Organizations today are generating more data than ever.
Yet, only a few organizations leverage the data in the right manner to create meaningful insights for business. Knowing what to do with that data — and how to utilize it smartly — to leap ahead of the competition is vital. According to Entrepreneur, businesses that use big data see a profit increase of 8–10 percent and a 10 percent reduction in overall cost.
So then the question becomes: how do you use data in meaningful ways creating impact for your enterprise? The answer is: Through Data Analytics.
Analytics, at its very core, involves qualitative and quantitative techniques and processes used to maximize business efficiency, productivity, and business impact.
Data is extracted, cleaned, made consistent and ordered to identify trends, behaviors, patterns, and relationships. A large number of tools are available which can then facilitate easy data analysis. Using these tools helps to translate information into actionable insights that help identify gaps, trends and new opportunities.
We see more and more businesses witness the adoption of big data practices to monetize their data. Customers drive demand, and exceeding their expectations is vital. The ability to analyze what they need, their tastes, and their changing preferences can be tracked to generate meaningful recommendations.
According to Forbes, 83 percent of enterprise executives say they’ve pursued big data projects to gain a competitive advantage, while nearly 50 percent of businesses say big data and analytics have fundamentally changed how their sales and marketing departments operate.
Businesses can now analyze data in real-time and provide insights related to finance, sales, marketing, and operations. Where most organizations struggle, however, is when the data sets become larger over time and managing them into the data analytics platform becomes a tedious process. If this process is not managed properly, it creates gaps and leads to wrong messages and insights.
That is why at Quantiphi, we use our data & analytics solutions to create a central, secure and scalable repository.
For a large insurance client, we created a centralized data lake that gathered all actionable data in one place removing any instance of duplicate data. This reduced the number of different tools users were using to pull data while allowing them to garner insights real-time.
We can store enormous, diverse, structured and unstructured data sets, drawn from various external and internal sources,giving organizations the flexibility to derive insights through a single, unified view of the data.
This helps increase operational excellence in real-time, increasing the competency of an organization in an agile market. Our data & analytics services enable clients to deliver value across their customer’s journey by empowering users with intuitive processes.
We focus our services to cover the following:
- User interfaces that allow to isolate groups based on known key characteristics and generating visualizations.
- Study early warning signals to help the client take action before time helping to keep costs down.
- Leverage client products or services data to analyze how well they perform and identify variables that affect their performance.
- Measure, diagnose and forecast performance to set and monitor alerts and generate marketing scenarios.
- Build data lake solutions, where most of the client’s existing data can be structured, and data query made easier
- Identify patterns in historical data to help uncover hidden opportunities.
When it comes to pursuing excellence, data and analytics can provide answers to the tough questions. Data and analytics are key to understanding the market, your customer and making sense of business data to maximize business performance.
As firms continue to grow, so does the data. Start small, but as you get used to the power of how data and analytics work together, you will be able to realize greater revenue and expand your business in ways that you didn’t think possible.
For more information about Quantphi’s Data & Analytics capabilities, click on this link.
