The concepts of big data and analytics aren’t new by any means, but they’re something that’s becoming more widely embraced in businesses of all sizes thanks to technology and software platforms paving the way.
Despite the benefits and growth of big data, some businesses, and even large enterprises still struggle with how to harness the power of analytics.
The following are some excellent places to leverage analytics and data in big business, to maximize value.
It can be almost astonishing how many large and international businesses are still relying on old, outdated methods of expense management. Before considering the analytics perspective, other inherent problems can stem from not modernizing expense management including a lack of efficiency, the increased likelihood of fraud and overspending.
Businesses should look for expense management analytics tools that will allow them to more efficiently manage expenses, while also giving them a centralized view of important data such as where and how employees are spending. Expense analytics can help businesses identify fraud and inefficiencies that could be eliminated for better results.
When you’ve dedicated a large chunk of your marketing budget to digital campaigns, you can use analytics to get even more value from them through remarketing campaigns.
You can create segments within platforms like Adobe Analytics and Google Analytics, and make sure that you’re always at the forefront for your existing customers or those prospects that have visited your website.
You can delve deep into data and analytics and segment audiences and marketing based on things like transaction behaviors and demographics as well.
Human Resources Analytics
A lot of time when even large corporations think about analyzing data and analytics, it’s focused outside of the company on customers and prospects. This is valuable, but HR analytics can be as well.
Your human capital is one of your biggest investments, so you want to be strategic in this area.
A few HR analytics to consider analyzing capability to ensure that you’re maximizing strength and talents of employees, as well as something called capacity analytics. Capacity analytics refers to looking at how efficient the people are in your business and where they’re spending their time.
Another area of HR analytics worth taking a look at is employee churn. This shows you your employee turnover rates and helps you identify ways to reduce it by taking steps to improve engagement and satisfaction. This can be particularly important in today’s job marketplace, where job-hopping isn’t unusual, and it can be tough to hang on to top talent.
Finally, if you’re considering operational changes at any level or you’re looking at ways to improve decision making in any way, think about relying on analytics first and foremost. You can use analytics to power decision-making and operational changes in any area of business. You can gather key bits of information, and learn how to base decisions on facts and data rather than emotion.
There are even software tools that will integrate decision logic into various workflows across a company.