Category: Blog

4 Retail Analytics Trends Driving Business Outcomes in 2019 & Beyond

As the retail landscape grows increasingly complex, leveraging retail analytics to better understand the business environment is more of a necessity for retailers looking to up their game. Looking ahead to 2019 and beyond, our experts predict that there would be a significant surge in analytical investments by players across industries. Such initiatives are poised to drive competitive advantages for data-driven organizations, both large, well-established entities as well as smaller retail chains. At Quantzig, we’re continually capturing inputs from our clients, and over the course of the year, we’ve noticed a few trends that have affected several business aspects of retailers. Our analytics experts have curated a list of the top four retail analytics trends that are key drivers of transformation in the retail industry.

Want more insights on the top retail analytics trends? Get in touch with our experts to gain in-depth insights on the retail analytics trends that are set to change the retail landscape this year.

Top 4 Retail Analytics Trends: 2019 and Beyond

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5 Proven Customer Retention Strategies to Up Your Game | Quantzig

With the ongoing advancements in technology and the rapidly transforming business environments, it’s essential for businesses to revamp their customer retention strategies to boost sales. To succeed in today’s complex business scenario businesses must not only focus on enhancing customer relationships but must also optimize and revamp their customer retention strategies on an ongoing basis. Since there’s so much noise out there about customer retention strategies, our analytics experts have curated a list of top customer retention strategies that have helped our clients improve their profit margins.

customer retention strategies 

Request for more information to learn how customer retention strategies can help you step up your game by improving customer satisfaction.

5 Customer Retention Strategies to Grow Sales

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sales forecasting

3 Essential Sales Forecasting Methods That Can Accelerate Your Sales Process

Sales forecasting is one of the important processes that help businesses in better decision making and in predicting long term and short-term business performances. Sales forecasting affects several business areas such as sales operations, marketing strategies and budget allocations. But many sales leaders struggle when it comes to the implementation of effective sales techniques. Inaccurate sales forecasting fails to guide business pipeline management and has dire consequences on different levels of business operations. Overestimating sales may lead to overspend and underestimating sales might result in inefficient order management. Therefore, it is crucial for businesses to get their sales forecasting techniques correct. Here we have discussed in detail some of the essential sales forecasting methods that can help companies accelerate their sales processes.

Sales forecasting offers actionable insights into how a company should manage its workforce and cash flows. Want to know how? Get in touch with our experts right away.

Sales Forecasting Methods

Capture

Technique #1: Opportunity forecasting

This sales forecasting method helps companies to estimate the probabilities of a deal getting close to conversion. Opportunity forecasting can help best when a company is trying to gain an objective understanding of its pipeline stages. Also, this sales forecasting method is helpful when you want to gauge your sales team performance and analyze areas where improvement is needed to move a prospect down the pipeline. To adopt this sales forecasting technique, it is important for companies to understand and analyze their sales history. Understanding the rates of success at every stage of the sales cycle is required to derive an accurate estimate of future results.

Technique #2: Length of the sales cycle

This approach of sales forecasting helps to make assessments based on the age of the deal rather than analyzing success rates at every stage It is very helpful in predicting when a deal is likely to close. Companies can use this technique to learn in detail about different types of deals in their sales pipeline. The length of the sales cycle is not strictly tied to defined categories. So, it can help in creating algorithms based on different types of deals efficiently. Additionally, it can help to estimate numbers for the average repeat customers or leads.

Our sales analytics solutions help companies identify new opportunities for revenue generation and improve sales forecast. Request a FREE proposal to know more.

Technique #3: Regression analysis

Regression analysis is one of the most preferred and smart choices for sales forecasting. This technique can help companies to perform in-depth quantitative analysis of factors that might be affecting their sales processes. This method can lead to success only if you have the necessary capabilities and domain knowledge to understand the factors that impact the sales performance of your company.

Request a FREE demo below to know how our customized supply chain analytics solutions can help you forecast sales volume and manage inventory.

customer satisfaction

Customer Satisfaction: Five Metrics to Track User Experience and Drive Loyalty

High customer satisfaction rates can take your brand places by helping you stay ahead of the curve. We’re sure you don’t want to miss out on this opportunity to learn how. Download the complete article for in-depth insights.

