Three Benefits of Analytics
Attaining New Business
Today’s highly flexible and advanced business intelligence tools also allow data to help drive all critical decisions. Facts can provide the powerful ammunition to allow the manufacturer to make well-calculated strategic moves. Confidence in decision-making abilities will allow chief officers to be aggressive and bold in capturing new opportunities. New target markets can be identified for sales growth, and managers can also look internally for new techniques for streamlining operations and conserving resources.
Deploying an advanced business intelligence strategy, therefore, is one of the most critical actions a forward-thinking manufacturer can take, one that will certainly lead to increases in profitability, improved customer satisfaction and claims on merging market opportunities.
Settings Goals
Using performance management tools also allows annual goal-setting to be fact-based and tied to realistic abilities. Gone are the vague generalities that were more hope and dream than policy. Now, a step-by-step battle plan for improvement can lead the troops forward. One of the most subtle, but significant areas of transformation is the change of attitude that is seen in a company that embraces proactive strategies.
Access to shared, integrated data reinforces a company culture of cooperation and common objectives. It empowers individuals – no matter their role – to see beyond a singular workstation or primary job description. Each person, from the contact center representative to the schedule/dispatch manager, plays a role in the big-picture profitability of the manufacturer.
Spotting Problems
Employees can make confident contributions to an initiative for process improvement. Armed with report-writing tools and access to relevant data, personnel, no matter their department, can help spot impending issues with long-range repercussions. For example, the billing manager can use analytics to research the cause of declining cash flow. Engineering can use warranty data to identify design flaws, and the inventory manager can use metrics to track trends in parts usage and predict purchasing needs. Social media and community groups can be monitored to track buyer trends and forecast needs.
Data makes it easier for employees to do their job effectively. Personnel can monitor relevant critical numbers and performance status with vested interest. Employees WANT to improve and achieve goals. Rather than vague dictates from the corner office to “succeed” — now goals can be expressed in concrete numbers which can be reached. Most importantly, data can be monitored by the people who have the most potential to take hands-on corrective steps AND preemptive actions. The business intelligence data is actually used, rather than sitting in reports collecting dust on the corner of desk.
