Business users have realized the benefits of business analytics in better decision making at a strategic as well as operational level. Making sense of raw data to arrive at actionable tasks require sophisticated software linked with efficient databases and tools which employs numerous scientific methodologies to analyze data in various business dimensions.These tools have been known to give insightful patterns useful for decision making. The nature of complexity and expertise involved has convinced businesses that business analytics is separate discipline in itself and is a specialized job which requires specialists and cannot be done as easily as a part of day to day operations.
Business users must use the insights from their business operations as well as from the business environment they operate in, to take the right decisions for improving their businesses ahead. With advancements in technology it is now possible to look at various dimensions like behavioral statistics of consumers, trends in competition, demographic and geographic slitting of information across profit, product category, transactions etc. to mine insightful information about internal processes and market trends which makes decision making more result oriented due to factual information available from analytical applications and business intelligence systems.
Business Users and their Challenges
It is found that the business user who is an expert in his area also needs to have access to meaningful insights both internal and external to his organizationwhich gives visibility of various functions directly affecting his business metrics. Gathering insights require specialists who can analyze data in a scientific manner to find cause-and-effect relationships. Due to time constraints with the business user and complexity involved in data analytics,specialists are needed who have ready access to external and internalknowledge databases and powerful softwares and specialize in methodologies that can be used for pattern analysis,comparative studies and data visualization using proprietary techniques. Specialists can assist in de-risking business actions by evaluating impact of decisions and suggesting specific areas that need focus for minimizing risks and leveraging growth.
Business Analytics helps in both data analytics and deployment of decisions.It helps in revealing:
Sector Level Dynamics
- What is the current outlook of certain industry and what critical growth factors are needed to become a dominant player in the industry?
- Who are the competitive players in my industry and what I can learn from them to break away from current position to become a dominant player in the industry?
- What are the micro-segments in my industry that are set to offer rapid growth in coming years?
Current Business Level Dynamics
- What businesses should I acquire/partner with to leverage new markets/ synergies?
- What is the IRR, ROI and ROCE expected from a certain business segment over the next five years?
- What technological advances are happening in certain business areas and how it can impact the economics of the business in future?
- Why is certain product performing well? What are the factors responsible for it and how long is this going to continue?
- What will be the impact on my business if certain market trends continue to persist?
- How often are customers likely to try my new product/service? What are the chances of its success?
- What is the best case and worst case scenario for a certain business opportunity to perform over the next 5 years?
- What is the typical competitive position of my business and what opportunities should I seize to keep my position intact?
- Why are the margins decreasing and what micro segments are responsible? Which segments offer better margins and what should be done to migrate to these segments?
- How should I segment my customers to better understand them? Which customers should be offered special products/services and which segment should be specially monitored?
- Which customers should I support, which programs should I have to retain customers and instigate repeat business?
- What premiums should I keep in my business and what should be the pricing strategy of the product to unlock potential market?
New Business Opportunities
- What are the business opportunities available in certain segment of sector?
- Is there a need to vertically integrate? What is the market size I can capture and what are the returns expected in future?
- What is the future outlook of a certain business segment and what competencies are required to leverage growth in the segment?
- What geographical segments offer growth in certain sector and who should I partner with to learn and become a leading player in the industry?
BMGI’s Business Analytics Solution Suite
BMGI has access to world’s best databases related to industry and corporate information that are continually updated. Complementing this resource of data is the BMGI expert team that specializes in specific methodologies which are used for mining insights and for implementing those insights using project management and strategy implementation skills. Clients have experienced guaranteed results by aligning their business processes with relevant information available to us. BMGI offers the following suite of solutions:
- Structured Secondary Research- To scan for lucrative market opportunities, designing a blue ocean entry strategy, finding suitable investment opportunities as a long term investor or strategic partnering for geographical/market expansion, we provide comprehensive information through a funneling approach which scans the universe of opportunities available to finally narrow down to the most suitable opportunity that suits the client
- Comprehensive Models and Transformations for Insights- To get faster results, we use relevant models that have been refined over time to give the most important results in shortest possible time. We use information modeling from a wide discipline of statistics, econometrics and operations research to provide our clients useful forecasts, optimization techniques and predictive modeling. With the use of effective tools we provide complex data analysis in lucid form which can be easily understood by business users and actions can be taken instantly
- Analytics in New Areas- Over the past years, analysis of customer data has attracted maximum attention and has provided success in reducing customer attrition and improving customer profitability in various sectors. Through its success, new areas have evolved where analytics can impact strongly. The most promising of these areas are supply-chain visibility, price optimization, and strategic globalization plans. BMGI’s expertise in these areas ensures that its clients get a leading edge in these areas over others
- Integration of Analytics with Action and Measurement-The objective of BMGI’s analytics solution is not offering insights only. We go one step ahead to answer two key questions for business users:
- How do I turn discoveredinformation into action?
- How do I know the effect of each action?
Integration with existing business environment is a key to both action and measurement. For example, the insights can identify customers likely to respond to a promotion, but it takes a cadre of specialists who have a cross sectorial as well as cross functional knowledge to incorporate the relevant data into the advertising system to run and execute the promotion and finally deliver the desired ROI to the business user. These types of integration between operation and analytics systems have differentiated BMGI from other analytics firms. We offer end to end solutions and our clients are a testimony for that.
To know more about our Business Analytics Solution suite, contact BMGI