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It has become quite clear for businesses that customer satisfaction is the key to achieving success in your industry. However, improving customer experience starts with using data analytics services effectively. You need to analyze both customer activity and market trends to ensure your business can adapt its products and services to better suit customers.
The shift towards customer-oriented analytics, however, resulted in most businesses neglecting their operational processes. Interestingly, Capgemini Whitepapers showcases that customer analytics only creates a profit of $38 billion globally while operational improvement has a massive profit increase of up to $29.8 billion by 2026.
Therefore, it is time for your business to start emphasizing operational rather than consumer-focused processes when implementing analytics. Luckily, here is everything you need to know about operational analytics — including top-ten industry use cases. Read on to find out more.
Operational Analytics Definition — What is it?
By using business intelligence and data analytics services, operational analytics measures real-time and existing operations within an establishment. Therefore, it is a specific type of business analytics geared towards improving everyday operations. You get to make instant decisions that are beneficial to your business, thanks to reams of real-time data.
Benefits of Operational Analytics
Now that you understand operational analytics; learning about its benefits needs to be the second step. It is no secret that learning how to leverage your data to streamline the process and improve your bottom line is key to staying competitive within your industry. Let us go ahead and take a comprehensive look at some critical benefits of operational analytics.
- Helps Increase Profits
Reducing costs is the number one goal for most businesses globally. Using operational analytics, these establishments can identify areas with minor or major problems that need streamlining. Doing this will help become more efficient and save substantial amounts, thus increasing profits.What happens when there is an improvement in your business’s bottom line? Well, it makes it much simpler to scale your establishment regardless of its size. Staying competitive in an ever-expanding market starts with scaling up operations when necessary. - Gives You a Competitive Advantage
Through cognitive computing, a business can run more efficient processes by understanding its data. Improving your efficiency ensures you stand out from your competitors in the industry. You will always be one step ahead because they are busy analyzing customer data while you are focusing on operational data. As stated earlier, streamlining operational processes saves you lots of money that can be reinvested in other profitable platforms. Therefore, it is time you take operational analytics seriously before you get left behind. Luckily, improvement in business-focused technologies makes it easy to learn how to use your data wisely. - Aids in Making Better Cost-Effective Decisions
Do you rely on high-end consultancy institutions to make organizational decisions? If so, then you already know how costly it can get for your establishment. A better way to make big decisions for your business would be using data. Savvy entrepreneurs understand that operational analytics is equally good as using consultancy firms. Equally, it is much more cost-effective, and it comes through faster. You can quickly make vital business decisions, thus ensuring your bottom line doesn’t endure any inefficiencies. - Guarantees Employees are Better Engaged
Operational analytics gives you much-needed access to data insights that encourage employee engagement. Your employees can collaborate better when working on different projects as a group. Always remember that everyone within the business, and not just the data, will work together to guarantee success. It is easier for your employees to make data-driven decisions, thanks to the insight from operational analytics. Equally, employee engagement is high when your workers feel like an integral part of your company. Achieving your business goals is considerably easier when everyone is seamlessly working together. - Customer satisfaction
Operational analysis can be an effective way of improving customer satisfaction. Companies often spend weeks or months diagnosing issues without identifying the root cause due to the complexity of performance factors. By using operational analytics, however, organizations can quickly pinpoint and address these issues and improve customer satisfaction more efficiently.
- Streamlining data
Organizations can manage their business, IT, and security data efficiently when they put it all together. In addition, with operational analysis, businesses can create backups and recoveries for data to avoid losses caused by natural disasters. Moreover, stakeholders are empowered to share data among themselves, providing relevant insights that can contribute towards the company's success.
- Holistic operations
Operational analytics can give you a bird's eye view of your data. By recognizing the relationships between different data sources, a practical root-cause analysis can be used to troubleshoot any issues that may arise in future quickly. Furthermore, this practice can help uncover insights regarding how certain factors affect the environment and inform better decision-making.