Business leaders across industries have started recognizing the advantages offered by superior customer experiences and the value that resides not only in what a company delivers for its end-users but the ways in which they deliver their offerings. Gone are the days where organizations once could differentiate themselves from their competitors by efficiency, uniqueness today increasingly relies on creating a seamless customer experience to enhance customer satisfaction and drive loyalty.

Want to gain detailed insights into our customer analytics solutions portfolio? Contact us.

Why is customer satisfaction important?

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customer segmentation

Customer Profiling: Frequently Asked Questions (FAQs)

What is Customer Profiling?

Customer profiling is the method of analyzing the characteristics of the ideal customer based on different attributes. Businesses use the tool of customer profiling to understand their potential customers and make better decisions. Customer profiling methods Revolve around grouping similar customer profiles based on their geography, demography, behavior and psychological characteristics. Customer profiling helps businesses to design customized campaigns for potential customers to improve their experience and boost loyalty. This also helps in enhancing marketing effectiveness and efficiency of a business. Psychological profiling of customers can help companies to identify the right prospects and offer them the required services to make them feel cared, engaged, and valued.

Are you finding it difficult to predict and analyze the behaviors of your customers? Customer analytics solutions can help. Get in touch with our experts right away!

Steps to Customer Profiling

Step #1. Understand your products and services

The most important step in creating an ideal customer profile is to have a proper and complete understanding of your own services, products, services, and organizational goals. It is essential for businesses to understand their customers and how they relate to the packaging and development of their products and services. The way your services and products are positioned to influence the type of consumers that use them and must be monitored accordingly. This also ensures that your services and products are of the highest value to your customers. This analysis also helps in understanding the change in the behavior of customers over a period of time. 

Step #2. Ask your customers for feedbacks

For accurate customer profiling, it is important to survey your audience regularly and get their feedback on your offerings. Also, the customer survey can help you assess their perception of your brand. Although it is very difficult to get your customers to take part in such surveys, it is not impossible to do so. Businesses can offer some incentives, for participation, to their customers in the form of discounts on their next purchase. Also, you should ensure the survey is enjoyable and not boring for the customers. 

Our customized analytics solutions help businesses to identify factors for customer churn and develop effective business strategies. Request a FREE proposal to know more about our portfolio of services.

Step #3. Identify the customer based on different attributes

Customer profiling helps in finding targeted customers. For this, businesses need to identify their customers at a deeper level by digging into their behavioral interests, psychological response, demography, geography, and much more.  The more is the information available about your customers, the more accurate you can be at winning your customers despite the intense competition in the marketplace. Businesses need to leverage customer analytics solutions to understand and profile their customers efficiently.

Step #4. Keep your customer profiles up to date

Consistency is the key! Only gathering required information about customers is not just enough for businesses to gain an edge over the competitors, they need to keep the information up to date as well. The customer profile template that you feed in your database should be the same for all customers so that updating information becomes easy and error free. To analyze areas like demographics, interests, behaviors and psychographics a customer profile template is considered ideal and necessary.

Request a FREE demo to know how our customer analytics solutions can help your business.

Why Customer Profiling is Important?

  • Customer profiling helps companies to focus their marketing efforts efficiently by understanding the context of consumption patterns and similar product association. Also, it helps them to understand the expectations of customers that can further help in serving customers with better products and services.
  • Customer profile helps businesses to communicate with the right people at the right time. This helps them to drive the desired results from sales and campaign. Also, this insight helps in nurturing the potential prospects through the buying process. Customer profiling is considered to be very important for businesses looking to boost their response rates.
  • Customer profiling helps in personalizing communications with customers By creating a customer profile, companies can easily understand high-potential customers. This further helps in reaching them with customized campaigns and messages.
  • Customer profiling can also help businesses to improve customer acquisition. It can not only help them identify their potential customers but also offers insights into customer segments with similar characteristics. Such prospects will always have a higher propensity to show interest in your product or service offerings.

Customer Profile Template 

#1. Broad Description of One of Your Ideal Buyers

  • Buyers’ persona
  • Demographic details
  • Web purchase behavior
  • Product preferences
  • Preference for communication

#2. Identify their end-goal wants & needs

  • What are the offerings (services and products) that your clients really care about?

