Enterprise data is all around us. In the present day, the biggest challenge that confronts enterprises is how to leverage the massive volumes of data and embrace digital transformation.
Leveraging the data isn’t limited to extracting them out of the siloes and analyzing them. It also includes cleansing, warehousing, and many other stages. This is where data analytics (a.k.a. Business Intelligence) comes into the picture. Analytics fuels data-driven decisions in every role, business process, decision, and action.
Take a look at the screenshots below. You’ll understand the wealth of actionable insights you get from analytics.
In this article, we’ll explore how analytics helps enterprises stay at the top of their game and scale their growth. But before that let’s do a quick reality check.
Are Enterprises Ready to Leverage Analytics?
It’s true that enterprises are considering data and analytics as their strategic priorities. However, data as an asset is still in the primary phases. Less than 50% of documented corporate strategies use data and analytics for delivering enterprise value.
Gartner predicts that such strategies will change for the better soon. By 2022, 90% of enterprises will start using data as a critical enterprise asset and analytics as an essential competency.
So, we can say that we are ready to embrace analytics and explore new growth opportunities. Now, let’s find out what type of opportunities analytics brings for enterprises.
How Analytics Provides Enterprises With a Competitive Edge
Organizations can drive digital transformation and redefine the customer experience using enterprise analytics. But first and foremost, a data-driven culture is necessary to accomplish these business outcomes.
Creating a Data-Driven Culture
We are highlighting two ways you can create a data-driven culture in your organization.
Foster Business-led Analytics
As an enterprise, you need to exploit data as much as possible rather than attempting to control it. For example, you have to figure out what data storytelling is and how it matters for your brand.
Believe in and practice data literacy
The second biggest roadblock to business growth is “poor data literacy”, according to Gartner’s Chief Data Officer (CDO) survey. This causes underutilized information assets and will impact your growth curve negatively. So you have to ensure that your team is competent enough to handle and analyze data. Managed Analytics solutions can cater to this need effectively.
Once you are successful in creating a data-driven culture, your organization will become receptive to a host of new opportunities. Let’s find out more about them.
Analytics Brings New Opportunities
These are the ways analytics helps your business grow steadily –
Increased Revenue and Lower Costs
Studies show that companies using data-driven marketing strategies notice an increase in revenue by 20% and a reduction in costs by 30%.
The returns (ROI) can reach 1200% if your business is using managed analytics instead of traditional analytics solutions. There are no upfront licensing or hardware costs involved, and you only pay for what you need.
Improved Service Level Performance
Analytics allows you to predict your ability to meet customer demands. Let’s consider an e-commerce store offering same-day delivery. Analytics can help you understand the impact of traffic patterns and average delivery times for each supplier. You can even identify the top-performing suppliers in a specific region and route more orders through them. This allows you to meet all your delivery commitments in time.
Making Profitable Decisions in Real-Time
This is crucial for any business. In analytics solutions, you get drill-down reports to visualize each and every minute aspect of your business. EZlytix, a leader in Managed Analytics, provides 150+ customized reports along with self-service BI tools. You can take control over everything through a user-friendly dashboard and make better business decisions in real-time.
Create Mass Personalization
Personalization is key to attracting potential customers and analytics helps you segment your target audience. Once you’ve segmented your audience, you can personalize everything. For example, you can automate and personalize marketing campaigns to target more people at a time. This expands your business’s reach and impact and drives conversions. Furthermore, it’s possible to set up relevant experiences across different touchpoints in your customer’s purchase journey.
Maximize Customer Value
You can stop dedicating your sales team to customers who are not interested in your products. Instead, your team can follow-up with potential leads and close deals. EZlytix can extract data from your CRM system and engineer it to deliver valuable insights.
A Final Word
The opportunities after using analytics are endless. EZlytix helps you replace traditional business intelligence with advanced analytics competencies like data science and machine learning. You can embed them in your business and experience faster business growth in the days to come.