3 Reasons how BIG DATA catapults business into continued success

In a buyer-led market where customers have many different options and sales channels, more than ever before, companies are looking to Business Intelligence Companies to help harvest their Big Data to make more informed data-driven decisions.

85% of business leaders agree that proper use of their companies data can help leadership teams to create stronger sales initiatives ultimately boosting revenue. Outlined below are 3 reasons how properly utilising big data can strengthen your revenue streams.

1. Predictive Analytics vs. Historical Data

Companies that look to their analysis reports instead of relying on historical data will see an increase in profitability of up to 20% in the next three years according to a recent survey by Aberdeen Research. According to Peter Krensky, Senior Research Associate of Business Analytics at Aberdeen Research, “Adopters of predictive analytics have realized a 10% increase in new customer opportunities identified in the past year. And the increased visibility into potential customers leads to “longstanding, profitable relationships,” Big data and predictive analytics can help to discover new and inviting sales channels full of prospects that business leaders can push company focus.

2. Customer Retention

Customer retention ratio measures how many customers renew services. Therefore, companies that look to their big data and predictive analytics will see an increase in cross-selling and up selling on average of 8% according to Krensky. Companies that want to unlock further profit can use business intelligence solutions to implement more informed business decisions.

3. Information In Real Time

More and more companies are looking at their data information in real time. This keeps businesses working in the present and helps better prepare business leaders in making future decisions.

Real-time analytics can also shed light on other areas of business including “operational intelligence, monitoring markets and risk management,” notes Krensky.

Harnessing analysis in real time and basing predictive analysis on new and emerging data will help businesses prepare for the future.

Understanding your current Business Intelligence landscape is important. MSP Consulting would like to provide your company with an impartial Business Intelligence Health Check on your existing Business Intelligence (BI) and Enterprise Performance Management (EPM) systems and provide you with a solid foundation on which to plan future developments.

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