Analytics: How Numbers Took Over Decision-Making Authority Of Businesses


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☼ Intelligent decision making is the need of the hour

Man has maintained records ever since the time he started indulging in useful economic activities. Slowly but steadily, these records took the form of data warehouses that were not only used for future reference, but also utilized for making predictions and forecast. In general, the analysis of data is a goal-oriented procedure that demands careful moves. It incorporates the examination, filtration and alteration of data for the segregation of information. Not only does it contribute in the form of valuable conclusions and business insights, but also allows enterprises to take unbiased business decisions on the basis of plain facts. This holds good in the context of every situation unless and until the data is not tampered with. Data analytics services help business owners with planning, decision-making, measurement, execution and management of various business functions.

Giving a new and informative form to raw data is no rocket science. However, it is impossible without statistical analysis. No doubt, the scrutiny of data related to employees, customers, finances and supplies facilitates the discovery of patterns that enable informed business decisions. What more do you need when you can put an end to your wild guesses and utilize data in a precise and accurate manner?

One cannot deny that analytics has expanded immensely in the years that have gone by. It is no longer an area of discretionary spending. Over the years, enterprises have realized that a complete investigation of data works for them in more than one way. The urge to separate themselves from their counterparts has encouraged enterprises to adopt data wholeheartedly. In addition, changed customer mindset driven by worldwide economic recession and reduced purchasing power has set the alarm bells ringing for companies across the world. Without a second thought, enterprises have been looking for an efficient warning system that is capable of informing them of a future event well in advance.

☼ Harnessing the power of data is not everyone’s cup of tea

Business intelligence encourages effective decision-making and imparts the ability to identify a change in the least possible time. Moreover, advanced tools enable the visualization of data. This helps in the creation of powerful presentations and abstract analysis, thereby adding weight to the usefulness of data.

Although companies continue to gather large volumes of data, the derivation of insight from that data is a Herculean task. Most companies lose their way when it comes to derivation of inferences from the data after its analysis. It would not be wrong to state that majority of enterprises are experiencing a gap between the creation and transfer of information. One definitely needs to understand that information also needs to find its place in the context of an organization. At the end of the day, you cannot derive value from data unless you nurture a thought process that can be transformed into reality in the form of a streamlined business function.

☼ Data analytic solutions are important because:

▲▲ Influence of virtual world and creation of data: The expansion of the virtual world has not only contributed immensely to the generation of data, but also led to creation of unstructured data. In today’s time, every organization can easily get hold of information about its customers, suppliers and employees.

▲▲ Tech savviness of customers: Every individual who has access to the Internet completely understands that there is information all around him. In addition, widespread use of social media and Smartphones has compelled companies to look to the volumes of unstructured data that have been piling up without a reason.

▲▲ Data storage: The storage of data has become a cause of concern for enterprises that need to manage many business functions simultaneously. In addition, an increase in the number of customers further adds to the woes of an organization. Consequently, data analysis helps.

☼ Why contact center need to bifurcate the data available to them?

Undoubtedly, the growth of customer service industry and its continuous expansion has made it clear to service providers that no other business function is capable of creating data in such a large quantity. With the passage of time, business owners have also realized that the usefulness of an outsourced call center is no longer limited to receiving calls and providing a solution to the problems of customers.

Being a business owner, you cannot survive in today’s world if you do not understand the expectations of your customers. Therefore, collecting data via customer interactions is of no help to an enterprise unless it understands the significance of the data. Moreover, you should also know the tools and strategies that can be deployed for enhancing the quality of data. In a nutshell, data is a mere repository of fact and figures till the time it is not available to you in a usable form. This is exactly why knowledge processing and research analysis have gained ground significantly during the recent past.

Alicia Gray
Alicia Gray is an BPO and outsourcing industry analyst, and writes about technology. Currently working with one of the business process outsourcing (BPO) services provider. My role has been instrumental in assisting businesses to choose the right BPO Services.


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