain pertinent and updated insights, which will allow outlining an efficient strategy and make intelligent decisions based on correct and reliable information.

According to IDC, by 2025, there will be an increase in the global data sphere to 175 zettabytes. This means that organizations have never had as much data at their fingertips as today, but, this data only bring intelligence into the organization if it is actionable.

Presently, we all leave a digital footprint on the several channels where we move. The secret is to use this data, structured and unstructured, and to remove pertinent information that makes it possible to create new opportunities, differentiate from the competition and create assertive and effective strategies.

By adopting Data Analytics solutions your organization gains in agility and efficiency, that is, it can not only have a 360-degree view of the entire organization but also get to know consumers and the market in greater detail.

Also, by adopting a data-driven culture, it is possible to focus your strategy, in obtained and interpreted data, having intuitive dashboards and reports of easy reading and analytics.

According to Gartner, the decision-making processes will be accelerated due to the ability of data-driven culture to easily examine and organise data. You can have an integrated view of all departments in real-time and have the opportunity to develop new products or services, improve efficiency, reduce costs, automate production and optimise all resources and processes.

Data Analytics is, therefore, essential for decision-making processes. It is no longer, an option it is a competitive advantage that will put your organization ahead from the competition and allow to gain more market share.

5 Strategies to stand out in the Market:

1) Data, data and more data

Knowing how to store, filter, read and extract important insights from the data, is nowadays crucial for any organization survival. It requires a change in the entire organization that will have the information aggregated and available anywhere and at any time. The organizations that decide quickly and effectively based on accurate insights are the ones at the vanguard of their industry.

2) Decide today based on the “Tomorrow”

How much will I sell off a particular product? What services are most in-demand and in what regions and time of the year? Through predictive analytics, it is possible to predict and anticipate future scenarios, which allow predicting market changes, respond to challenges timely, save resources, optimise marketing campaigns and learn about purchasing needs and trends, as well as preventing fraud or other anomalies.

3) Each Customer is Unique

Knowing your customers is essential to obtain competitive advantages. Understand exactly what your customers and future customers want, what their needs, trends, desires and requirements are. Only then will you be able to offer a specific and personalised product or service at the right time, which significantly increases ROI and sales opportunities. Technological solutions allow for more effective customer loyalty and more positive brands’ perception by offering quality customer service.

4) Optimised Processes

Technological Solutions can make an excellent contribution to the processes optimization by providing essential insights that allow analysing where to improve and what tasks and procedures can be automated. You can save time, reduce costs, speed up processes and increase productivity.

5) Cost Reduction

With the information in the “palm of your hand”, you can identify waste or lack of resources in the processes and optimise procedures, which will naturally lead to cost savings. Therefore, it can create more customised processes, increase quality and services efficiency, automate some routine tasks, saving time and money, freeing collaborators to more creative and strategic functions.