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Using Analytics for Better Decision-Making

In the present hyper-competitive world, the vast explosion of data and the pressing desire to stay at the forefront of competition has encouraged organizations to put more focus on using analytics for driving strategic business decisions. Business analytics is allocating managers and executives to understand the dynamics to foresee market shifts of business and manage risks. So, when maintaining pricing solutions, inventory, or hiring talent, organizations are implementing analytics to make decisions that improve, risk management, efficiency, and profits.Today, Data and analytics are disrupting existing ecosystems and business models. The proliferation of new data sets and the introduction of enormous data migration capabilities are deflating technological silos and existing information. From utilizing granular data to personalize services and products to scaling digital platforms to match sellers and buyers, organizations are using business analytics to get more fact-based decision-making. Studies show that data-driven organizations not only make smart strategic decisions, but also enjoy – improved customer satisfaction, operational efficiency, and solid revenues and profit levels. According to recent research by Forbes, data-centered organizations are 23 times more likely to acquire customers, 6 times as likely to retain those customers, and 19 times as likely to be profitable as a result.Strategies for …

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