Businesses all over the world are seeking for methods to get a competitive advantage, which is why data analytics has become one of the hottest growth industries right now.
Businesses may harness their most valuable assets and decide which channels are most effective at reaching their target audience and boosting their market share by incorporating data analytics into their operations.
There are numerous advantages to doing so, including reduced operating expenses and increased customer satisfaction. It is not, however, as simple as snapping one’s fingers to incorporate analytics data into sensible and successful business decisions.
So, why is Data Analytics called the one-stop station for business growth? Infoveave is a leading analytics product in APAC region and we have put together this article to help you better understand the advantage/benefits of Data Analytics.
Advantages of using Data Analytics in Business
Data from analytics is all over the place and sifting through it to find what’s useful and relevant to your company is a necessary ability in today’s market. Everything from estimating the outcome of economic budgets to optimizing marketing campaigns and sales analysis is now done with analytics. The aim is to gain a better understanding of how analytics may help your company and to begin tackling any issues you feel are crucial to short- and long-term success.
Here are a few advantages of Data Analytics in business:
- Improved Decision Making : One of the major advantages of Big Data analytics is that it considerably improves the decision-making process. Companies are increasingly turning to data before making decisions, rather than depending solely on intuition or long tiring excel crunching. Companies are better positioned to produce accurate forecasts when Big Data is combined with AI, machine learning, and data mining. The data generated by collecting information from all possible areas provides insight on what worked or didn’t work before, enabling faster and better decisions.
- Identification of New Business Opportunities : Data analysis helps uncover new business opportunities that could otherwise go missed, such as underserved client segments. As a result, the potential for development and profit expands exponentially, while also becoming more intelligent. With access to relevant data, you can easily spot trends and patterns that may have otherwise been missed and use them to your advantage. You will not only be able to see where you want to go but also see alternative routes that might lead you there.
- Increased Efficiency : By evaluating data, company owners may have a greater knowledge of what they are doing efficiently and inefficiently inside their organizations. Better knowledge and support in executing day-to-day activities will result from the volume of data gathered, resulting in increased efficiency and resource management at all levels of a company. A well-maintained database will also ensure proper utilization of resources with minimal wastage. This way not only does businesses save money but also time, therefore further boosting their overall revenue stream.
- Better Customer Experience : To efficiently simplify a customer’s experience with a brand, companies may employ a lot of data for predictive analytics. Finding the right tools to investigate your clients’ purchasing and Internet browsing habits and putting them in place to give accurate and relevant information can help to trigger buyer instincts and implant your brand in their minds.
Improved business processes mean happier customers who keep coming back for more!
How different businesses operations are leveraging RPA and automating various tasks in different functional areas / business verticals:
- Administrative functions: In any industry or business, administrative tasks are time-consuming. Employees can focus on other important duties by reducing the requirement to accomplish these. Business today has numerous administrative duties that could benefit from office automation. For Example, recording actions and meeting minutes, recording attendance, responding to FAQ emails, scheduling meetings, ordering supplies, Creating, and filing invoices and Inventory Management.
- Accounting and Finance – RPA will help you close all the gaps in financial automation and accounting automation. Few of the major use case where Infoveave is giving transformational results are Customer Onboarding and Invoicing, Cash Application, Logistics Management, Invoice Processing and Payment Processing.
- Customer Service: Unreliable Customer Service Management with manual customer request handling results in tracking information mistakes and customer dissatisfaction due to delayed response/resolution times. Resolving client problems necessitates travelling through several company systems, which takes time and effort. Customer experience is one of the most significant aspects of the business in the age of experience as a currency. The companies can have a customer service management (CSM) solution that simply interacts with numerous business systems and pulls data based on the customer request and delivers a unified solution by automating customer service with RPA.
- Human Resources: Some of the rule-based activities in HR include screening applicant resumes, recruiting, onboarding, attendance monitoring, payroll administration, and employee data management. These activities result in a significant amount of paperwork and manual data processing. These activities may be automated end-to-end using Infoveave’s RPA platform by integrating and re-organizing the systems without significantly altering the current setup.
- IT Operations: Data input and data migration are examples of repetitive IT procedures. Although qualified personnel can complete these duties, they are tedious and time-consuming. Infoveave’s RPA platform can completely automate these procedures, resulting in increased efficiency and accuracy. Infoveave’s RPAs may check and update application software, administer databases, and provide technical assistance. It may also be used to manage backups and recoveries, run daily automatic system checks, and track user experience.
- Risk Management: RPA can conduct proactive and fully automated business process audits for enterprises. Automated procedures can anticipate risk and notify stakeholders of potential issues.
- Sales and Marketing: Within your CRM system, Infoveave’s RPA makes customer case management simple. Account managers and sales teams may save time by automating the input of client data such as quotations, comments, and order/shipment tracking. Contract administration is another task that may be automated with a CRM system. RPA bots may track document expiration dates and automatically send messages to stakeholders engaged in the sales process.
- Procurement: A variety of time-consuming, manual operations in the procurement department are well-suited to bots produced with Infoveave’s robotic process automation (RPA) platform. Contract management, demand management, third-party risk management, and supplier management are examples of these functions. Procurement organizations can benefit from RPA since it can save money and improve processes.
As a business owner, it’s important to have a strategic and robust data collection strategy that incorporates all aspects of your organization. This kind of data collection allows you to accurately identify your target audience and best position yourself in their minds when it comes time to make buying decisions. Infoveave Solutions brings together industry-leading analytical tools along with a network of resources that can help take your business operations to new heights. Get in touch today and learn how Infoveave can be your one-stop station for data analytics!