#3. Identify where your customer frequents

  • What sites do they prefer?
  • What search terms do they use?
supply chain visibility

Weekly Round-Up: A Storyboard on the Importance of Supply Chain Visibility

LONDON: Quantzig, a leading analytics services provider, has announced the release of their latest storyboard on the importance of supply chain visibility and how it can help businesses improve customer service and control costs through proactive status updates of inventory, effective inventory management, reduction in supply chain disruptions, and risk mitigation. Supply chain visibility is the key to gain advanced insights into supply chain operations.

By leveraging supply chain visibility solutions, companies can integrate such insights with customer’s data and optimize their supply chains efficiently. Also, supply chain visibility can help businesses to understand customer demands, improve decision making, and enhance agility.

Quantzig’s analytics solutions have helped leading companies to make data-driven decisions and boost profitability. Below, we have summarized some of Quantzig’s recent success stories for this week and have also highlighted ways in which supply chain visibility solutions have helped companies to improve workflow and reduce inventory effectively.

Are you wondering how to increase the efficiency of your supply chain operations? Our supply chain analytics solutions can help. Get in touch with our experts now!

#1: Supply chain visibility reduced the replenishment rate by 20%: Optimizing the decision-making process and increasing efficacy in the supply chain are daunting tasks for companies across industries. But it should not be a matter of concern if your organization has a better perceptibility of the supply chain processes. A leading manufacturer in the U.S was facing a similar issue but experienced a great change in their replenishment cycle by leveraging Quantzig’s supply chain analytics solutions. These solutions also helped them to improve their forecast accuracy by 85%.

Supply Chain Visibility Engagement – 20% Reduction in Replenishment Cycle

#2: Mitigated the failures across inbound and outbound supply chains with the help of supply chain analysis: Are failures in inbound and outbound deliveries worrying you? This is where supply chain visibility solutions can help as it helped one of Quantzig’s clients, a renowned sports goods and apparel manufacturer. By leveraging Quantzig’s solution, the client was able to gain insights into the exploratory and univariate inbound data. Also, supply chain visibility solutions helped the company to identify the wholesale channel that had the lowest out-bound OTIF levels.

Supply chain visibility and root cause analysis for OTIF failures across inbound and outbound supply chains

#3: Why is supply chain visibility important for your business? Globalization, rapidly growing competition, and the increasing market complexities have swollen the difficulty for companies to keeps tabs on their ever-expanding networks of the supplier. This is the time for companies to leverage supply chain visibility solutions. Supply chain visibility aims at improving and strengthening the supply chain and making information easily available to all the stakeholders. This further facilitates forecasting and helps in better demand management.

4 Reasons Why Supply Chain Visibility is More Important Than You Think

Our supply chain management solutions help companies to enhance their supply chain visibility and demand forecasting capabilities. Request a FREE proposal today to know more about our portfolio of services.

#4: Supply chain analytics solutions improved inventory management: Do you really think reducing inventory levels and improving operational performance is a difficult task? If yes, then take a look at our latest success story during the course of which we helped a client to simplify the supply chain complexities and minimize disruptions significantly. Also, it helped the client to focus on blind spots to respond to the disruptions in a timely manner and satisfy the future demands of customers efficiently.

Supply Chain Visibility for a Leading Healthcare Retail Client Helps Maintain Better Inventory Levels

#5: What are the most crucial components of supply chain visibility? A good supply chain visibility solution enables all the stakeholders to monitor and track the movement of supplies throughout the supply chain system. There are several critical components of supply chain visibility that help businesses to improve productivity by providing visibility into the supply chain processes. Read this full article to find out what are those components.

4 Components of Supply Chain Visibility That You Need to Work on

#6: Supply chain visibility facilitated innovative care models for customers: A leading healthcare industry player approached Quantzig to gain better visibility into their supply chain process from the supply stage to the end customer delivery. Also, the client wanted to identify and eliminate factors behind the delay in the delivery of products and reduce variability. Quantzig’s supply chain visibility solutions offered real-time visibility into the shipment lead times, production rates of supplier, and customer sales projections. Furthermore, Quantzig’s customized analytics solutions helped the client to offer innovative care models to their customers.

