It’s not only today that technology and marketing go hand in hand. The difference is in the amount (and quality) of information we have on the table that today enables managers to make more informed decisions than ever before. So the concept of Business Analytics is being so explored.
Google itself has unleashed a recent survey, which says that companies that are ahead in competitiveness are those that are able to understand and anticipate the demands of the target audience at any time of the day of purchase.
Thus, one of the pillars of business competitiveness today is Business Analytics, that is, a company’s ability to analyze data and turn it into intelligent market actions in the short term, to make more profit.
What is Business Analytics
Business Analytics can be defined as the use of data by an organization to measure and improve performance.
This data can be either internal (employee efficiency, time processes, etc.) and external (consumer profile, market benchmarking, etc.).
In the technological world we live in, there are several softwares to help with this data analysis.
Programs that metrify and evaluate internal data such as employee productivity, sales results, purchasing, tax compliance, and other performance meters.
When you turn to external data, Business Analytics is used to better understand market trends, consumption, customer profiling, and competition.
This kind of action generates market intelligence that drives the company’s competitiveness. Since the organizations that analyze their trajectory are the ones that know the most where they can direct their efforts.
This is the differential of Business Analytics that makes it unique: it is not simply the fact of evaluating information, and it is the ability to transform information into a baseline (and tactical) actions.
Whether internally or externally, the goal is to help organizations make decisions by modernizing management.
Organizational decisions based on data
With good Business Analytics practices, an organization can easily design data-driven models to make better decisions.
When this practice becomes a habit, the company gains several competitive advantages such as:
- A better understanding of internal processes;
- Study facilitated the market relationships and patterns;
- The possibility of understanding specific situations using data;
- Use historical data to forecast marketing and sales results.
In general, Business Analytics can be divided into two distinct uses that generate different advantages:
With current data it is possible to describe the operation of an organization, bringing more intelligence to the business.
By crossing information and evaluating its standard, it is possible to understand why events such as decreased sales, loss of efficiency, greater turnover of employees, among others.
This type of analysis attempts to forecast future situations and answer questions such as “when X is going to happen?” Or “Next year, what product will gain relevance, and which will lose?” Helping to adjust the strategic planning regarding the establishment of the sales goals, or the average ticket of the product, or service, for example.
These are two uses that make the Business Analytics such an important issue for contemporary organizations that use the intelligence to increase their competitiveness, they can better understand the internal processes and forecasts external trends (even in a tough economic environment).
Case Study: Gaining Competitiveness with Business Analytics
Harvard Business Review recently released an article about the ZF, an automotive supply industry that was experiencing serious difficulties.
With several new start-ups emerging, the industry was losing space for products it could not compete with.
It was in this scenario that the ZF team of data analysts decided to focus their attention on production problems, interruptions, rework, speed and other factors of enormous importance that could burden the company structure in order to try to reverse the situation.
By identifying problems, collecting data and creating solutions through information, the team achieved the following results:
- Through the prescriptive analysis, they were able to create an algorithm that forecasts predicted defects in the production line with 72% assertiveness.
- Through data management, they identified parts of the process that had excessive use of energy, reducing electricity expenditures by $ 100k-200k per year.
The gain in competitiveness has been so great that the data analysis department has become a key player in the company, building ground-breaking solutions that work, and ruling out any inefficient decisions.
Zoox Smart WiFi: A source of intelligence for your business
What if you could access information about your customers and increase the intelligence of your business?
Zoox Smart WiFi is a technological solution that turns your WiFi network into a source of intelligence.
Our system automatically crosses information from everyone who connects to your network and generates a complete consumer profile, following international data privacy standards.
In addition to taking an existing infrastructure, your WiFi network, and turn it into a source of intelligence, our system also optimizes the speed, security and customization of your network. You no longer have a cost center, and you have a revenue center.
Our solution is already being used by several segments: transportation, retail, food, tourism, hospitality, innovating the way of doing business in several areas.
Would you like to know how we can do the same for your organization? Talk to one of our specialists: