August 30, 2018
In today’s digital economy, intelligent data is now a major asset for most companies. Companies harness data through a plethora of methods from point of sale (POS) to social media to IoT devices. Gathering that data is merely the first step. What companies do with that data makes all the difference. In this post, we will unpack just a few of the methods in which organizations can leverage big data with cloud computing.
Establish Centralized Business Intelligence
Cloud computing offers many benefits for businesses from an IT perspective. It mitigates costs, creates more flexibility and allows IT infrastructure to scale quickly. What about for the end user? A recent survey conducted by Dresner Advisory Services reveals that over 90% of sales and marketing teams find cloud business intelligence essential for their work. Among industries, financial services (62%), technology (54%) and education (54%) rank highest in cloud adoption in 2018. The primary conclusion we can draw from the Dresner survey is that cloud computing for the end user matters most when it comes to business intelligence.
Data alone doesn’t help anyone. Luckily, once in the cloud, businesses can select from a bevy of competitive and flexible business intelligence programs to make sense of their data. Partnering with the right provider should become a strategic priority. Prior to shopping for business analytics vendors, it is essential to understand businesses processes, current systems as well as clearly defined goals for business intelligence.
One of the marquee benefits of big data analytics is the ability to eliminate waste. We can all agree waste is bad and typically derives from inefficient processes. Waste can result in lower margins, frustrated employees and unsatisfied customers. Big data with business analytics can help reduce waste by shedding light on every aspect of an organization.
Information Age illuminates how to identify and measure processes with business intelligence. When it comes to eliminating waste using big data it’s all about identifying what needs to be measured, accurately measuring each step in the process, analyzing the measured data and using that analysis to make informed process improvements. In many cases, this involves identifying bottlenecks by measuring throughput.
Maximizing profits also becomes a byproduct of eliminating waste as operating expenses decrease and employees can both procure and sell more effectively with the help of business intelligence.
In today’s digital economy, customer experiences, products, and marketing are hyper-individualized. Business intelligence in the cloud can help companies set overall marketing strategy based on data-driven decisions around target marketing, pricing, location and customer preferences. According to McKinsey, companies that leverage customer behavioral data outperform their peers by 85% in sales growth and 25% in gross margin.
With big data, future-looking companies are taking a step further coupling strategic marketing and machine learning. Instead of focusing just on what customers preferred in the past, they can make a guess at what they will prefer in the future with some statistical certainty. At Attunix, we help our clients with both predictive and prescriptive analytics that can aid with developing marketing strategies that can outperform the competition.
Create Personalized Customer Experiences
Customers tell us about their experiences through data both directly and inadvertently. Companies that capitalize on this data can ultimately create better-individualized experiences. The average customer consults about 10.4 sources before making a major purchase. This ranges from in-store visits, to search engines to personal referrals. About 77% of consumers use Google Search, 84% consult company websites directly and 34% visit third-party websites. Other valuable customer data streams come from omnichannel sources such as smartphone apps, online sales and in-store POS data. These touchpoints provide valuable insights that can help businesses convert leads into sales.
Big data coupled with analytics helps derive actionable insights that can turn the customer experience from unpleasant and impersonal to enjoyable and tailored. Learning more about the customer can improve their journey along the way. For example, a working mother of three may prefer her daily use home products filled and delivered on a set schedule versus a recent college graduate who prefers an experiential shopping environment in store. Companies can leverage this information to ensure they provide an exceptional experience whatever that may look like.
How We Leverage Big Data with Cloud Computing
At Attunix we help our clients leverage their data to make the smartest possible decisions when it comes to driving operational efficiencies, creating marketing strategies and improving the customer experience. We generate descriptive, diagnostic, and predictive data and turn it into actionable insights that
become the baseline of your success. Overall, most business goals relate directly to data.
Creating a foundational business intelligence solution involves employing a traditional SQL- based data warehouse. We can then help architect and deploy a suitable data warehouse for your needs. Before launching an analytics platform, we sit down with our clients to develop a strategy to extract the exact insights their company needs from their data. This involves working with teams to uncover what data elements are essential to their functions and what KPIs will align business goals with technology.
Finally, we help make sense of our clients’ big unstructured data. For most companies, this is where the greatest data challenge lies. Attunix utilizes Big Data tools to look at three things: variety, velocity, and volume. We’ll design a Big Data platform to handle any type of data, at any speed or volume. Ultimately, these solutions help extract the highest ROI from data that companies already have!