business intelligence solutions Archives | Quantzig

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data warehousing and data mining

Collaborative Business Intelligence – The Collective Power of Multiple Minds

Collaborative business intelligence reinforces the meaning of the phrase “the more, the merrier.” Traditional business intelligence tools are more solitary and conclusion-based. The art of brainstorming and collaborative decision-making is largely diminishing with increasing use of business intelligence tools. Companies are now shifting their focus towards collaborative business intelligence tools like social and Web 2.0 technologies, where merging of various business intelligence software takes place to support improved data-driven decision making. Such tools allowFree demo various internal stakeholders to analyze data and exchange information and ideas much like how social networking tools, Wikipedia, SlideShare, and Skype for Business works. Such a collaboration can boost the overall business productivity in the following ways:

Eliminate Poor Business Decisions

Quite often, the process of decision-making happens outside organizational business intelligence platforms, creating a wide gap between human insight and business data. Individuals derive conclusions from the BI tools and communicate it to other team members who have not accessed the data. Collaborative business intelligence ensures that business decisions are made alongside business data to promote fact-based decision-making.

Eliminates Logistics Hurdles

Collaborative business intelligence tools eliminate the need for making costly travel and accommodation arrangements for hosting a meeting, saving significant cost and time. It also renders traditional mode of communication such as telephone, fax, and face-to-face meetings redundant. All relevant stakeholders can communicate effectively without any geographical barriers; thereby, increasing business productivity.

Information Proliferation

The implication of the word collaboration is not only limited within the internal stakeholders but also across organizational boundaries. People are eager to share BI tools that are easy to use with their clients, peers, and other contacts. The sharing of such observations, data, and insights adds to your overall data warehouse providing industry, economic, and psychographic information.

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From Patient Engagement to Consumerism, Healthcare Payers Turn Customer-Centric

With recent transformations in the healthcare industry, new opportunities are emerging for the healthcare payers and providers. Change is constant and inevitable; as a result, the healthcare payers are witnessing the advent of newFree demo care and payment models, re-alignment of incentive structure, rise of consumerism, and the sudden surge in online insurance exchanges. A customer centric approach holds several benefits for the healthcare payers; thereby, helping them achieve new levels of productivity, improve customer experience, and yield better outcomes by leveraging new digital and technological capabilities. The payers and providers are adopting the concept of consumerism to devise services and deliver a healthcare experience. The healthcare payers are also encouraging individuals to participate in their own healthcare actively. With the increase in healthcare costs, especially in the US, healthcare payers should focus on achieving cost efficiency and centralizing regulations to minimize the costs.

Healthcare Payers and Customer Centricity

A customer centric approach can benefit healthcare providers and payers in several ways. By adopting a customer centric approach, organizations can involve individual consumers in their own care process. To improve customer experience, healthcare payers must assess the existing customer journey by leveraging big data analytics to improve the buying experience for existing as well as new customers. A customer centric approach coupled with analytics offers actionable insights to healthcare payers that help them resolve customer issues and complaints, help patients manage their own health, and adapting to the dynamic consumer needs. Analytics helps healthcare providers and payers to address important issues; thereby, driving brand and customer engagement to help them navigate their healthcare decisions.

Leverage Analytics to Drive Customer-Centricity

Healthcare payers can leverage data analytics to gain a deeper understanding of their customers and make strategic decisions driven by insights. Through analytics, payers can enhance customer experience, manage operations in a better way, resolve customer issues, and identify customer preferences and behavior through customer segmentation. Healthcare providers and payers can improve customer experience by utilizing the insights gained through big data analytics, in the following ways:

  • Simplifying the customer enrollment process
  • Ensuring effective management of patient’s healthcare and medical needs
  • Increasing awareness among consumers about various available products and coverages
  • Offering quick resolutions to various billing, claims, and coverage queries through multiple accessible channels

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CUSTOMER JOURNEY ANALYTICS

The Role of Big Data in Marketing

Organizations tend to avoid big data and analytics completely as they feel it is complex, time-consuming and over-hyped. However, in simple terms, big data refers to the large volumes of structured and unstructured data, gathered on a daily basis from a variety of sources and analyzed to derive actionable insights that help in making strategic decisions. It isn’t just data or information; big data entails the complexities of collating, storing, and analyzing huge data sets to gain actionable market insights that address the business challenges and build capabilities. Big data is a result of the digital evolution, widespread adoption, and popularity. Predictive analytics has the potential to unlock new growth opportunities to improve performance, drive innovation, and change the marketing landscape.

