Data Analytics Consulting Services
Objective of Service
What is data analytics? How to use data analytics? What is the objective of data analytics? These are some of the common questions that every entrepreneur and businessman has sought to answer at one point.
Hundreds of Exabyte’s of data are generated in the digital world every day. These data emanates from our engagement with tweets, emails, pictures and videos posted on popular social media platforms, search engines, communication apps, etc. We are now spending more time on the internet and we are also consuming more digital services. All these activities generate enormous volumes of data that is extremely useful for businesses for better marketing. This brought out the necessity for data analytics or big data analytics. This also explains the rise of data consulting services. At the micro-level, every IT-driven business enterprise generates tons of data out of its own functioning alone. With the help of data analytics tools, these data could be further refined and analysed to derive meaningful insights to serve as inputs for better planning, strategy formulation and operational decision-making.
Through this service program, DFX offers data analytics advisory and consulting services to their esteemed clients.
Importance of Data Analytics
- Data analytics leads to improved decision-making: Analytics can be used for improved decision-making in all the functional areas of business. Let us understand this with an example. In marketing, data analytics can be used to better understand customer behaviour. Data analytics could reveal at what time of the day, a store experiences the maximum footfall. A retailer could focus more on those hours to serve better. It also gives the retailer an opportunity to assess why footfall is greater in those hours and how the business can attract more customers for the rest of its working hours. We have already seen businesses applying the strategy of ‘happy hours’ or ‘weekday discounts’ to attract more customers in the otherwise odd hours or days of the week.
- Data analytics helps in resource optimization: Let us extend the example used earlier to explain how data analytics can help businesses with resource optimization. It is in the busiest working hours that a business experiences stress on its working resources to maintain the desired levels of services. If it could know when to focus more and when to divert its resources, it can optimize its resource utilization. For example, a full-fledged sales team on the floor may not be necessary throughout the day or the week. This way it can optimize the utilization of its human resources.
- Data analytics gives better control to businesses: With data analytics, it becomes possible for businesses to closely monitor the impact of their decisions on the performance of the business. For instance, if the new policy of extra incentives is not bringing any difference to the sales performance of the business, it must be reassessed. If a new digital marketing campaign is bringing more conversions, it must be reinforced and replicated for better results. This gives businesses better control in terms of their ability to reverse or underpin their decisions and strategies depending on their impact on the performance of the business.
- Analytics helps a business become agile: With data analytics at its disposal, a business enterprise remains capable of assessing and analyzing its decisions and performance at any time it wants. This puts them in a very strong position to foresee trends, opportunities, and threats/bottlenecks and also gives them the time to make alterations to their strategies and positioning. The ability of a business enterprise to move swiftly to correct its position has become an extremely desirable trait to compete in today’s business environment. Data analytics help businesses in achieving such agility.
How Data Analytics is helping organisations
- More accuracy with purchasing decisions: Data analytics helps businesses in making more accurate demand forecasting based on past trends evaluated against several relevant parameters. Instead of going with the usual purchase volumes, businesses can optimize their purchasing and also focus address the market demand better and serve their customers better. For example, non-veg frozen foods may not sell well in certain localities and a departmental store can cut such purchases and relocate the budget to items that sell better in the given market. We can also use the example of healthcare data analytics with the help of which organizations can more accurately predict the demand for generic medicines and services depending on past trends, time of the year, etc. But it must be considered that data analytics is not a substitute for business acumen. Data analytics is a facilitating tool for better decision-making.
- Better utilization of space and logistics: Businesses that use rental properties for their stores and warehousing requirements always seek to ensure that their spatial assets are used judiciously. In case the inventory goes beyond this level, a business might have to hire additional space or store inventory sans maintaining the storage standards. With better demand forecasting and more accurate purchasing decisions, businesses can keep their inventory levels in check and prevent overburdening of the available space. These benefits also extend to the logistical functioning of a business enterprise. They can place their orders in bulk and early with their logistical associates.
- Better control over digital marketing campaigns: With digital marketing becoming commonplace for almost all businesses and organizations, it has also become critical to keep a tab on the performance of these digital promotional campaigns. There is a flood of promotional efforts on search engines, social media platforms, music streaming apps, mobile gaming apps, etc. How effective these are in creating acquisition, positive behaviour, and conversions? Data analytics makes it possible for businesses to assess the effectiveness and efficiency of their digital marketing campaigns to great depths and details. With real-time monitoring, businesses can also make course corrections without drifting away further from their intended goals.