Supply Chain Visibility Helps a Renowned Healthcare Client Offer Innovative Care Models to the Customers

Quantzig offers customized analytics solutions to improve order fulfilment ratios and increase operational efficiency. Request a FREE demo to know how our customized analytics dashboards can help your business.

#7: Unveiling the secret tips to boost your supply chain visibility: Ignorance is never bliss, well at least in this case. If you are unaware of products and parts in transit within your supply chain network, you are lagging behind most of your competitors. Supply chain visibility solutions may hold the key to success. Supply chain visibility can help your organization to respond proactively to drastic supply and demand changes by enabling you to take corrective actions and redirect supply or demand. Also, it provides a real-time picture of the inventory levels that can further help businesses to meet their compliance goals. Here are the secret tips that can help you boost your supply chain visibility significantly. Read more.

Secret Tips to Boost Your Supply Chain Visibility

#8: Supply chain visibility improved supply chain efficiency by 10%: Are you facing difficulty in managing the immense surge in demand? If yes, then you must be going wrong somewhere in optimizing the end-to-end supply chain functionalities right from suppliers to the customers. Quantzig solved one of its client’s similar issue by offering its supply chain visibility solutions that proved beneficial in identifying shortages and eradicating disruptions in the supply chain. Furthermore, this paved the way for effectively responding to production bottlenecks while improving agility in the supply chain management.

Quantzig’s Supply Chain Visibility Solution Helped a Renowned Medical Equipment Manufacturer Improve Supply Chain Efficiency by 10%

#9: Reasons why can’t you avoid supply chain visibility solutions in today’s business environment: Evergrowing competition, globalization, and increasing complexities in the business environment are some of the major roadblocks for organizations today. These factors act as hurdles for companies in effectively managing their ballooning supplier networks.  Therefore, companies can’t overlook the supply chain visibility which is obviously challenging but also important for businesses. This article offers a detailed overview of the reasons why avoiding the incorporation of supply chain visibility solutions can be precarious for businesses.

Five Undeniable Reasons Why You Need to Take Supply Chain Visibility Seriously

#10: Supply chain visibility boosted revenue by minimizing the cost to serve: Every business aims at gaining timely access to accurate supply chain information for inventory optimization and demand planning. One of the leading retailers of the US with a similar goal approached Quantzig to develop an effective strategy for enhancing supply chain visibility and demand-supply management. They wanted Quantzig to help them address the supply chain complexities in terms of manufacturing partners, suppliers, and logistics. By leveraging Quantzig’s supply chain analytics solutions, the client was able to improve its supply chain management and demand forecasts, while witnessing significant improvements in the overall performance.

Five Undeniable Reasons Why You Need to Take Supply Chain Visibility Seriously

mobile analytics

A Comprehensive Guide to Mobile Analytics

What is mobile analytics?

Mobile analytics refers to the approach that helps to capture the details of customers’ experience within a mobile app or website. It helps in collecting data on the user’s response to marketing campaigns and advertising. Also, it focuses on key metrics like time spent mobile app and events triggered. By leveraging mobile analytics solutions marketers can understand their users, perform better A/B tests, and gauge the impact of lifecycle campaigns. This can further help marketers in optimizing campaigns and make data-driven decisions. Mobile analytics services facilitate higher retention rates and improved conversions which come as a result of smart campaign decisions based on mobile analytics.

Are you wondering how to improve your users’ engagement on your mobile apps? Mobile analytics solutions can help. Get in touch with our experts now!

What are the different types of mobile analytics?

Mobile web analytics

Mobile web analytics focuses on mobile device users. Mobile web analytics generally focuses on mobile visitors to the regular site as well as visitors to a mobile version of your site. Mobile app analytics offers an overview of the types of devices people use along with the bounce rate and the number of new and returning visitors. Also, mobile web analytics provides finer details such as visitors’ behavior, referrals, advertising, social sharing, conversions and much more. Like traditional analytics techniques, this type of mobile analytics also gives information on the source of your visitors, their engagement level with your contents and the highly viewed content.

