Better Decisions through Analytics
How can analytics help you in making better business decisions? Here are 5 benefits of data analytics for your business:
- Personalized customer experience. By using data analytics, you can create a comprehensive customer profile wherein your business can gain insights into customer behavior to provide a more personalized experience.
- Business Decision-Making. Enterprises can use data analytics to guide business decisions and minimize financial losses. This is where we use Predictive Analytics – to know what could happen in response to changes in the business. And Prescriptive Analytics – to know how the business will react to the changes. This gives you a better idea whether changes will be for the better or if the idea needs improvement before implementation, and if these changes are beneficial to the company.
- Efficient Operations. Operational efficiency can be improved through data analytics. Data analytics can help in the efficiency of operations by helping the company gather data and be able to analyze particular nuances of operations giving them an edge on how to correct these and be able to lay down a better way to avoid delays and bottlenecks.
- Alleviate Risk and Handle Setbacks. Data analytics can help an organization understand risks and take preventive measures. Businesses can use data analytics to limit losses after a setback occurs. If a business overestimates demand for a product, it can use data analytics to determine the optimal price for a clearance sale to reduce inventory. An enterprise can even create statistical models to automatically make recommendations on how to resolve recurrent problems.
- Enhance Security. All businesses face data security threats. Data analytics can help in diagnosing the causes of past data breaches by processing and visualizing relevant data. Whether it’s a data security threat or a physical threat (for physical stores), data analytics can help you determine previous and future problems and solutions to these problems.
Decision analysis allows corporations to evaluate and model the potential outcomes of various decisions to determine the correct course of action. Using analytics in making business decisions will help you in making sure that 80-90% of the time, you are gearing towards a better outcome for the company’s growth. To be effective, the business needs to understand multiple aspects of a problem to result in a well-informed decision. It is important for every business decision to be grounded in solid data. Data analytics can provide you with key insights that help you make the best choices to serve your business and customers.
WINz Analytics Engine (WAE) is a highly developed unique analytics engine for Direct Sales and MLM companies. WAE helps executives make better company growth decisions. Five years in development and testing it is now live. A WAE analysis of an MLM comp plan will show the weaknesses and how to fix them. WAE provides executives with critical information on how their company’s distributor base is functioning at a deep level. Information that is not available from any other source including their IT department. There is a Free, no obligation review of WAE and how it helps you make better critical decisions that will grow your company dramatically.