HOW INVESTMENT ANALYTICS CAN MAKE YOUR FIRM A MARKET LEADER

WHY INVESTMENT IN ANALYTICS IS ESSENTIAL

The ability to capitalize on data insights and analytics can make or break a company. And big data, artificial intelligence, and predictive analytics have every organization scrambling for an advantage—or fearing disruption.

To reap the rewards of data-driven business initiatives, you must make targeted investments in traditional and emerging analytics tools, as well as in underlying IT infrastructures to support them.

Given below are six key reasons to invest in analytics:

(i) Analytics puts companies in a stronger competitive position

The combination of historical and near-real-time data, plus the ability to merge and analyze all this information, can give you a competitive edge as disruption continues to impact almost all industries.

(ii) By capitalizing on corporate and departmental data, companies can quickly identify new business opportunities and emerging market trends

Sophisticated analytics can provide you essential insights to your marketing department to understand how best to engage with customers across multi-touch, multi-channel communications and transaction pipelines. What separates the savviest users of analytics from the rest is their ability to drill into historical information to see what past programs have been successful, and then apply predictive algorithms to become more successful in the future.

(iii) Analytical insights uncover ways to reduce expenses

Data insights developed at the corporate and departmental levels can identify cost-avoidance opportunities and cases of wasteful spending.

(iv) Near-real-time data provides early warnings about production and service problems, ultimately leading to higher quality products

Many business executives across the developed world rely on analytics to improve the quality of their products or services. By analyzing customer engagement, you can better understand the concerns and changing desires of your consumers and so you can innovate your products accordingly.

(v) Advanced analytics lead to a deeper understanding of customers

Traditionally, companies were satisfied with segmenting customers within broad categories, such as age, gender and location. Now, there’s greater access to sophisticated analytics, such as AI, as well as third-party data that fully illuminates the digital footprints of online customers. You as a Decision-maker can now study more factors, including affluence, different levels of price sensitivity, affinities to different brands, and key behavior traits of potential customers.

(vi) A better analytics strategy leads to higher growth

An impressive 85% of companies that are succeeding with analytics are seeing revenue growth greater than 7%. You can also be one of such companies if you take proper action

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