Mobile app analytics

Mobile app analytics is another type of mobile analytics that tracks the activity on mobile apps. The number of your mobile app downloads can gratify you but what happens after the download is what actually matters. Mobile app analytics can help you find out how usable is your app and whether any specific experience forced the users to uninstall it. This type of mobile analytics helps in customer acquisition, retention, referral and improving revenue significantly. Mobile analytics enables the company to track conversion funnels and engagement rate that can help to improve mobile applications even better.

Request a FREE proposal now to gain in-depth insights into our portfolio of analytics solutions.

Why do companies use mobile analytics?

Today smartphones are becoming the most preferred portal for the digitally empowered customers. Customers spend most of their time on mobile devices which offers a better opportunity for companies to reach their customers. Mobile analytics offers a helping hand to companies in understanding and analyzing their customers. This answers the question-why do companies use mobile analytics? Companies use mobile analytics platforms to stay ahead of the curve and build mobile experiences that stand out. Mobile analytics tools aid companies to understand their campaigns’ performance and whether users end up purchasing.

With the data that mobile analytics solutions provide companies can effectively create positive feedback loops. Also, with the help of mobile analytics performance analytics, companies can A/B test the impact of any changes made in the mobile app upon their audience. Based on users’ responses, companies can make further changes to yield better insights and serve user’s needs effectively.

Our customized analytics dashboards help companies identify and profile their unique customers. Want to know how? Request a FREE demo right away.

What are the important metrics in mobile analytics?

#1. Active Users

This metric helps to segment customers based on their behaviour on the mobile app and devise a smart strategy in order to retain them in the application. Also, the metric of active users helps to understand the usability of the mobile application and further helps in personalizing the services to make users feel cared and special. Also, this brings brand loyalty.

#2. Application usage

Have you analyzed in which screen do you lose most of your users? For companies, it is very critical to understand and analyze the flow of navigation within the mobile application. It allows knowing why users abandon your app and in which screens. Also, companies can gain actionable insights into issues concerning churn and retention by analyzing the usage of mobile applications.

#3. Customer acquisition cost (CAC)

Mobile analytics help companies to know the costs involved in customer acquisition which further helps in calculating how much they can spend on campaigning. CAC can help companies determine their profitability from a particular application and optimize their returns on advertising investments.

customer profiling

Customer Churn Analysis: The Key to Boost Customer Retention Rates for Businesses

customer churn analysis

Companies across industries spend most of their resources, time, and efforts on customer acquisition, despite knowing the fact that the cost of retaining an existing customer is much lower than acquiring a new one. Therefore, customer retention should be the top priority for companies. Also, for companies analyzing factors responsible for customer churn and estimating the risk associated with individual customers are both important components that help in devising a data-driven customer retention strategy. Customer churn analysis acts as a key to bring these elements together and offers insights that drive smart decision making across an organization. 

Banks, telecom companies, insurance firms, and energy services companies, are some of the businesses that often use customer churn analysis as one of their key business strategies. With the rise of businesses based on recurring revenue models, customer churn has become an important business metric for almost all companies.

Are you finding it difficult to build a predictive customer churn model? Churn analytics solutions may hold the key to success. Get in touch with our experts to know more.

Here are a few important reasons that make customer churn analysis important:

  • Customer churn analysis prevents revenue loss by saving extra costs in marketing and re-acquisition
  • The probability of selling to an existing customer is a lot higher than to a new prospect
  • Measuring the customer churn rate helps in calculating the customer lifetime value
  • Customer churn analysis helps in measuring the company’s health and long-term prospects
  • Customer churn analysis examines the rate of improvement in customer retention
  • Helps to identify customers segments that are best suited for your products or services

Steps to Enhance Your Approach To Customer Churn Analysis

Step #1: Calculate basic churn rate

The first step in customer churn analysis is to calculate the customer churn rate. There are several ways to calculate the churn rate. Customer analytics tools can help in calculating churn rate directly in real-time. This calculation not only helps in getting the quantitative metric of churn rate but can actually visualize it through the customer journey, understanding precisely the factors that lead to customer churn. Churn rate can be analyzed properly by understanding churn, which is of three types short-term, mid-term, and long-term. This duration is nothing, but the time period customers have been active before they decide to discontinue and cancel the service. To keep your customers engaged for the long-term, you need to reinforce the core value of your product or service consistently.