Why Choose Operational Analytics for Your Business
Operational processes are instrumental in ensuring the proper delivery of your service or product to your consumers. However, the increasing need for instant gratification and better customer services in today’s consumers puts tremendous pressure on many companies. Therefore, every business needs to streamline the process to guarantee effective and efficient operations that result in fewer costs.
Operational analytics focus on combining process design capabilities, business analysis, and data analysis to streamline your operations while improving productivity and reducing costs. It also facilitates better data-driven decision-making for the proper day-to-day management of your establishment.
Top Ten Operational Analytics Industry Use Cases
Are you curious about common operational analytics industry use cases? It is only natural to want a guidebook, especially when you are a savvy businessman. Below we take an in-depth look at the top five operational analytics industry use cases to get you more insight on the subject
- Banking and Finance Industry to Provide Suitable Products
Did you know banks use operational analytics to classify customers based on credit risk, usage, and other factors? The above data ensures customers get suitable products to meet their needs. - Supply Chain Management Industry to Streamline Delivery
A lot of administrative effort is required in business without a digitally integrated system when a supplier fails to make a delivery. The planner, staff in charge, and supplier all have to frantically find a way to make things work out within such an establishment. Luckily, operational analytics provides employees with all the vital data to analyze and request for supplemental delivery. - Aids in Making Better Cost-Effective Decisions
Do you rely on high-end consultancy institutions to make organizational decisions? If so, then you already know how costly it can get for your establishment. A better way to make big decisions for your business would be using data.Savvy entrepreneurs understand that operational analytics is equally good as using consultancy firms. Equally, it is much more cost-effective, and it comes through faster. You can quickly make vital business decisions, thus ensuring your bottom line doesn’t endure any inefficiencies. - Product Management Industry to Improve a Commodity
Operational Analytics include product-usage logs that the product management industry uses to find out features liked by the users. It also provides insight on what the consumers dislike about the product and what needs improvement. Product managers, therefore, find it easier to customize the product to suit consumer needs. - Manufacturing Industry for Preventive Maintenance
Manufacturing companies activate machine preventative maintenance practices by using operational analytics. The data insights help identify potential problems in advance, thus significantly reducing repair costs. It also works to ensure a reduction in downtime since complications are identified before they occur. - Marketing Industry to Boost Sales
Using operational analytics, marketing managers can run several experiments on how to increase turnovers. It is easier to nurture techniques that work while terminating the ineffective ones when you have all the information you need. Marketing products is easier and more effective when you carry out multiple experiments. - Operational Analytics For Dynamic Pricing: Operational analytics uses data to identify factors that drive customer purchase decisions and can then be used to support a company's goals for pricing. An example is the pay-per-use model in SaaS companies, where organizations access data such as user ID, service area, product usage, and more. Businesses can better segment their customer database and inform their pricing strategies by gathering more profound insights into how users interact with their brand.
- Operational analytics for personalization: Businesses must ensure that their messaging is timely and relevant to optimize the user experience. Operational analytics benifits organizations by providing valuable insights into how users engage with their brand, track metrics and KPIs, and offer personalized incentives for in-app purchases or targeted ad campaigns. Utilizing these metrics can provide valuable data points to boost engagement and promote desired actions from users.
- Operational analytics for automation: Many organizations use operational analytics to optimize their workflow. By leveraging this data, companies can use product usage information to inform product teams, high-intent leads and transactions for the sales team, and cart abandonment or cross-sell opportunities for the marketing team. With this level of insight, teams can stay up-to-date on conversations and issues, enabling smoother collaboration across departments.
- Operational analytics in customer support: IT operational analytics plays an essential role in customer support. It allows team members to quickly process, assess, and prioritize all customer service requests, comments, and feedback. Automated operations analysis can identify which topics need immediate attention due to product metrics-related information. This enables teams to swiftly address critical issues with the highest probability of a negative customer experience.
Take the Data to Insight Leap Today
Operational analytics helps you answer all the tough questions within your industry. You get to know whether your business is operating effectively, how to get your costs under control, and what steps to take when increasing profitability. Luckily, Agilisium Consulting is here to help you draw actionable insight from business data. Ensure you contact us today to gain a competitive edge within your industry.
