Top five benefits of enterprise data analytics services for businesses

In each enterprise, a huge amount of data is generated that contains valuable information and insights. Data analytics is one of the ways to unlock them. It can help an organization in various ways, starting from personalizing a marketing pitch to identifying and mitigating risks of businesses. Maximum number of companies in today’s age have widely embraced the use of analytics for streamlining business operations while improving processes. But implementing data analytics within the existing business framework is not an easy task. As per the survey conducted by Blooming BusinessWeek Research services, around 97% of respondents have reported that their companies have adopted enterprise data analytics services and with this, they have achieved three main important goals that include reducing cost, increasing profitability and improving risk management. But it is important to ensure that the data is consistent as well as accurate. For implementing data analytics appropriately, enterprise data analytics services play an important role.

What is enterprise data analytics?

Enterprise analytics is the practice of using data analytics for gaining an insight into business operations and making informed decisions. It involves many things such as collecting, processing, analysing and visualizing data from various sources for uncovering trends and patterns that allow businesses to make informed decisions. This real-time data is considered an important component for business operations. The main role of enterprise data analytics service is that it helps in identifying trends, patterns and correlations that help making informed decisions while optimizing business performance. Data is vital which ensures your business always stays ahead of the competition.

5 benefits of enterprise data analytics services

• Personalize customer experience: Businesses collect customers' information from various sources including e-commerce websites, physical and retail stores, social media sites etc. By using data analytics enterprise services, you can create a comprehensive customer profile from the data and therefore, businesses can gain an insight into customers’ behaviour which offers a personalized experience. Let’s take an example of a retail clothing store that has both physical as well as online presence. The company can easily analyze its sales data from its social media pages and then create social media campaigns for promoting their ecommerce sales for different product categories that the customers are already interested in. Besides this, organizations can run behavioural analytics models on customers data for optimizing customer experience.
• Improve business decision-making: Enterprises can use data analytics for making business decisions and minimizing financial loss. With predictive enterprise data analytics, businesses can get an idea of what could happen in future with the changing business trends and prescriptive analysis can indicate how the businesses should react to these changes. For example, a business can make changes to pricing and product catalogues to determine how these changes can affect their customers’ demand. After collecting the sales data on the changed pricing and products, enterprises can use data analytics tools for determining the success of the changes and visualizing the results that help decision-makers to understand whether they should continue with the change or not.
• Streamline business operations: Organizations can improve their business operations by improving operational efficiency through enterprise data analytics services. Analyzing and gathering data on the supply chain can help you detect where production delays or bottlenecks originate. This also helps in predicting where future problems may arise. It will also forecast that a specific vendor won’t be able to handle the big order volume required for the Holiday season. Therefore, an enterprise should consider replacing the vendor in order to avoid production delays. In addition to this, there are many businesses, particularly those which are operating in the retail sector, struggle a lot to optimize their inventory levels. Data analytics help in determining optimal supply for all the enterprise products based on a number of factors like holiday season, seasonality and secular trends.
• Handle setbacks and mitigate risk: In every business, risk is omnipresent. It includes employee theft, employee safety, legal liability, uncollected receipts etc. Enterprise data analytics services greatly help businesses understand risks and thereby take preventive measures. For example, a retail chain business can run a statistical model for predicting the future actions and events. It will also help in determining which store is at the highest risk for theft. The business then can take preventive measures to determine the amount of security required at the store or whether it should be shifted to a safer location. Businesses must use data analytics to limit the losses once a setback takes place. If a business overestimates the demand for a particular product, it can use data analytics for determining the sale for clearing the inventory stock.
• Improve security: Almost all businesses face data security related threats. Organizations can use data analytics to identify the causes of data breaches by visualizing and processing relevant data. For example, the IT department can use enterprise data analytics applications to process, parse and visualize the audit logs in order to determine the origins of an attack. This helps IT teams to locate vulnerabilities and fix them efficiently.

Therefore, to utilize the potentialities of enterprise data analytics for your business, it is important to avail the services of an experienced professional who holds years of experience and knowledge in this field. Techminds Group is a renowned consulting service provider in India, offering IT consulting services in various niches. When you choose to hire a professional enterprise application service provider like Techminds Group, you can avail a host of benefits to manage your business efficiently while achieving your desired target. To know more about their offered services, you must visit their website.