Customer acquisition management is a daunting task for companies. But our customer analytics solutions can help. Request a FREE proposal to know more about our portfolio of services.

 Step #2: Identify at-risk customers to reduce churn

Prevention is always better than cure, don’t you agree? Some customer segments, and more importantly, some customer behaviours predict churn more clearly than others. Customer churn analysis helps to identify these behaviours efficiently in real-time. This further helps in adopting measures to make these at-risk customers stay. Companies are leveraging customer analytics solutions like customer churn analysis that helps them enhance their ability to identify at-risk customers and thereby reduce customer churn rate. Additionally, customer churn analysis offers a data-driven understanding of customer preferences and helps to find the best way to reduce friction in specific situations. Furthermore, this can help companies to easily prioritize opportunities for improvement.

 Step #3: Focus on the entire customer journey

Customer churn analysis can provide optimum results only when the complete customer journey and experience have been analyzed well. Different customers have different experiences and customer analytics solutions can help you visualize each of them, the various touchpoints encountered, and the actions that are taken from there. If you do not analyze the entire customer journey and only focus on the last interaction, it can result in deriving inaccurate and misleading conclusions which will do nothing to stem the tide of leaving customers. Customer churn analysis can pinpoint the drivers of customer satisfaction in a way that traditional analytics solutions cannot. By analyzing and quantifying what matters most to customers, companies can consistently provide better customer experience and measure their impact on customer churn rate.

Our customized analytics dashboards help companies to devise better customer acquisition strategies. Request a FREE demo below to gain better insights.

Step #4: Discover your most profitable customers and focus on retaining  them

All customers are not equal, and while you may want to retain all, resources are not unlimited. So, you need to shift your focus on the most profitable ones first. Customer analytics solution plays a big role in this endeavour by providing a quantitative and detailed picture of the entire customer journey. It helps in customer churn analysis by interpreting how customers interacted with the product and the problems they faced at every step along the journey. Using customer churn models, companies can group their customers into segments defined by a readiness to leave, profitability, and their response to offers. This can further help in reducing customer churn rate significantly.

 Step #5: Engage with your customers at optimal times

Companies have the tendency to communicate with customers when they either want to upsell or when the customer is breathing fire. But for better customer churn analysis, companies can use several other techniques as suggested below to proactively and consistently interact with their customers:

  • Satisfaction survey – Companies can conduct short, open-ended customer surveys which let customers voice their opinions in a convenient and easy manner.
  • Social media – Customers spend most of their time on social channels. So, companies can use different social media channels to analyze their opinion and response to their product and brands.
  • Feedback bar – Companies can incorporate a feedback bar into products and mobile apps, so that it becomes easy for customers to ask questions, comment on product’s features and give their feedback.
working capital management

Competitive Benchmarking Analysis: How Does It Help You Stay Ahead of the Curve?

What is Competitive Benchmarking?

Competitive benchmarking is the approach that compares the products, services, methods and processes of direct competitors by using a number of metrics. Competitive benchmarking analysis is conducted to measure the performance of a company at different levels and keep it competitive. Competitor analysis done through competitive benchmarking helps in examining the strategy of competitors and compare it with own strategy. A competitive benchmarking analysis program enables a company to compare their own products, services, business operations and customer experience with that of its competitors. Furthermore, it helps in understanding the services that competitors offer their customers and their approach.

Competitive benchmarking analysis can help you understand your current competitive position by offering in-depth insights into the competitive landscape. Wondering how? Request a FREE demo now.

Benefits of Competitive Benchmarking Analysis

Benefit #1: Assists in prioritizing benchmarked performance gaps

Competitive benchmarking analysis data helps companies to target specific areas for improvement. Companies can utilize such data to identify the areas where results can be obtained quickly or such areas that can yield the biggest demonstrable benchmark impact for the business. This further helps in performance gaps to boost business outcomes.

Benefit #2: Helps in implementing best practices

After prioritizing the performance gap, companies can utilize competitive benchmarking analysis data to analyze the best practices in the industry and the practices followed by their competitors. Implementing best practices can help companies become more competitive, boost sales, develop new markets, improve workforce skills, reduce waste, and improve quality. Also, it can help in responding quickly to innovations in the sector. 

