You might feel like your company is doing all it can with its big data insights, but there are many analytics business processes that companies fail to utilize. We live in a data-driven world, and the companies that do the best job of exploiting their data are the ones that will come out on top in the dog-eat-dog world of business.
The more ways you find to maximize your small business’s productivity using business analytics, the better. So, in this brief guide, we’ll cover some of the many analytics opportunities companies commonly miss. Also, You can check out the Data Analytics Online Course for in-depth knowledge and expertise.
You can use CPQ software to streamline product configuration processes.
Product customization is one of the fastest-growing trends in the manufacturing industry. Indeed, customers expect to be able to get the products they want, how they want them, and at a discount price. Configure, price, and quote (CPQ) platforms take the stress out of product configuration for manufacturers. CPQ software enables them to streamline the customization process and quickly price and quote custom products.
You can use predictive analytics to perform predictive maintenance.
A lot of business users who are new to data science often confuse business analytics and business intelligence or even conflate them. They do go hand-in-hand, but they’re different. We’ll settle the business analytics vs business intelligence confusion using predictive analytics as an example.
You can use predictive analytics to get insights into a piece of equipment’s performance and condition. You can even predict when the machine will need maintenance. The processes and statistical methods used to extract these actionable insights are business analytics. In this example, business intelligence is the actionable information that enables preventive maintenance.
You can use machine learning and artificial intelligence for workflow automation.
Creating workflows for remote teams can be an arduous task. It’s time-consuming, and it can be difficult to make changes to them in real-time, which is when you need to make critical changes in the business world.
Many project management tools come with machine learning and artificial intelligence tools that enable them to streamline workflow creation. It can even automate the distribution of tasks in a flow to the right team members and track their progress on the project.
You can use diagnostic analytics and prescriptive analytics to enhance business processes.
Your team members’ productivity is central to your company’s bottom line. It’s up to you to get them focused on company objectives and bring out their best efforts. By analyzing data collected via productivity trackers and clock in apps for employees you can help them improve time management and become more productive.
Objectives and key results (OKR) software enable business leaders to influence their companies’ productivity like never before. They’re able to set smart goals based on data and use advanced metrics to track the productivity of individual team members.
You can use CRM to enhance the customer experience.
The customer experience is a paramount factor in your company’s success. The difference between customer service and the customer experience is simple: Customer service is what you do, and the experience is how you make the customer feel. CRM enables merchants to get to know consumers better so they can create a great experience for each individual consumer based on their customer data.
As you can see, there are more ways to use business analytics to upgrade your business processes than there is time to name them all. We’ve barely scratched the surface with several of the myriad analytics processes that many small businesses and large enterprises overlook.
You can use analytics for everything from getting real-time insights into your market and fine-tuning your company’s sales process to providing preventive maintenance to production equipment and product configuration. Don’t overlook these data analytics uses cases, as the companies that make the best use of their business and customer data are the ones that will gain the ultimate competitive edge and rule their market.