Are we in a recession? Not in the U.S., according to some economists, a recession is defined as two consecutive quarters of negative gross domestic product (GDP) growth. But most will agree that we are living in uncertain times with the recent failure of two large banks, inflation, widespread layoffs in the technology sector, and geopolitical uncertainty. As a result, the top worry for most CEOs in 2023 is a recession or an economic downturn, according to a recent survey from The Conference Board.
In response to economic pressures, many companies are examining their technology spending more closely, and data analytics is no exception. However, analytics provides the opportunity to deliver more business value than what it costs, and this becomes even more important when an organization’s bottom line is under pressure. Here are just a few areas where data analytics has a huge impact by providing real-time insights that help businesses optimize their operations to increase revenue and cut costs.
Optimizing Pricing and Promotions: By analyzing customer behavior, purchasing patterns, market trends, and competitor pricing, businesses can identify the best pricing strategies and promotional offers to increase sales.
Acquiring and Retaining Customers: Analyzing data can help businesses know their customers better to develop targeted strategies and deliver personalized customer experiences that win new business and prevent customer churn.
Identifying Process Inefficiencies: Data analytics can help businesses detect areas where processes need to be optimized by identifying bottlenecks, and areas where resources are being wasted or where the business is overspending.
Improving Forecasting and Planning:Â Businesses can use analytics to predict future sales, which leads to better production planning.
Detecting Fraud:Â Detecting fraud with analytics helps avoid financial losses and reduces the costs of investigating and resolving fraud cases.
Reducing Energy Spend: Businesses can analyze energy consumption to reduce energy waste, lowering energy bills.
Increase Employee Productivity: Â Analyzing employee data can help identify where employees are over or under-utilized to reduce costs and improve productivity.
Improving Forecasting and Planning:Â Businesses can use analytics to predict future sales, which leads to better production and inventory planning.
Assessing and Managing Risks: Risk management analytics helps spot trends and weaknesses and provide insights into the best way to resolve them proactively.
Connect Business Value with the Cost of Business Analytics
Cost does matter. In today’s uncertain times, data analytics initiatives must align costs with business value more than ever before. However, you need to focus on cost optimization rather than cost-cutting. A cost-optimal solution should not only process analytics workloads cost-effectively, but also include data integration, data quality, and other management workloads that add more costs and complexity when sourced from multiple vendors.
The Actian Data Platform provides high business value at low cost. It’s built to maximize resource utilization to deliver unmatched performance and an unbeatable total cost of ownership. Plus, it’s a single platform for data integration, data management, and data analytics. This translates into lower risk, cost, and complexity than cobbling together point solutions.
Watch our webinar, “Maximizing Business Success in an Uncertain World with Real-Time Analytics” to see how the Avalanche platform delivers the analytics decisions makers need in an uncertain world.
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