Do you know how to stay ahead of the curve? Competitive benchmarking analysis is the key. Request a FREE proposal to gain better insights.

Benefit #3: Helps in gaining a rational perspective on business process performance

Best practices identified through a competitive benchmarking analysis project helps in avoiding any assumptions. This helps in gaining a perspective in mind to avoid focusing on fallacious practices which can result in failure of the business process.  Additionally, it helps to save money and time.

Competitive benchmarking analysis can help you evaluate your brands’ performance significantly. Get in touch with our experts to know how.

Benefit #4: Improves the performance of employees by fostering a competitive culture

Competitive benchmarking analysis can help companies to set benchmarks in several areas and develop a competitive spirit in employees to improve their performance.  It also helps in focusing on personal improvement and understanding policies of the organization. Furthermore, competitive benchmarking analysis ensures the attainment of employee satisfaction, a competitive productivity-focused culture, and standardization of organizational practices.

Benefit #5: Measures progress and impact of process changes on the bottom line

With the implementation of best practices derived by competitive benchmark analysis, companies can develop dashboards to gauge the impact of the operational changes accurately. Also, it helps in defining KPIs to measure the performance of business operations at every individual level. It helps in incorporating change to improve the bottom line results by gauging the past performance, current performance, and target performance.

business analytics

5 Benefits of Business Analytics that Can Help You Drive Positive Business Outcomes

BUSINESS ANALYTICS

What is Business Analytics?

Business analytics refers to the skills, technologies, and best practices that empower organizations to iteratively explore and investigate past business performance to gain insights that help drive future business outcomes. Companies use business analytics for data-driven and smart decision making. Business analytics helps companies derive the desired outcome for businesses. It also enables companies to optimize and automate business processes and achieve a competitive advantage by offering insights that help them to :

  • Explore data and find new patterns
  • Conduct statistical and qualitative analysis effectively and explain the reasoning to certain results
  • Validate previous decisions using multivariate testing and A/B testing
  • Utilize predictive analytics and predictive modeling techniques to predict future results

Our business analytics solutions help companies in strategic decision-making. Want to know how? Request a FREE proposal now.

Benefits of Business Analytics

Benefit #1: Encourages smart decision-making

Jetting off in the wrong direction can derail a business process. Fast decision making is easy, but smart decision making is more important for businesses in a short span of time. Business analytics empowers companies to easily access crucial data to make smarter decisions and stay ahead of the curve.

Benefit #2: Offers actionable insights through data visualization

Business analytics uses customized dashboards, charts, and graphs that can make decision-making more interesting. By leveraging analytics solutions businesses can gauge their performance and improve their bottom-line. The visual representations of relevant and extracted data provide detailed information about the target market and enable businesses to offer personalized services to customers.

Quantzig’s business analytics solutions help clients in tactical decision making to support real-time responses through customized analytics dashboards. Request a FREE demo below to know more.

Benefit #3: Keep businesses updated

Today customers are digitally empowered and are easily influenced by better offers in the market. By leveraging business analytics companies can gain insights into customer sentiments and responses to any particular product or service. Business analytics can keep companies updated with the latest market trends and can protect against any unpredictable or volatile situation. This can also empower businesses to innovate and pre-empt their products according to customers’ needs and preferences.

Benefit #4: Makes business processes efficient

Since its advent, business analytics has improved the efficiency of businesses significantly. It has the ability to analyze clusters of data at a faster rate and with maximum accuracy. Consequently, this can help companies to achieve their business goals. Also, by leveraging various analytics tools, companies can encourage a culture of cooperative teamwork where employees can contribute to data-driven decision making.  

Are you finding it difficult to analyze trend data and assess the likelihood of future outcomes? Our business analytics solutions can help. Get in touch with our experts right away!

Benefit #5: Helps in quantifying company values

Every successful business has a set of core values that determine their success ratio. By leveraging business analytics, companies can gauge how these values are quantified and conveyed in a tangible way to drive maximum profit. Quantified values can help businesses in improving their analytical process by defining a common goal that should be followed by everyone associated with the business.