Cloud computing, mobile devices and IoT technologies continue to evolve and proliferate, and, as a result, businesses are generating and collecting more data than ever before. Just as a primer, data is generated and subsequently stored every time a consumer interacts with a website or device, but it’s the savvy organizations that understand the importance of capitalizing on that data. Why? For one, it allows them to enhance customer experiences and increase profitability – and that’s just scratching the surface regarding the countless benefits.
Simultaneously, whenever a worker at a company uses a business-issued tablet or device to perform their job duties, data is generated…and every purchase – whether it’s coming from customers or the procurement department – leave a trail of data, as well.
Suffice it to say, in the age of big data, leading organizations need to analyze this data as quickly and easily as possible, because that’s the golden ticket to increasing workplace efficiency, driving competitive advantage and ultimately satisfying a customer base.
Enter Operational Analytics
Operational analytics is the process of using data analysis and business intelligence (BI) to improve efficiency and streamline everyday operations in real-time. As a subset of business analytics, operational analytics is supported by artificial intelligence, data mining and machine learning (things we here at Vizen know a thing or two about), and requires a robust team of business and data analysts; it also requires the right BI tools and KPI tracking solutions (think Board, Looker and Tableau). We focus on the following business categories:
-Logistics & Supply Chain Management
-Sales and Marketing Management
-Customer Performance Management
-HR / Workforce Management
-Operations & Risk Management
-IT & Security Management
To this end, operational analytics is better suited to large companies than small businesses – at least for now. But what are the reasons why businesses that prioritize operational analytics don’t look back?
This gets into the benefits of utilizing such an approach.
The Benefits of Improving Operational Analytics
• Faster Decision-Making – Put simply, businesses that can analyze and react to customer data in real-time are able to make much faster decisions.
• Enhanced Customer Experiences – We touched on this above, but it’s worth repeating; businesses that react to situations in real-time are able to provide better customer experiences…it’s just that simple.
• Increased Productivity – Due to the magic of operational analytics, businesses can realize the inefficiencies that exist in their workflows; accordingly, they can then change their processes to streamline operations.
Vizen: Changing the Playing Field
We can help with everything we’ve mentioned in this article, offering compelling AI services in the field of operational analytics including strategic data workshops, business analytics as a service and Empowered-AI performance management.
It is our hope that you now understand how important it is to embrace operational analytics.