When it comes to data and analytics, it’s not what you know. It’s what you do with what you know.
The Harvard Business Review states that the majority of today’s organisations are not even close to recognising the value data and analytics can bring and, with customer relationships at stake, this is something organisations worldwide will quickly need to address.
Organisations today are under increasing competitive pressure not only to acquire customers, but also understand their customers” needs and wants in order to optimise the customer experience and develop long-term relationships.
But these customer expectations are changing. Providing a good product or service is simply not enough for today’s businesses.
Most demand an end-to-end seamless experience, from the delivery of products and services to how that customer interacts with the brand. The customer is now dictating the rules of what is expected from companies, and they have the ability to quickly choose new suppliers if they don’t get what they want.
Data and analytics can make all the difference here.
Some of the key business influencers are already predicting that 2017 will mark an even more meaningful shift when it comes to utilising data in business. Data will drive business direction rather than simply reflecting performance.
Most organisations today understand that if they capture all the data that streams into their businesses, they can apply analytics and garner significant value from it. The benefits that big data analytics are already bringing to businesses are speed and efficiency.
Whereas a few years ago, a business would have gathered information, run analytics and unearthed information that could be used for future decisions, today that business can identify insights for immediate decisions.
We are already witnessing that the real leaders are the organisations with the ability to respond to customers with personalised, contextually relevant offers and communications in real time, using insights not only based on their in-the-moment activity, but also past behaviours.
These companies are reinventing and reimagining customer journeys to increase client satisfaction, sales and service productivity, while automating processes to reduce operational costs and drive standardisation.
They are identifying sub-optimal channel/cross-channel processes that lead to complaints/attrition and increased costs, while fixing them quickly. This is driving enhanced loyalty and customer engagement via improved focus on managing and measuring customer satisfaction and retention.
Data and analytics: Giving organisations a competitive edge
Effective data and analytics management can help organisations stay competitive when demand changes or new technology is developed. Core to effective brand building are distinguishable products that will help attract customers and maintain loyalty.
Applying analytics for designing, controlling the process and optimising business operations in the production of goods or services ensures efficiency and effectiveness to fulfil customer expectations and achieve operational excellence.
Advanced analytical techniques can be deployed to improve field operations productivity and efficiency as well as optimise an organisational workforce according to business needs and customer demand.
Optimum utilisation of data and analytics can also ensure that continuous improvements are instigated on an ongoing basis as a result of end-to-end view and measurement of key operational metrics.
Analytics are helping to deliver a secure environment and guarantee business continuity
In an age where the market is overcrowded with information exchange from numerous sources and devices, keeping the organisational network secure and free from potential attack or exposure is paramount for business success and efficiency.
Effective deterrence requires mechanisms that allow companies to quickly detect potentially fraudulent activity identify and trace perpetrators and anticipate future activity.
Big data and analytics are also some of the most effective defences against cyber intrusions. Better, faster, actionable security information reduces the critical time from detection to remediation, enabling cyber warfare specialists to proactively defend and protect an organisation’s network.
Efficient data and analytics capabilities can deliver best-in-class organisational security and fraud prevention. Use of statistical, network, path, and big data methodologies for more predictive fraud propensity models and alerts will ensure timely responses.
Data management, is being used for transparent reporting of fraud incidents which will result in improved fraud risk management processes. Furthermore, integration and correlation of data across the enterprise can offer a unified view of the fraud across various lines of business, products, and transactions.
Big data analytics: Creating smarter businesses for a better future
Today, every organisation is depending on data; from big multinationals to small business alike. But more than this, forward-thinking individuals are using this data to formulate better strategies for the future of their companies.
CIOs are increasingly seeing an opportunity for using data and analytics to empower customers, enlighten their organisations, as well as convert IT from a cost centre to a source of competitive advantage.
Peter Mikkelsen is EVP at Teradata International