In this article we will learn:
There are many promises of data analytics for businesses, ranging from better understanding customers and their preferences, to making marketing and sales efforts more efficient by minimizing uncertainty in decision making.
From descriptive statistics and other Business Intelligence methods to Big Data tools and prescriptive analytics, they are all used by companies to achieve competitive advantages and better results.
This is how a SAS customer summed it up in one of his posts:
“To use analytics or not is no longer an option, decisions based on facts are simply a competitive advantage.””
However, there is a misconception in the minds of entrepreneurs, start-ups, and SMEs, of linking data analytics to colossal volumes of information and IT infrastructure, and therefore linking them exclusively to early-economy corporations like Amazon. , Wal-Mart, Apple or City Group.
Today we want to destroy that thought, data analytics is useful for any company, from the smallest, regardless of its line of business or business model.
Let’s see some success stories of companies that implement Business Intelligence, Business Analytics, Big Data and other analytics implementations to improve their processes and results.
Learn more about data analytics: Business Intelligence and Data Science: Synonyms, friends or enemies?
Case No. 1: Data analytics in a Colombian Higher Education Institution
Industry: Higher education.
Country: Colombia.
Problem or need: Delays and duplication of tasks in your study and curriculum control platform.
Benefit:
In December 2017, the Colombian media Portafolio reviewed the case of implementation by the National Unified Corporation of Higher Education (CUN) with headquarters in Bogotá and nationwide reach.
With the support of their IT team and a local provider, they developed a data analytics solution for their student control systems and databases that led to savings of 2,500 million COP per month (approx. 600,000 dollars).
Case No. 2: Business Analytics in an insurance company in Peru Company or Institution: Rimac Seguros.
Sector: Insurance branch.
Country: Peru.
Problem or need: Rudimentary processes and systems for the analysis of incidents or claims, duplicate records, long processing times.
Benefit: Rimac Seguros is one of the top-ranked insurance companies in Peru. Aware of the problem with its databases, systems, procedures, and records, they contracted AWS services for a Business Analytics implementation.
The results were immediate:
- Reduction of important hours of administrative work and data load.
- Real-time monitoring of your Data Lake resources and services.
- Debugging and standardization of your databases.
- Implementation of predictability models to calculate insurance premiums
- Significant cost savings and improvement in financial liquidity.
Case No. 3: Big Data to know the state of mind in social networks
Company or Institution: INEGI/ Federal Government of Mexico.
Sector: Government.
Country: MEXICO.
Problem or need: The National Institute of Statistics and Geography did not have a reliable basis to measure the “subjective well-being” and the “Mood” of certain sectors of its population.
Benefit:
An implementation of Big Data, implemented since 2016, has allowed the government to measure the state of mind of the population through its reaction to certain news published on the social network Twitter.
The statistics are available daily, by states, making it possible to make comparisons in time and by region.
More about the power of analytics: What is Predictive Analytics Sales and how does it help us to live in the present without fear of the future?
Case No. 4: Chipotle and its BI implementation for chain standardization
Company or Institution: Chipotle Mexican Grill.
Sector: Fast food restaurant chain specializing in Tex-Mex cuisine
Country: USA
Problem or need: Disparate data sources, lack of standardization and problems for a unified visibility of the establishments of the chain.
Benefit:
In 2017 Chipotle modernized its traditional dashboard with a BI application that allowed it to create centralized visibility of its operations and effective monitoring.
At the level of its headquarters in California, employees and managers have immediate access to a unified dashboard and access to data from their establishments in real time, with intelligent reporting.
“To use analytics or not is no longer an option, decisions based on facts are simply a competitive advantage.”
Case 5: Data Analytics to improve performance in shrimp farming
Company or Institution: Cargill
Sector: Animal nutrition products and consulting services.
Country: USA
Problem or need: High mortality rate in shrimp farms in the US, Mexico and Central America.
Benefit:
Recently, Cargill, through its animal nutrition division, developed a data intelligence application called iQuatic.
A system that, through sensors located in the breeding farms, collects data such as temperature, oxygen level, sediments in the water and other metrics that make it possible to reveal the eating patterns of shrimp and implement controlled feeding regimes, drastically reducing mortality levels.
Interested in optimizing your sales forecasts? Meet: Sales forecast to better organize your company.
Case 6: Optimizing sales through forecasts Specialized Pharmacy - Colombia Company or Institution: Dermalife
Company or Institution: Dermalife
Sector: Drugstore specializing in dermatological products.
Country: Colombia.
Problem or need: Undifferentiated marketing, difficulty in forecasting inventories, ruptures (lacks) of specialized stock, loss of sales.
Benefit:
With the implementation of Agyle Analytics, the analytics solution as a Dataknow service, the Dermalife company with several offices in Medellín, Colombia, achieved an optimization of its stock levels by accurately forecasting the demands for each item.
Agyle analytics also allows you to improve the shopping experience on your online portal and foster closeness with suppliers.
The data obtained allows for an analysis and linking customers with favorite brands and products and those most in demand.
Now the company responds in a timely manner to online and in-store orders for its extensive catalog of products specialized in dermatological care and treatment.
To end
Unfortunately, the percentage of penetration of data analytics tools is not high in the field of small and medium-sized businesses, and therefore their democratization is a pillar of our mission.
Business Intelligence, Business Analytics, Big Data and prospective sales analytics are not exclusive to the big brands, nor to the first economies in the world, they are there to be capitalized in favor of your business.
At Dataknow we pride ourselves on providing our clients with the best tools and methodologies for data-based decision-making.
Join our purpose of democratizing data to boost your business model.
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