Modern businesses are operating in a competitive global marketplace in which they must make effective decisions quickly in order to maintain their market presence. This means they must use all of the tools at their disposal to cut costs and increase productivity in every aspect of their operating model.
Using a data analysis company such as Shepper can give companies a competitive edge, due to various factors including:
1. Increased efficiency
By using real-time data, it is possible to identify deficiencies in existing protocols and processes, gather performance metrics and insights and make actionable changes that will result in more agile operations.
2. Improved customer service
It often costs more to attract customers than it does to retain them, so focusing on customer service is a simple solution to control costs. Data analytics can identify the actions a business takes that increase or decrease customer satisfaction, helping them to eliminate negative behaviours and motivate positive ones.
3. Target advertising
Generic adverts are unlikely to appeal to a company’s target demographic and could at best result in brand fatigue, so using data analytics to understand customer behaviour is a pivotal step in achieving a stronger marketing strategy, targeted to the very people the business wants to attract.
4. Minimise the risk of supply chain disruptions
Over the past few years, we have seen the impact of supply chain disruptions – higher prices, greater uncertainty and short-term forecasting. Minimising the likelihood of supply chain disruptions by collecting and analysing past data to identify potential issues allows businesses to preempt them and put in place mitigation strategies that will reduce costs, improve long-term forecasting and strengthen connections with both suppliers and customers.
5. Fraud detection
Fraud costs the UK economy in the region of £219 billion a year, which, over time, is unsustainable. Businesses can use data analytics to identify trends which can highlight potential malicious activity, helping them to act upon it and reduce fraud.
In conclusion, being able to perform fast and effective data analytics offers impressive benefits to businesses.