10 Easy Ways You Can Turn DATA ANALYTICS Into Success

Many of the mathematician and statistians, have always been a fan of data analytics, and big data. And they constantly look to use it to drive operational performance improvement in every company they also work in going back to the 80's.. The Edward Demming quote 'In God we trust, everyone else bring data" is one of my favourites, and it's a mantra that I look to live by, as it can tell us so much.

The days of just using gut feelings for business strategy have gone. So too has the era of “Excel is all I need”. Now, business and its strategy are driven by data from many different sources. Fortunately, data analytics for insights and actions from that data can be made user-friendly for non-technical business users, while providing affordable power to tackle enterprise databases and big data. Now that you know 10 ways (at least) in which your business strategy can be revolutionized, your next step is clear – use data analytics for your own business benefit!

1. Proper product forecast – Stop manufacturing wrong products! Pulling in data from marketing databases, social network discussions and your customer relationship management (CRM) system to home in on market and customer needs. To Spot the future trends on functions and features for Making them part of the strategy.
2. Exceptional user experience – Make sure customers want to use your products or services, and tell others how good there experience was. Collection of data that is user familiar data from surveys and usability tests. Usage of data analytics in refining new designs and improvement of the existing offerings.

3.) Smart supplier management – Success of your business plan will depend on the performance of your suppliers. Tracking delivery quality and timeliness with real-time data analytics and dashboards. To See the suppliers who help you achieve your business goals which should be replaced.

1. Pricing optimization – You want your customers to be satisfied. You also want to maximize your profit. Predictive data analytics show you how different pricing strategies can work out for you. They can integrate data from past sales records, market trends, seasonal variations. You can even factor in the buying patterns of individual accounts.
2. Advertising effectiveness – Ever said, “I know half my advertising budget is wasted, but I don’t know which half”? Now, you do know, thanks to data analytics. You can go full-on with big data analytics to process click-by-click data about which customers responded in which ways to which advertising. Then you can select the right channel and the right message, market segment by market segment, for maximum effect and zero wastage.
3. Wonderful website navigation – Business is increasingly done online. Your sales prospects will head for your website to find out about you, before you have even found out about them. Data analytics will help you tune your site. You can lower up the bounce rates, boost click-throughs and increase conversions, turning your business strategy into your sales success.
4. Customer by customer personalization – Who says a business policy has to be “one size fits all”? Use big data analytics to drive chatbots to interact at a personal level with customers as they come to your website. Build a recommendation engine that analyzes past transactions, current website navigation and different choices made by purchasers with similar profiles to offer each online customer just what he or she is looking for.
5. Forecasting accuracy – Use descriptive data analytics to slice and dice past sales data to detect patterns and drivers. Use this knowledge and predictive data analytics to understand future demand. Use prescriptive data analytics to get precise recommendations on how much to make and how to organize your workforce. Data analytics can help you guiding at each step.
6. Cost Reduction Inventory – Holding too much inventory means extra cost. Holding too little can lose your sales and even customers. For retailers, things can also get more complicated. They must pick the right assortment of products for limited floor spacing. Guesswork could be disastrous. Data analytics can help you find the happy medium.
7. Top notch fulfillment of order and delivery – Your business strategy only works if your customers get what they want, when they want it. Data analytics on past delivery records, current traffic conditions and future demand let you make delivery promises that you can keep, and that keep your customers satisfied and loyal. How’s that for a great business strategy!

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