Have you ever wondered why your favorite store stopped carrying an item you liked to purchase? Or how you discovered a new item to fit the bill for what you were searching for? Consider counterintuitive holidays where the stores are packed, but the checkout lanes are light with few cashiers. On the flip side, there may be opportunities in stores that have ensured they have plenty of product in stock, have extra staff to help, and through it all have managed to make the experience seamless.This last imagining is what happens when you bring Advanced Analytics into your business to gather insights and create customer engagement for people who will return again and again to your store and to buy your product. This isn’t just for brick-and-mortar stores, this includes digital and e-commerce businesses as well. But the big question here is, how did they know to hire extra staff, make sure there was enough product on hand, and not only retained former customers, but made new customers? The motto ‘know your customers’ holds true, even in, and especially in, today’s world of social media marketing, e-commerce shops, review opportunities, and more. Enter Advanced Analytics. The next step up from the Analytics of Business Intelligence to offer you and your business a birds-eye view of what your customers want, how they want it, and how you can ensure their experience keeps them returning, and opening doors to new customers as well. TRADITIONAL BUSINESS INTELLIGENCE (BI) VS ADVANCED ANALYTICS Business Intelligence gives historical performance Data. What have customers bought or thought in the past. This information has been used to inform how to improve processes now, for the next sale, call, or booking. Advanced Analytics, however, offers not only a system in which to capture historical Data, but can work with more complicated systems, and handle the massive amounts of Data businesses capture every day. Think of Advanced Analytics as the change agent who comes in to solve the more complicated issues. While it may still gather the same information, it will use the information to determine why something is working, and if something isn’t working, what is the root cause of the problem. If customers are returning again and again, what is bringing them back, and how can they repeat it and improve it for the future. Below are three types of analytics each with its own specialty to help you make more informed decisions to move your business forward. 4 BUSINESS OPERATIONS ADVANCED ANALYTICS SHINESGaining clear insights about your business involves more than just the experiences of your customers. The driving force behind happy customers are the operations of your business. From the supply chain to marketing to Human Resources, every department plays a role in the Customer Experience. So, what better way to use Advanced Analytics than to ensure the root of your business is running well which will be key to ensuring that smooth customer experience. · SUPPLY CHAIN ANALYTICS – Market demand is at an all-time high and supply is…well, it’s stuck a bit. But regardless of what’s being moved, where, and how, the remote workforce, globalization, and necessary manufacturing plants to handle the loads are making things more complicated than ever before. Advanced Analytics can help businesses plan for what will be in demand not only using past performance indicators, but also predictive modelling scenarios to try to meet the pain points of supply and logistics.· OPERATIONAL ANALYTICS – Changing market demands, adaptable processes, and flexibility in how operations are executed are all signs Advanced Analytics ha a place at the very heart of your organization. In this scenario, bits of seemingly unconnected Data come together to help imagine process alignment with market demand, and craft better insights for business.· RISK ANALYSIS – Cloud-based tools available to help identify management of massive amounts of Data with predictive insights using Advanced Analytics.· HUMAN RESOURCE ANALYTICS – To find and retain top talent, it’s important to ensure your business knows what they need, why they need it, and who can meet their requirements. Advanced Analytics can offer HR the chance to predict and evaluate how a prospective employee may do in your organization. Ready to take the next step in getting a birds-eye view of your business? Consider Advanced Analytics. Imagine knowing not only the historical Data which has kept your business moving forward, but using the near real-time Data streams from omnichannel sources to help you plan for the future of your business with future-predictive insights. If you’re interested in Digital Analytics roles, a career in Advanced Analytics, Machine Learning or Robotics just to name a few, Harnham may have a role for you. Contact one of our expert consultants to learn more. For our West Coast Team, contact us at (415) 614 – 4999 or send an email to sanfraninfo@harnham.com. For our Mid-West and East Coast teams contact us at (212) 796-6070 or send an email to newyorkinfo@harnham.com.
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