Importance of Big Data in Marketing

Traditionally, organizations leveraged unstructured information to analyze the market. However, this analysis didn’t quite reflect the changing trends and failed to offer a comprehensive view of the industry. Today, with big dataGet in touch analytics and data mining tools available, marketing function can leverage its benefits to make decisions based on the market and customer insights. Marketers have access to customer data via several touchpoints such as coupon redemption, point of sale, direct mail campaigns, online purchase data, browsing behavior, social media behavior, and mobile device usage patterns among others. By integrating marketing strategy with analytics, organizations can build customer engagement around the brand, devise customer retention strategies and improve customer loyalty; thereby, optimizing marketing strategies and performance to yield high return on investment.

Things to Keep in Mind to Ensure Big Data Success

Big data analytics holds the potential to devise strategies that support the organization’s marketing efforts, thereby enabling marketers to drive personalized and targeted campaigns that have a positive impact on its bottom line. The key to successfully integrating analytics within the organization’s business processes is to gather data and run analysis by automating the process to gain instant results. Marketers must keep the following things in mind to ensure success

  • Leveraging big data to gain deeper market and customer insights to devise specific strategies and actions that can drive business growth
  • Ensuring these insights are available and accessible to those who can act on it – store managers, sales executives, and the call center employees
  • Outlining the objectives and goals the organization intends to achieve through the analysis, thereby taking one step at a time and gradually achieving the intended outcomes

 

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Improving Website Conversion Rate through Digital Analytics

Digital analytics helps measure business metrics like traffic, leads, and sales and includes data from external sourcesdemo such as email, social media, and online PRs. With digital analytics, marketers can identify the attrition levels of social media, blogging, and email marketing and determine the true ROI of their marketing activities. Consequently, marketers can also diagnose deficiencies in specific channels in the marketing mix and deploy strategies and tactics to optimize their marketing activity.

Quantzig’s digital analytics solutions deliver a comprehensive understanding of the market in terms of the integration across different marketing channels and the ability to tie marketing activities to sales. The analytics team also offers solutions for competitive benchmarking, CRM, retail analytics.

The Business Challenge

A global conglomerate was facing challenges improving the website conversion rate. The client also wanted to improve the efficiency of its online spending – especially with a marketing budget in the first years of operation. Moreover, the client was facing challenges understanding the appropriate marketing mix to enhance their performance.

Our Approach

Quantzig’s team analyzed the informed obtained from various sources and developed a robust digital analytics roadmap to gauge the analytics maturity of the organization’s process and platform. This helped the client enhance their site traffic, and, in turn, assess the bounce rate and unique visitors.

pricing analytics for a retailer

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Digital Analytics Solution Benefits:

  • Understand the online behavior of people and optimize website experience
  • Anticipate customer movement and interpret messages to drive customers to conversion
  • Offer accessible, reliable, and holistic near real-time customer analytics to understand how the businesses are performing
  • Analyze the geo-distribution of traffic, performance of individual marketing channels, and interactions on a website

Digital Analytics Solution Predictive Insights:

  • Determine the objective of the organization
  • Assess the performance of the e-commerce in terms of product and service sales
  • Estimate lead generation; the number of leads obtained through email and phone call
  • Assess the brand penetration in terms of engagement and loyalty

 

 

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Increase your Revenue Using Conversion Rate Optimization

The sole objective of any website, commercial or otherwise, is conversion. Conversion for a website can take many forms such as making a purchase, signing up for a newsletter, downloading the app, creating an account, or something entirely different. Conversion is important to get the business running, as it is associated with revenue generation for the website. With each step in the conversion process, the funnel gets narrower with the final conversion rate standing at a meager average of 2-3% on average. Thus, organizations should be wary about Conversion Rate Optimization (CRO) to increase revenues from additional conversion.

The increasing acceptance of digital marketing and e-commerce platform has shifted the market from traditional to the digital medium, shifting the marketer’s focus from sales to conversion. Here are some of the essentials to look out for to achieve conversion rate optimization.

The Appearance of Website and Landing Page

Marketers are increasing their advertising spend in digital marketing using tools such as SEO, affiliate marketing, e-Get in touchmail marketing, social media marketing, and SEM. Since the cost of acquisition is ever increasing, it becomes essential to convert visitors to take desired action when they get to the landing page. To ensure lower bounce rate and encourage users to take action, they should be able to seamlessly navigate through the website, get desired information, and click on CTAs for conversion. Negligible changes in copy, layout, and design can influence the conversion rate. For example, changing a single word in a call-to-action button could increase the click through rate (CTR) for a website.

