THE POWER OF BUSINESS ANALYTICS

Businesses face many challenges: a tough economy; competitive pressures; providing superior product quality and customer experience while keeping operational costs at a minimum. Beyond that, most businesses struggle to seize the opportunities before them, including: acquiring, growing, retaining, and, at times, reacquiring good, profitable customers.

In a constrained business environment, it is difficult to understand what steps can be taken to increase sales, reduce costs, and keep customers and employees satisfied. Traditional methods can only go so far. Fortunately, there are innovative methods, such as Business Analytics, that unearth dramatically insightful understanding of markets, customers, marketing, and business processes.

Business Analytics is the science of understanding past performance and using that knowledge and insight to predict and optimize future business outcomes. Business Analytics are a powerful tool to create a profound competitive business advantage. The value of Business Analytics is quantifiable. There are many case study examples that have shown a return on investment (ROI) ranging from 55% (customer analytics) to 145% (predictive analytics) to 277% (financial management). The biggest ROI comes when organizations make strategic use of analytics that predict and optimize future business outcomes.

This ROI is not lost on business leadership. More than 80% of CEO’s and CIO’s believe that business analytics are essential to their business’s competitiveness going forward. At the same time, only 20% of CEO’s see that business analytics are integral across their organizations. For most mid-market businesses, the use of business analytics, especially predictive and optimization analytics, is limited. This gap offers those who pursue a business analytics strategy now the opportunity for a profound competitive advantage. Even though most business perform some measure of data analysis to support key decision-making, it is fair to say that the vast majority of businesses are not using analytics to their competitive advantage.

So what are the impediments to an organizations’ adoption of Business Analytics? Analytic insight traditionally comes with a pretty heavy price tag. This includes the expertise, time, and resources required for the acquisition of hardware, software, data, and the people to manage the systems and execute the analysis. The traditional approach to adopting business analytics is complex, costly, very time consuming and slow to deliver meaningful return on investment.

At RedGiant, we remove most of the impediments to Business Analytics adoption. Our cloud-based delivery models greatly remove the cost and complexity via hosted technology and analytics coupled with a best-in-class analytical services team. If our clients prefer, we can also deploy our analytic solutions in the form of an appliance at the customer’s site and still leverage significant savings in complexity, time, and cost.