3.Business Analytics Enhances Customer Retention and Experience
Business analytics enable organizations to analyze customer sentiments and interactions with their brand and competitors and understand patterns that enable them to optimize customer experience, increase retention, reduce churn, and drive sales and profitability.
4.Business Analytics Minimizes Risk
Business analytics enables organizations to pre-empt adverse situations and helps organizations prepare better for it. It enables them to make all their processes agile and resilient.
5.Business Analytics Enables Organizations to Optimize their Manufacturing
With the implementation of analytics and automation across the end-to-end supply value chain, organizations can optimize planning, streamline spends, improve supplier management, enhance end-to-end visibility, reduce time to market, optimize operations and logistics efficiency, and meet budgets.
6.Business Analytics Enables Organizations to Enhance their MROI
By creating data-driven marketing mix models, optimizing campaign and promotion plans, analyzing competition, and understanding customers, business analytics enables organizations to get the most out of their marketing spends and enhance their MROI.
7.Business Analytics Enables Organizations to Find the Right Pricing Strategy
Business analytics enables organizations to proactively adjust prices to fulfill customers’ needs without hampering organizational profitability. It enables them to gauge the impact of pricing activities on business, analyze the profitability of specific price points, and optimize their overall pricing strategy.
8.Business Analytics Accelerates Clinical Research
Business analytics enables healthcare organizations to capitalize on clinically rich insights obtained from real-world data to accelerate the timelines of clinical trials and improve the costs and efficiencies associated with clinical research and development.
9.Business Analytics Inspires Innovation
Business analytics enables organizations to not just optimize their existing processes, but also understand how to re-think their value chain and add innovation into the mix. This, in turn, enables organizations to become more efficient, understand customers’ needs and preferences better, and optimize profitability and sales.
10.Business Analytics Enables Organizations to Reduce Employee Turnover
HR professionals can make use of business analytics to examine the likelihood of an employee fitting in well with the company, tracking their performance, gauging employee satisfaction, and enhance employee engagement. This enables them to reduce churn and improve employee retention.
11.Business Analytics Enables Better Product Management
Business analytics enables organizations to analyze the popularity of their products by taking different parameters into account such as region, season. This analysis then enables them to market the right products at the right time, optimizing sales and profitability.
12.Business Analytics Enables Organization to Understand their Competitors Better
Business analytics enables organizations to conduct competitor analysis to better gauge what their peers are up to, what their strengths and weaknesses are, what are their future plans, etc. This data enables them to understand how to create a business strategy that will outcompete their contemporaries.