Enterprise Analytics Applications
For the past several decades, companies have made investments into enterprise analytics applications. These companies have recently begun to question their returns. Analytics projects are not necessarily driven by IT. The majority of big data projects are driven by the CIO or the departmental managers. They are looking for ways to increase ROI or return on investment through public and private clouds, hybrid environments, storage systems and servers. Companies with numerous departments are acquiring and implementing systems for business intelligence to create and process data visualizations and open performance insights customizable by non-IT personnel. These businesses want large volumes of data processed quickly and to receive predictive insights fast. There are several examples of how to effectively increase ROI outlined below.
The Emerging Data Repositories
New data sources for BI engines have resulted from the digital age. This includes cloud based applications, mobile applications, social media channels, web content and numerous business functions. BI tools are capable of retrieving information for numerous sources but this requires advanced technical knowledge such as connecting, customizing and configuring. Even without the integration of divisional applications, big data systems are depended on to identify relationships such as declining renewal rates for contracts and poor scores for net promoters, difficulty in collecting payments for delayed deliveries and orders and shortages in inventory parts. Retail marketing campaigns must directly correlate to the products most frequently purchased by customers. The goal of enterprise analytics applications is to identify the patterns and trends across prospects, customers and employees. This must also include products, finances and locations. If the analytics are not correctly implemented, the ROI will decrease.
Identifying the Business Challenges
Businesses with numerous departments will benefit from identifying the departmental relationships including marketing, sales and customer service. Being able to track data for long periods of time is crucial. Valuable intelligence can be gathered by tracking customers throughout the entire process. This will reveal ways to market to prospects and customers with similar profiles much more effectively. It becomes possible to act on reliable data and share it with stakeholders and colleagues. Enterprise analytics applications provides performance data in real time. This means the need to guess the challenges of the business is eliminated. Concerning trends are identified by the data and the best plan of action is provided. This enables data to be sourced from multiple areas and shared with the privileged executives. The business challenges can be addressed with a cooperative plan by the management. This places the challenges in the control of the business.
Anonymizing the Data
When data has been anonymized it can be shared with investors, partners and customers. When products last longer and perform better this data needs to be shared. Customers want to see the reliability and expertise of the business. They want to know why the business is different from the competitors. This data provides investors with the direction and performance of the company. This data is powerful when used for analyst reports, infographics, whitepapers, benchmarking data, sales, pitch presentations, suppliers, channel partners and recruiting employees. This builds trust and credibility with the stakeholders and provides a solid and consistent voice. Enterprise analytics tell a story. The data provided proves the stories are not myths but authentic. These stories encompass the release of a new product, an increase in sales, opening a new segment in the market and the acquisition of another company. When these stories identify the positive trends for the company heroes will emerge. These heroes will discuss what actions led to their success and their stories will be shared with partners, customers and employees. This will result in an increase in ROI.