Terry Corbell, The Biz Coach
By Terry Corbell
Business Consultant

Big Data, Though a Trite Term, Helps in 6 Types of Analytics



Do you enjoy business jargon? Do your eyes glaze over when you hear terms such as visionary, think outside the box, paradigm shift, pre revenue, enterprise, and big data?

Don’t know about you, but trite terms in business – so-called buzz words – are annoying. And when you’ve been around a long time, the number of buzz words is quite long. It only adds to the agitation.

My personal pet peeve is the term, big data. Like many words in business jargon, it’s become meaningless.

But as shown in the following video, water researchers successfully use big data in a collaboration with IBM.

Based on the most-popular Biz Coach timeless articles since 2009 and the myriad of issues that cause CEOs to sleep at night, it’s worth noting top-performing companies have six significant ways to make use of analytics.

They include:

1. Management and human resources – Analytics in human resources are becoming more and more paramount. Professionals in human resources could use more respect in the C-suite.

To silence critics and to garner praise for helping their companies to profits, obviously, it’s in the best interest of HR professionals  to focus on self improvement and growing with the times.

From recruiting the right profile of employees to employee engagement, HR professionals enhance business profits by using the strategies and metrics.

2. Decision-making in finance and marketing  – Improvements in technology and the forces created by the new economy in which business profits are more difficult to attain, analytics are increasingly important.

Gone are the days are manually dealing with figures on the balance sheet. Businesses have to be alert to monitor their tax liabilities. They’re learning to creatively manage cash flow and learning ways to increase their pricing power.

It’s no longer possible to run a simple radio or TV campaign and expect strong results. The marketplace is more dynamic and competitive, and there are so many options to attract customers. There are critical essentials to develop the best marketing formula.

3. Efficiencies in operations and supply chains – Companies have to develop operations checklists and new systems whether it’s for managing inventory costs or using lean principles.

Whether fears arise from the prospect of tornadoes to regional politics, companies are increasingly using analytics to determine how to protect supply chains.

4. Enhancing customer experiences – Businesses want to improve. Many know they’re losing more profits than they know because they inconvenience customers. Such negative customer perceptions result in lost opportunities in revenue growth, tarnished branding and smaller profit margins.

They’re constantly struggling to learn why they’re high maintenance to customers. This entails learning to improve customer-service processes to focus more on customer needs.

5. Innovation and new products – Businesses learn opportunities for growth by studying customer behavior. To achieve lofty goals, certainly innovation is the key in our new economy. To become a top innovator, it’s an inside job.  To participate in turbo-charging the economy, it’s vital to continually evaluate your organization and strategize for success.

In essence, it also means capitalizing on business intelligence.

6. Company value vs. technology threats – Corporate executives see new strategic risks as a result of technological changes — from big data and cloud computing to social media. Their strategic-management focus has evolved with technology.

So executives are learning to target the five technology threats to company value.

From the Coach’s Corner, here are related articles:

Risk Management – Making Best Decisions, Using Right Tactics — To prevent a crisis from interfering with the continuity of your business, you must strategically plan to manage any potential risks. That means avoiding the classic mistakes routinely made by companies, and making the right decisions for proactive measures to minimize any dangers.

Internet Shoppers Demand 3 Cs – Customer Experience Study — Success in e-commerce is increasingly challenging for retailers that want to dominate in brand preference, customer loyalty and word-of-mouth advertising. That’s because consumers want more and more in the three Cs — channels, choices and convenience.

Why Your Customers Stay or Leave – Insights from Study — Despite all the emphasis on speed in customer service, it’s not the salient factor in keeping customers happy. A study confirms that the power of emotion is most important, according to a published report.

8 Top Entrepreneurs Share How They Get Ideas — How can you get inspiration for outstanding business ideas? Not sure? Well, eight top innovators — alumni from the Stanford Graduate School of Business — have their favorite techniques. In the post, 8 Different Ways to Get Great Ideas, they share how they achieve creativity.

“In God we trust. All others must bring data.”

-W. Edwards Deming

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.

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Seattle business consultant Terry Corbell provides high-performance management services and strategies.