When business analytics tools were first introduced, they were restricted to the companies doing online marketing and related research. The idea was to track the constant stream of visitors coming to the website and optimizing ad campaigns. While the highly important role analytics play in online businesses is apparent, the strategies of data analytics can be applied to just about any industry that collects data – and that includes everyone.
Data analytics has now been evolved into a tool for people at all levels of an organization to look deeper into their sphere of work to devise the problem areas and find solutions that were earlier restricted only to the cogent analyst. This includes:
- Customer insights: Traditionally what businesses knew about their customers was through surveys and contact forms, which are not very reliable. Data analytics allows companies to learn from the finer behavior patterns of the customer and getting to know them on a deep personal level.
- Pricing strategies: How should a product or service be priced? Analytics helps study the market forces in detail and arrive at a better decision. When it comes to competition, the right price means half the battle won.
- Risk mitigation: With analytics, business patterns can be better understood and oncoming slumps can be predicted with increasing accuracy. This gives organizations precious time to be prepared and work out alternatives.
- Targeting: Data analytics helps identity which market segments or customer bases are the most responsive. It also helps create winning strategies for targeting those groups.
Today data analytics tools are helping businesses unravel the mysteries of markets and customer preferences. The answers that once looked remote are now within everyone’s reach. Ramco Banking Analytics is one such powerful desktop tool empowering every Executive to analyze the performance of the bank with respect to their sphere of control. The complete data pertaining to a bank is organized in the form of dimensions and measures and meticulously classified by functional subject areas.