En este artículo aprenderemos:
Microsoft calls enterprise data analytics “the art of turning data into dollars” ” and it is not something unique to large corporations. How much can companies grow with its implementation?
We are talking about a market that moved the equivalent of US $ 215.7 billion globally in 2021, with annual growth prospects of no less than 21% in the case of Latin America, according to International Data Corp. (IDC).
Data analytics is a global movement from which your business can obtain significant benefits for its growth and consolidation. We summarize by saying that its potential is unlimited and with this installment let’s see why.
Better planning and budgeting
Data analytics tools can model the behavior of customers and the market in different seasons of the year, which enables better sales forecasts, an adequate supply of inventories, logistics and labor forecasts, promote campaigns for certain items, cross-selling and other promotional strategies.
Better sales and inventory forecasts translate into lower management costs, expense impact, and underutilized capital.
In this way, small and medium-sized companies can optimize their budget and direct it towards more profitable items, achieving proactive planning.
This is how Microsoft sums it up: “Data analytics helps maximize every dollar invested. Informed decisions improve precision, efficiency and response times ”.
That brings us to another potential focus for growth: tactical and strategic decisions.
Learn how sales analytics powers growth: Sales forecasts 4 reasons for its implementation.
Data analytics is the basis for supporting strategies
Small and medium-sized businesses can use data analytics to inform their business strategies, minimize associated risks and financial losses.
The predictive and prescriptive power of these tools make it possible to visualize eventual scenarios, tactics, and roadmaps to react to such changes.
Any business with the right analytics tools can model changes in prices or product offerings to determine how these changes would affect customer demand.
A company that markets hundreds or thousands of items will have in their hands the tool to determine the most popular catalogs, most profitable items, high impact launch according to the season, align their resources accordingly and gain an advantage over the competitors.
Metrics and reports based on goals
Just as important as planning strategies and defining goals is measuring the results and their achievement against the objectives.
For this, the first level of data analytics is enough, Business Intelligence, which with its descriptive approach will provide your company with a balanced scorecard adjusted to the objectives and the business model.
Simple dashboards, intuitive and personalized reports will account for the key performance and management indicators (Key Performance Indicators – KPIs), to know progress in real time and apply corrections when necessary.