According to a 2012 study, industry leaders experienced 5% higher productivity and 6% higher profitability than their competitors by leveraging data-driven decision making.
Truly data-driven organizations create, capture, and store data effectively to gain a competitive edge. To obtain this advantage, data analysis needs to be incorporated into strategic and tactical decisions on a daily basis. Promoting a culture of analytics and deploying advanced analytics tools can bring numerous benefits. By harnessing predictive and prescriptive analytics to provide better insights, businesses can achieve higher levels of productivity and profitability in three key areas:
1. Revenue Generation
Provide more detailed and timely information on customers, what they buy, and why
Allow managers to accelerate sales cycles and identify new opportunities for cross-selling