Stellar’s customers leverage data and analytics to enhance – or even automate – operational processes and decision making. We’ve come a long way since the days of analytics that merely told us what had already happened or, if we were really clever, why it had happened. Although these Descriptive and Diagnostic tools remain an essential part of any BI solution, they are no longer enough.
Today, executives and managers expect Predictive analytics systems to so that they can consider a range of scenarios while minimising threats to their business and taking advantage of opportunities.
Going further, some Stellar customers are now using Big Data and Prescriptive analytics to embed automated decision making into their operations. These systems “learn” over time, and could, for example, advise a sales rep to call a particular customer at a particular time to discuss a particular product. Other applications of Prescriptive analytics include business process optimisation, cyber-security and fraud prevention.
2 — Engage More Deeply with Customers
Marketing is often the first part of a business to use advanced analytics. Information about customers is generally abundant, including such things as transactions that were completed or not completed, customer feedback and demographic data.
In their efforts to understand and segment customers – or prospective customers – marketers can take advantage of Big Data, using techniques such as cluster analysis. Or they might use affinity analysis as part of a programme to assess “customer lifetime value”.
Customer data also comes in unstructured forms, including text, photos and video on social media. Text analytics, including sentiment analysis, helps companies understand customer attitudes as well as identifying issues requiring a response. No one likes to lose a customer, and Predictive analytics helps to identify customers at risk of leaving, so action can be taken before it’s too late.
By understanding each customer more deeply, the analytics-enabled organisation can address them personally with the most relevant information or the best offer, at the best time, and using the customer’s preferred channels (e.g. recommendation engines on websites, email, text messaging or social media).
Most business leaders now understand that there’s immense value in the vast amount of data being generated every day. Yet for all their willingness, most companies are only scratching the surface of the opportunities on offer. They may be optimising business processes and analysing data for insight, but few are truly seizing the transformative possibilities that can be created with data and analytics.
Whether it’s through Data Science, Big Data Analytics, Artificial Intelligence or any number of other analytic tools and techniques, leading organisations are transforming their competitive landscapes and blurring the boundaries of traditional industries.
Stellar works with these enterprises to embed the approaches, methods and skills needed to foster innovation. In this regard, we act as change agents for our customers – bringing analytic thought leadership and driving organisational change to help them operate on the leading edge of digital disruption.
New Zealand’s Leading Brands Use Stellar
Find out why more of New Zealand’s most respected companies trust Stellar with their most precious data assets than any other agency.