Taking the Data-Driven Approach: Process Analytics for Operational Excellence
In an era where digital transformation, in both small and large-scale businesses has become an imperative, the star of the show is data. From making profitable decisions to optimizing efficiency in processes, data-driven analytics can be the ultimate game-changer in enterprises. While process analytics can make way for operational excellence, companies are also fostering a data-driven culture where it empowers both the stakeholders and the customers. It encourages experimentation, innovation, and curiosity, enabling organizations to stay competitive and in line with frequently changing demands and industry norms. Let’s understand in detail how data and process analytics can make way for operational excellence today.
Enabling Predictive Maintenance:
One of the most important applications of process analytics is predictive maintenance. Analytics-driven operations are powered by AI and allow businesses to walk one step ahead and use data to predict or forecast the future. For instance, businesses can predict cash flows for the upcoming year by analyzing sales data. It can predict system shutdowns or failures like equipment breakdowns, thus helping ensure timely repairs and prevent productivity drops. This is made possible using process analytics which enables making the most of each data item in operations by drawing insights that can empower departments, processes, employees, and even customers. This can mean increased reliability on business data and minimized operational interruptions.
Process Analytics to Fuel Productivity and Enhance Quality:
Process analytics do not only build revolutionary operations in companies but also help streamline existing processes and optimize productivity across the organization. For example, in a financial institute, manual identity verification can mean huge financial losses and loss of productivity. In a case like this, businesses can derive reliable information from process insights and implement solutions like robotic process automation to automate data verification and audits. This can, therefore, allow businesses to free up resources employed to perform repetitive tasks with an additional benefit of enhanced quality. This was one example, but process analytics can also enable companies to make faster decisions, optimize expenses, ensure compliance, and prevent bottlenecks. It aims at driving maximum productivity in all aspects for organizations that are serious about building data-driven businesses.
Excelling CX and Customer-Facing Operations:
Customer interactions influence whether customers will return, discontinue the business relationship, or become your brand advocates. And in a large pool of customers, catering to everyone’s needs can be unimaginable. A better understanding of your own customers can be built with the use of large sets of customer and sales data converted to insightful information generated using analytics-driven operations. For example, a retail business can analyze customer sales data to identify purchase patterns and customer inclinations. It can identify better-performing products and make calculated sales decisions. Similarly, by analyzing customer data, businesses can align production and sourcing based on customer demand. These are some common examples, but the transformation led by process data and analytics can help businesses in skyrocketing growth.
Exploring Business Analytics Solutions with Tech Mahindra
At Tech Mahindra, we are focused on helping forward-thinking businesses achieve tangible growth and success by facilitating intelligent consumption of data being generated at all steps. With the use of ground-breaking methods and a myriad of technologies, we offer promising business analytics consulting solutions, including data recovery, data democratization, cloud-based data solutions, hybrid data architectures, big data, and much more suited for industries like retail, travel, BFSI, telco, and manufacturing.
Some of our key offerings include marketing analytics used to measure campaign and loyalty program effectiveness. It is also used for conversion analysis. Similarly, supply chain analysis enable business insights to allow demand and supply planning while spend analytics help optimize spend and manage risk. Further, advanced business analytics and business intelligence consulting allow for price optimization, optimization of operations, and customer data management, through data visualization and reporting.
There are myriad use cases when it comes to our business analytics solutions. Feel free to reach out to our team at BPSmarketing@techmahindra.com and understand how our team can help you leverage the power of data. You can also view the details of our data analytics consulting services and business analytics solutions available on our website.
