Stay Ahead of the Game: Business Analytics Trends to Integrate in Your Business Plan
Data is the crude oil running the society today! Your identity, leisure activities, and work are all at risk without it. These days, everything revolves on data, or the digital information kept online. You are reading this at this very moment because of it. Have you ever thought, in this data-driven world, how well are you driving your data? The data analytics skills you use can thus, have a huge impact on your bottom line.
Challenges for B2B Companies
While making informed decisions is extremely important, doing so comes with several data analytics hurdles that must be overcome so that it should not jeopardize your efforts. Organizations all around the world view data analytics as their primary goal as it gains greater clout in the economic sector. It will be crucial to have a complete understanding of how an organization operates and how its resources are distributed in the stormy times to come. The process of data analysis may be hampered if certain difficulties are not resolved to get the most of your data.
Business Analytics Trends 2023
To combat these challenges and sustain in 2023, business entities must look out for the business analytics trends:
- Improving Data Literacy to Support Effective Decision-Making
These days, data is crucial when making strategic decisions. Deep comprehension and application of data as a collaborative tool have evolved into crucial elements for success in the business sector. In this sense, agility and digital literacy go hand in hand. Building a culture where every person has the knowledge and self-assurance to handle their own analytics or data science work is the aim of data literacy. Big data is addressed by business intelligence (BI) in the form of data analysis procedures.
- Integrating Mobile Business Intelligence
Multinational organisations worldwide want their staff and customers to have access to their platform from any location. Because of this, BI suppliers will give consumers more enduring and satisfying mobile experiences. Smartphones with artificial intelligence and machine learning (AI and ML) capabilities will be a key indicator of the expansion of the mobile business intelligence market. Working on reliable mobile solutions will be a practical move for firms given the statistics, mobile feature developments, and rising local market investments.
- Availability of More Real-time Data and it’s Strict Governance
Due to the rapid pace of the digital world, businesses cannot only rely on historical data for business analytics; instead, they also need to be aware of what is occurring right now. Old news even from yesterday! As businesses try to obtain important information for more complex data analytics, real-time data will be a business analytics trend in 2023. Real-time data sources can be used to monitor financial transactions for quicker fraud alerts or better adapt marketing using clickstream data from websites. By 2023, it is probable that there will be more international legislation governing data privacy and access because greater access to data also increases accountability. To protect their customers, organisations will need to audit how their data is gathered, handled, and preserved.
- Leveraging Predictive Analytics for Fraud Prevention
The availability of predictive analytics tools for businesses will increase in 2023. Predictive analytics' accuracy will rise with more data being used. Without a doubt, this will develop into a potent tool against account takeover (ATO) fraud and identity theft. A solid behavioural profile can be created for this purpose by tracking people’s internet activity over time. This information can be used as a starting point and to calculate an ID authentication score. This strategy can make it easier for experts to comprehend market trends and two-factor authentication (2FA) problems, giving users unmatched security.
Role of Business Analytics in the BPS Industry
Ideally, business entities should opt for business analytics consulting solutions that:
- Simplify data management, analytics, and reporting
- Reduce business intelligence cost and efforts
- Offer cumulative expertise of data engineers, visualization experts and business analysts
It is crucial for BPOs to measure performance across a wide range of variables quickly in a changing business environment. With a view to increase operational efficiency and control expenses, they require systems to monitor and analyze data across employees, teams, multiple functions, and divisions.
To fulfil the objectives of tracking and evaluating all essential business KPIs related to contract management, process management, and SLA management, Tech Mahindra BPS offers a comprehensive business intelligence solution.
If your business objectives resonate with the aforementioned objectives, it’s time to integrate Tech Mahindra’s business analytics solutions in your business plan to deliver seamless customer experience.
