Six Ways Enterprises Are Using Analytics to Improve Business
by Darryl K. Taft
Improving the Customer Experience
In probably one of the most popular uses today, predictive models deliver product recommendations or trigger proactive customer care and retention, so brands can engage with customers in a highly relevant, timely fashion. Think about that last movie, shirt or song recommendation shared proactively just for you.
Developing New Products
Analytics enables companies to get a detailed view of customers’ behavior with existing products, so businesses can determine where best to invest resources when developing new features or products.
Optimizing Customer Service and Call Center Activity
Increasingly, advanced analytics is used to automate customer service processes like document or account verification, claims or return processing, etc., allowing customer service teams to focus more time on customer needs.
Minimizing Operational Waste
As the Internet of things (IoT) continues to expand and telematic data becomes more available, analytics are increasingly being used to minimize companies’ operational waste through optimization—from plant maintenance and hardware replacement, to supply chains and assembly line processes.
Improving Employee Hiring, Engagement
HR analytics are becoming more mainstream. Companies are using models to identify the optimal employee profile for recruiting and hiring and can identify attrition risks for proactive employee engagement, training and retention activities.
Elevating Marketing and Finance Decision-Making
Analytics is not new in finance or marketing, but the level to which it’s now used has never been higher as companies turn to analytics to determine how to divide marketing resources across media, creative and offers, and how to model the long-term impact of investments on customer value.