Data & Analytics | Oriontech
A New Age Of Analytics: Competing For Data
Sean Strydom, Director, Oriontech
June 22 2018
Having a strong understanding of data places companies in a better position to create a personalized experience for each customer. But the customer is not the only one who benefits from accurate analytical data, so do factories, warehouses, industrial & manufacturing industries. For example, Walmart & other large retailers are investing heavily by placing sensors in items it stocks in its stores, which will allow them to know when a product runs out or expires which will then automatically send the store more inventory. Being able to transform and automate essential business duties are becoming a reality with analytics and data.

The key to beating your competition today is having better data & being able to interpret it correctly so your business can better understand it’s most vital components like accurate cost analysis, inventory management, buying trends, shelf life of items, and more.

In order to use analytics and data information effectively, you must first decide what your goal is. Are you looking for more sales? Or trying to achieve higher foot traffic in stores? Is your goal to have higher market awareness of your product or cut down on costs? Once you’ve decided on a goal, you can look at the data to see if you are on the right path to achieving that goal. And if you’re not, you can create systems which will help you reach your goal faster & more accurately.

At Oriontech, we create systems specifically designed to help you reach these goals.

If you’re not yet sure how analytical data can help your organisation, here are some of the benefits which can be achieved once your systems have been setup correctly:

Faster reporting, analysis or planning

Improved operational efficiency

Improved employee satisfaction

Better business decisions

Improved data quality

More accurate reporting, analysis or planning

Improved customer satisfaction

Increased competitive advantage

Reduced costs

Increased revenues

Using business analytics can provide a competitive edge for organizations looking to edge out competition. Once labeled as “nice-to-have”, applying business analytics is now becoming mission-critical. The use of business analytics is a feature that is gaining mainstream value due to the increasingly thinner margin for decision error.

The bottom line? Companies that leverage data to drive the performance of their organization’s decisions are winning at a faster rate than their competition. Here is further evidence of analytics & data analysis will give your organisation a competitive edge:

Analytics Keep You Updated:

Consumers change their mind easily as trends come and go, and they are easily swayed by “better” or “cheaper” offers. Analytics can give you insight about how your target market thinks and acts, specifically related to their purchasing history. With the right systems in place, you will be prompted to be dynamic at all times to serve the needs of your consumers.

Analytics Provides Clearer Insights Through Data Visualization:

Spreadsheets can be complicated, especially with thousands of lines of numbers or information. With modern analytic systems, comprehensive charts and graphs can be used to make sure that decision-making is more interesting. Complicated data can be re-designed fast into visual representations of extracted data, which means relevant and useful insights can be extracted in a much clearer way.

Analytics Encourages Smart Decision-Making:

Accessibility to important data gives executives the power to make accurate decisions that could leverage businesses. Having information to gain better insights into customer data can increase the effectiveness of marketing campaigns and identify demographic opportunities.

Analytics Offer Efficiency:

Before, organisations had meetings for hours to determine things like cost analysis, customer insights, future trends & supplier management. Now, those decisions can be made in a matter of minutes with accurate analytics & informational systems.

Whether we’re aware of it or not, we’re seeing business analytics at work on a regular basis in our daily lives. Think of Amazon’s feature that tells you exactly what customers who bought a certain product were also likely to buy. This kind of data mining uses product and interest associations to predict groups of items that are more likely to be bought together, such as milk and bread for example.

We also don’t have to look far to see how data analytics is transforming different industries:

Agriculture:

Recurring droughts, crop diseases, pesticide and fertilizer costs, and fluctuation of crop prices are major contributors to the challenges farmers face. Data systems can now advise farmers on issues such as crop selection, crop rotation, irrigation scheduling, weed and pest control and diagnosis and treatment of diseases. Analytics can play an important role in the above issues to build an advisory system that can benefit farmers in many different ways to give them a competitive edge.

Water Resources:

Water-related conflicts have become very common and especially in developing countries. It is expected that several cities in the world will run out of water soon. Predictive analytics can be used to predict failures in advance to reduce the loss of water.

Manufacturing:

Some manufacturing companies are using Internet of Things (IoT) to generate and collect volumes of data which can be analyzed to improve manufacturing processes.

Almost every organization can benefit from business analytics. While nobody can completely predict the future, companies that use analytics have been proven over time to be much more successful at what they do. The key is to identify which type will make strategic sense and to make the investment necessary to be a leader in your industry.

These questions and answers can provide a smart roadmap for how to build analytics programs that will continually innovate. These questions are:

Is my organization open to new ideas that challenge current practice?

Does my organization view data as a core asset?

Is senior management driving the organization to become more data-driven and analytical?

Is my organization using analytical insights to guide strategy?

Are we willing to let analytics help change the way we do business?

 

If you think your organisation could benefit from data systems and analytics, we would be happy to speak with you. Please click on the button below to contact us.