- Better understanding of consumer behaviour: Knowing consumer behaviour is one thing and to be able to keep track of the changes in its patterns is another. While some changes in consumer behaviour are natural (caused by factors external to business), others are induced through marketing strategies. The natural changes to consumer behaviour can occur due to variations in demographics, entry of new brands and products into the market, changes to the intensity of competition and in competitors’ strategies, etc. But sometimes businesses also want to read and study the impact of their marketing decisions on consumer behaviour. Data analytics help businesses read and keep a tab on consumer behaviour applicable to their respective businesses.
Why DFX for Data Analytics Advisory?
DFX represents an expert team of professionals with over eight years of experience. We offer data analytics advisory and consulting services to businesses across a multitude of verticals. From assessment to recommendations, we follow a planned, proven, and systematic approach in delivering our services.
If you want to know more about our data analytics consulting services, drop us a message and we shall be happy to reach out to you.
In this topic, you will learn how analytics can be used to extract meaningful information and insights from your existing business processes and operations with the goal of improvising the latter and the overall functioning of your enterprise.
What can be measured, can be improved. This topic will delve into the important financial aspects of managing a business and examining the utility of analytics for better financial vision, financial planning, and routine decision-making in finance.
Better sales are preceded by better marketing. And better marketing needs informed decision-making and strategy formulation. Marketing and sales analytics can provide much-needed information and insights. This topic will cover how to use analytics for better marketing and improved sales.
Passing from one point to another and going through multiple processes at each point, inventory and inventory processes carry out a long journey from procurement to distribution. Analytics help businesses improve the efficiency and effectiveness of their supply chain. This subject will shed light on using analytics for robust and efficient supply chain management.
ECommerce without analytics can be delimiting for businesses. From assessing market demand to comprehending challenges in the last-mile delivery, analytics help eCommerce or online businesses better understand the market, consumer behaviour, customer and user experience, etc. and also improve their business processes and operations. This subject will seek to demystify eCommerce analytics for its audience.
Maintaining the required levels of inventory is a common requirement for businesses. It is also common to end up investing too much into inventory or misreading the demand and failing to maintain the required inventory levels. Analytics help businesses in avoiding these two extremes. This subject will deal with explaining how analytics can be used in business for timely and accurate inventory management.
Analytics is used by HR professionals or departments to build a stronger, people-oriented organization. The goal is to identify areas where policies and procedures can be improved to make the HR functioning better aligned with the HR and business goals. This subject will explore using analytics in various areas of human resource management.
Managing projects is different from managing routine operations. The former comes with unique, special objectives and operational requirements. And from project to project, these standards vary. Analytics help project managers and teams monitor project operations, analyse ongoing performances, determine efficiency, identify challenges and problems, etc. This subject aims to simplify the use of analytics for project management.
Objective 1: Early Warning Signals
Predictive analytics help in identifying possible future outcomes based on past data. These assessments can serve as early signals for business opportunities or threats and provide time for corrections and adjustments in product design, strategies and operational planning.
Objective 2: Easy and informed decision-making
Predictive analytics is based on statistical modelling and estimations, sometimes using advanced technologies like Artificial Intelligence and Machine Learning. This puts businesses in a more informed position (data evidence wise) to support their decisions or withhold one.
- KPI Finalization: DFX business management consultants shall define the KPIs as per the business model and business requirements.
- Data Points: Identify the data points relevant to achieve the KPIs.
- Blueprint Document: Build a document with all expectations and requirements for the analytics software.
- Dashboard Development: Work with an analytics software company to build these dashboards OR get these dashboards developed in-house by our DFX development team. We work both ways.
- Testing: Test the analytics software dashboards, as per the expected output.
- Training: Train the team on the analytics software.
Timelines to be decided based upon the service requirements.
2. Data Points: Identify the data points relevant to achieve the KPIs.
3. Blueprint Document: Build a document with all expectations and requirements for the analytics software.
4. Dashboard Development: Work with an analytics software company to build these dashboards OR get these dashboards developed in-house by our DFX development team. We work both ways.
5. Testing: Test the analytics software dashboards, as per the expected output.
6. Training: Train the team on the analytics software.
Step 01 - Request for Quote
Step 02 - Service Quote Finalization along with SLA (Service Level Agreement)
Step 03 - DFX Experts start working on your business
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