Companies collect and analyze data to get a better handle in all departments of their operation. For years I fought involving myself in looking at analytics because as a designer I didn’t think I knew how to read it well and apply techniques that might help. I realized that it wasn’t that difficult to look and analyze which helped me become a better business owner.
Business analytics further productivity and helps companies better understand their customers. But do you really get the most out of your data? There may be untapped potential hidden in your numbers. Let’s look at some great benefits companies find in business analytics.
The Benefits of Data-Driven Decision Making with Business Analytics
Remove Snags from the Customer Experience
Even with the best efforts, you can’t foresee every snag. Data analytics help companies zero in on these snags and make improvements. That offers customers a more convenient experience and cuts costs.
According to Teradata, one major U.S. wireless carrier struggled to learn why customers kept calling customer service after they made an online payment. Voice conversations between customers and reps served as the basis for the analysis.
Through the use of business data analytics, the carrier concluded that customers called because they made their payments late and needed to confirm that their service wouldn’t be interrupted. As a result, this led the carrier to make the simple fix of a message display to their customers stating that late payments would not affect their service.
The pleasing results of this effort showed an immediate drop in customer service calls, which provided a better customer experience and improved the bottom line for the company.
Eliminate Supply Chain Bottlenecks
Manufacturing companies face extreme pressure to keep up with production. In addition, they continue to introduce better-performing products than their competitors. When supply chain bottlenecks occur, the entire manufacturing process is disrupted. Then, the problem must be identified and a solution put into place.
In a case study, one fortune 500 manufacturing company struggled to get enough data out of its business tool. The tool was too complex for their engineering management staff to use. This created an unhealthy reliance on the business intelligence team to move data to the engineers. That resulted in a bottleneck of some production lines.
The solution ended up being a user-friendly business data analytics tool that gave engineers better visibility. It also allowed multiple data sources to come together. With a self-service analytics tool, engineering management was able to find every set of metrics, trends or historical facts. This increased their productivity and improved their entire supply chain.
Uncover Demand for a New Feature or Product
When Rockwell Automation’s product quality group submitted a project to the data analytics team, it resulted in a new product. The company experienced a warranty management issue. However, rather than look at the specific problem, they focused on the overall cause.
Taking this approach made it possible for the data team to discover that a manufacturing defect was affected by assembly failures. With this information, the company decided to invest in cloud-based services. They created their own branded platform that centers on machine data analytics. The company extends its analytics platform to customers as well. This provides greater customer satisfaction and increases revenue.
Companies that use analytics develop better solutions. Doing so improves every employees’ day-to-day role, bolsters company bottom lines and improves the customer experience. While the answers indeed lie in the data, you can’t find them without the right analytic tools.