Business analytics is the force that drives business growth, both this year and in the coming years. New trends may help you increase revenue as you turn everyday information into data that is valuable to your business.
Customer Relationships Are More Responsive
Customers now expect real-time responses when they have questions for businesses. These expectations are due in part to the following social media and eCommerce platforms:
A study found that just 1% of shoppers who return again for a visit to a site increases overall revenue by approximately 10%. This study also found that if a retailer, who sells online, retains 10% of its customers, the retailer would double its revenue.
Data in Real-Time is Affecting a Number of Industries
Utilizing machine learning, data is enabling more rapid improvements in the energy, automotive, consumer, logistics and transportation industries. With the knowledge of data, these industries have been ready to institute important changes when they were needed.
Predictive Analytics Helps With Price Optimization
In addition to loss prevention, price optimization is enhanced with predictive analytics. Retail is very competitive, and areas that may be impacted by this data include the following:
- Customer segmentation
- Market-based analysis
- Centralized customer data
Access to data can be immediate with the right information, seen at a glance.
Real-Time Information May Save Legwork
Rather than having to access Excel repeatedly, with Live Earth, the right information in real-time is available in a form for viewing immediately. Your time and attention becomes more focused.
Data visualization can make your job easier by providing you with charts, graphs and tables that have analyzed raw data. You might use it with mobile devices or share it outside of the work environment. Knowing which type of data visualization that serves your needs is important; various forms of visualizations include the following:
- And more
Collaboration Benefits Your Business
One of the advantages of business intelligence, in addition to cloud storage, is that collaboration is facilitated between colleagues. Information is available immediately, so you don’t have to resort to tracking of spreadsheets, emails, reports and more. You can comment on work done by colleagues, enhancing communication. New strategies are possible with information that is at your fingertips.
With everyday information turned into data that is valuable for your organization, business intelligence allows you to make important business decisions with data on hand immediately. Collaboration from anywhere is possible, with the viewing and accessing of information that may increase revenue. We know that you want information that is actionable and correct.