Business intelligence solutions can lead to a promising future

With consumers continuously looking for improved experiences, organizations can no longer afford to ignore the need for an insight based approach to decision making.

Organisations of all sizes today operate in a dynamic and uncertain environment. This requires them to rapidly adapt to a host of new technologies and communication channels, including social media, mobility and web. The threat of becoming redundant and obsolete is omnipresent in today’s market landscape, which calls for organisations to take a strategic approach based on meticulous research and actionable insights.

Data analytics are the key to helping organisations determine optimal product, service and business strategies based on their business goals. Among the many benefits, effective reporting based on analytics can help companies by:

• Bringing innovation into their market strategies
• Enabling product developers to design more effective products
• Helping marketers target customers more effectively with precise offerings

Challenges faced by businesses today
Intense competition and a complex operating environment diverts all resources and efforts towards running the business, leaving little scope for innovation and real time planning based on real time trends.

Organisations do not have the necessary capabilities in-house to predict customer and market trends.

With increasing amounts of cluttered data, finding the optimal strategy to suit specific business needs is difficult.

In the absence of relevant expertise, a large amount of resources are wasted in following and planning for trends that do not provide value to the business.

It is in such a scenario that organisations desperately need business intelligence solutions that can produce relevant insights and also provide the capability to view, predict and present data that simplifies the decision-making process. The application of business intelligence solutions could determine the difference between a promising future and an uncertain one.

For new businesses, analytics can help determine the right growth strategy by providing actionable insights and the probable outcomes in various scenarios based on existing data. Even for successful businesses, ensuring continuous success in today’s environment requires careful planning and risk assessment. Analytics ensures that organisations operating in uncertain environments are able to draw on insights which can help them develop contingency plans to mitigate risk. For instance, one of the world’s major insurance companies improved their premium collection rate from 75 percent to 88 percent with the right mix of data analytics and BPO services.

With consumers continuously looking for improved experiences, organisations can no longer afford to ignore the need for an insight-based approach to decision making. For any organisation looking to ensure success, it is critical to understand and evaluate their current business model and make real time adjustments. It is equally important for them to assess their future strategies based on analytics that factor environmental uncertainty and competitive pressure. The key therefore is for organisations to partner with the right service provider who has a deep understanding of their customer base and is able to deliver business outcomes using a variety of descriptive, predictive and prescriptive analytical approaches.

- By Rick Rosso,  Senior Vice President, Global Sales & Account Management, Concentrix

The thoughts and opinions shared here are of the author.