Never Stop Testing

Various testing tools are available to measure and optimize the conversion rates. The most popular testing tool is A/B testing, where two different versions of a page with changes in text, copy, and layout can be shown to various users. The results are then measured using metrics such as bounce rate, CTR, CTA, conversion funnel. Conversion rate optimization provides the analysis on the best performing page to the publisher. To test multiple variables at the same time, an advanced version of A/B testing and Multivariate Testing (MVT) can be used. As a marketer, one may feel that they have a perfect combination after a lot of testing. But it is essential to realize that the digital market is very dynamic and trends are ever-changing, making it a necessity to carry out testing at all times.

Data is Power

An ocean of data is available in the digital medium to run analytical tools such as Google Analytics, KISSMetrics, Clicky, IBM Analytics, and Social Bakers. Analytics tools can point out hiccups in the conversion funnel with the help of proper segmentation, cohort analysis, and conversion tracking. Conversion rate optimization can be taken to the next level by implementing automation and machine learning, which can exponentially increase conversions.

Conversion rate optimization is an essential tool to monitor and increase conversions and can add to the company’s revenue. We offer various business intelligence services such as predictive analytics, big data analytics, customer analytics and market analytics to help organizations gain actionable insights and implement winning marketing strategies.

 

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Customer Analytics and Business Intelligence Solutions – Understanding the Dynamic Consumer Demographics in the Retail Industry

Quantzig’s recent study on customer analytics and business intelligence solutions for a global retail leader guarantees 12% increase in sales including many other benefits.

How does customer analytics work?

Customer analytics process includes techniques such as data visualization, information management, and predictive analytics to offer insights on the market. The solutions offered through these market analytics helps revolutionize the approach organizations take to identify customer needs and behavior. These solutions help large retail companies to compare products, prices, brand, and competitive offerings to gain a deeper understanding of customers’ buying habits and lifestyle preferences. Industries such as retail and CPG, banking, insurance, and telecommunications benefit the most from these business solutions.

Predictive analytics is trending in the business intelligence solutions market, helping enterprises to draw accurate predictions about the future consumer buying preferences. Various models used in predictive analysis are primarily designed to serve existing customers better, prevent attrition, and build stronger relationships. These business solutions collate historical and current data to offer insights on risk assessment and alternative strategic resolutions. Organizations are benefiting from these models and are extensively using them to prepare, blend, and analyze all customer data from various channels and systems.

Exploring the future growth opportunities

Market analytics experts at Quantzig help businesses to understand the dynamic demands of different customer demographics based on the in-store customer experience. Tackling issues such as stagnant revenues and declining customer satisfaction levels can play an important role in determining the growth or decline of any organization. To overcome these roadblocks in businesses, retailers need to analyze real-time, the in-store behavior of customers based on their demographics, purchasing history, marketing promotions,  response time, and dwell time data to optimize their experience, shopper traffic, and sales.
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Evaluating purchasing power and store design

Customer analytics engagements help organizations offer better customer service by studying purchasing behavior and evaluating how the store format impacts product sale. The identification of potential areas of improvement for store design will significantly increase consumer attraction and sales. The development of various business intelligence solutions that analyze and target customers based on in-store activity improves customer footfall and optimizes offers and discounts to boost sales.

Outcomes, insights, and solutions offered to a leading retailer

With hands-on expertise in customer analytics, Quantzig provided objective elucidations that resolved the issues pertaining to the changing consumer demographics and helped a leading retail company to maximize revenue and sales. Some of the solutions offered are as follows:

  • Insights on product location, sales, and associated customer behavior, such as footfall, the length of stay, visit frequency or loyalty, and purchase volume thereby, increasing sales volume by almost 12%
  • Develop a complete picture of user interactions based on demographic and purchase behavior to accurately identify customer needs and interests. This strategy improved consumer footfalls by around 7%
  • Identify product assortment issues in terms of average transaction volume or amount to improve space productivity
  • Improve cross-selling and up-selling based on targeted offers by almost 10%
  • Recognize the departments that the customers visit and gain insights into customer flow analysis, store penetration, and the time spent in each department
  • Provide sales forecasts at category and product level for better business planning
  • Improve product bundles and price modifications based on customer feedback and product reviews

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The complete case study on customer analytics and business intelligence solutions for a leading retail chain is now available on the website.

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