We have been focused on using data analytics exclusively for marketing purposes, but it resonates throughout a company’s mission in accomplishing in many of their objectives or goals. Business analytics serves a multitude of purposes: employee turnover, fleet management expenses, indirect costs, shorten testing processes, lessening bad experiences with customers, monitoring cyber attacks, and much more.
Moreover, clients, customers, and even your boss want more than just a convincing story. We live in a informational world driven by data so there is now little excuse to tell a story about any part of your business without backing it up or relating it with data and their respective visuals. So if we don’t carry the formal legitimate power of an executive officer – and lets be honest most don’t graduate directly from school to become one, we can use statistical and visual data to increase our expertise power to influence a better outcome for ourselves and the business.
Let’s take a deeper dive in some of the instances where data analytics can play a large role in any particular business. Fleet management expenses like truck routes and driver fatigue can all be graphically represented today by considering the rest stops need, amount of mileage, traffic, and even stress. This scientific journal found here:https://www.emerald.com/insight/content/doi/10.1108/IJLM-05-2017-0109/full/html?journalCode=ijlm goes into great depth how data can help elevate stress, loss of of productivity, and time by avoiding highly congested areas and getting fleets to their destination the best way possible. Now there is even “Predictive analytics” that can save fuel and travel time costs to the customers, while also reducing maintenance intervals with company vehicles. Just imagine entering the workforce knowing that you can use analytics to help reduce these burdens from businesses. As you imagine this, just know your market value just went up exponentially.
How about employee turnover? According to 2018 data from Work Institute, employers will pay $680 billion in turnover costs by 2020. How about reducing those costs of up to 77 percent using data analytics that could avoid hiring the wrong candidate that wont fit the culture, or also track trends when employees get frustrated in their role and leave for better opportunities. Avoiding costs of training new employees are critical to HR function, and being able to track these trends and display them in the form of data visuals can be a huge boon for businesses wanting to lower their turnover.
Lets talk about the big elephant in the room: customer service. Lets take for instance an issue we all know to well. When calling up a businesses to talk about a particular issue more than once, its like talking to someone with amnesia who forgets every little conversation you had before with them. What if you had a way to track user history with a profile everyone could access? And once more, by using a program like Sales-force, a way to aggregate all the larger more common technical issues customer were having so you know how to train your agents to troubleshoot or address their issues more effectively in the future. Even better, there is now analytics software that can pick up how many customers are getting frustrated over the phone just by listening to their tone of voice.
So welcome to the future. I hope by reading this you can understand where we are heading. AI, software, and computers are going to have huge inroads and breakthroughs of how we service our business and clients. And since we live in a country dominated by the service industry, what better way to prepare ourselves of how to tell a story using data visuals and analytics to our advantage.