How Data Analytics Can Revolutionize Your Business?

What causes the failure of a business?

Big data and business intelligence dashboard software are vital as they support effective decision making among almost all industries. For instance, in medicine, prescribing word medicines or treatment and word diagnosis have led to several malpractice lawsuits. According to health experts, medication errors cannot be completely avoided but can certainly be prevented by equipping advanced software technology that could capture any prescription errors before they occur. Moreover, hospitals that have actively applied big data and bi reporting are known to provide an accurate diagnosis.

Giants in technology, commerce and retail, including Dell, Best Buy, Blackberry, Kodak, among others, have collapsed due to their failure to acknowledge and adapt or transform their processes to fit into this digital era of big data and bi reporting.

Rather than utilising insights to understand the behaviour of their customers better, the top managers of such companies made decisions depending on their assumptions and their decades of experience in their respective fields. For instance, Kodak miserably failed to acknowledge that the customers and the market were ready for newer more advanced technology. The company was under the assumption that print would always be an option. Their primary target audience were women, but they failed to recognise that the advent of digital cameras made the target audience more inclusive.

Blackberry is the best example of how a rigid business strategy based wholly on assumptions can lead to the failure of behemoths. Blackberry was quite rigid in its strategy to serve the enterprise markets, while the data and BI analytics suggested huge opportunities in the consumer sector. This wrong decision cost the company very dearly. As a result, the pioneer of smartphone technology is now merely visible in the mobile marketplace.

How can big data save your business?

The brand is the most significant asset of any business. A powerful brand is a great indicator of customer recognition, loyalty and trust towards the brand. Organizations such as Amazon, Google, eBay, Facebook among others, apply big data and BI analytics to know and understand the behaviour of the customer and predict the future trends in the market. This has greatly helped strengthen the brand image of thesis companies.

For instance, Amazon recognised the potential of internet penetration among the population, accentuated by the advent of smartphone technology, and a shift in the behaviour of the consumer from physical shopping to online shopping. Thus, Amazon jumped into this opportunity and created an engaging online shopping experience for online shoppers. It is also heavily invested in system analytics that can collect immense data about online visitors to the website. This makes it easy for companies to reach out to prospective customers by offering them various future shopping opportunities.

Any brand could experience the same success as that of Amazon, but the essence lies in using or applying big data and BI systems most appropriately. Here are the top ways in which you could equip big data analytics to help protect and elevate your brand.

• Create a healthy combination of long term and short term indicators for success. If businesses use analytics just for shorter-term survival and recovery tactics, then it could interfere with the long term objective of the company of creating a solid brand image. Therefore, when the equity of the brand erodes, this could lead to the failure of the entire company very quickly. In order to survive and thrive, businesses need to apply big data and BI systems to attain a healthy balance between pursuing revenues in the short run and defending the brand image of the company in the long run.

• Use big data and brand analytics tools to know and understand the new business markets. Big data and brand analytics tools will let you know about your competitors in the market. The company brand may have a wider acceptance in particular markets but it may not be the case in every business market that the company plans to enter.

• Apply big data to analyse and measure the reaction of people towards the marketing campaign.

• Before beginning any campaign program or sale promotions, analyse and understand the core objective of these programs and understand how well are they aligned with the vision and mission of the brand.

• Invest in different marketing programs which would not just stimulate immediate action from the customer but would also emphasise the building of the brand.

• Create a company structure that facilities technical analytics and marketing teams to thrive and collaborate.

Almost every industry could benefit from business analytics and business intelligence. Expertise, instinct, and learning may still support the performance of various brands but only up to a certain point. If the brand wants to thrive in the long term, they need to base their decisions on the objectivity of the big data.

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