This blog is going to provide some inspiration on how data-driven decision-making can improve the efficiency of an almost limitless array of business and operational processes.
Expectations for analytics
Research from Gartner shows that more than half of organizations (54%) want to use data and analytics to improve their process efficiency, with enhancing customer experience and new product development tied in second place (cited by 31% of respondents).
Meanwhile, research commissioned by Exasol shows that financial forecasting is the biggest use case for data-driven decision-making (51%), closely followed by investment/resource decisions and sales forecasting (both 49%).
The truth is – data insights can be used to improve the efficiency of a diverse range of business and operational processes. Here are some examples of organizations already using real-time analytics to stay one step ahead of the competition.
Otto Group: keeping ahead of Black Friday
European ecommerce retailer Otto Group has undergone a significant data analytics transformation in an effort to consolidate systems, data sources and be more agile.
Otto uses Exasol to calculate data and key figures from data sets spanning several years more efficiently, and to deliver reports much more quickly than previously feasible. This includes compiling comprehensive logistic data sets on time so that customers can get their packages earlier, and using data to develop new customer services.
Maximilian Meyer, Information Architect at Otto’s finance and accounting department, said: ‘The demands to deliver better services to customers have grown immensely. It’s now imperative that we can deliver logistic data sets in a timely way to the business to ensure customers have the best experience. If you don’t know your data, you can’t react to a fast-paced and changing market, and react quickly for success. Exasol allows us to deliver reports far faster than before using several years’ worth of data.’
Agility is crucial to Otto’s business throughout the year, but becomes an immediate operational challenge around Black Friday, a peak trading season for retailers worldwide. Meyer added: ‘The efficiency in our data analytics has brought huge efficiencies in our business operations. As Black Friday has come into play around the globe, it’s even more important during this period to understand customer requirements to make the most of this retail calendar event.’
Piedmont Healthcare manages 8 hospitals in Atlanta, USA. It analyzes its own data as well as information from 30 public data sources to localize and minimize infection rates. It must quickly analyze, visualize and make sense of 555 billion data points.
To find out more, read the case study Saving lives and curbing illness rates.
Revolut has attracted three million customers by offering a modern alternative to conventional banking and payments.
The company aims to make every business decision data-driven, and it uses Exasol to provide each employee with fast self-service reporting. Every team can track their key performance indicators (KPIs). Access to live data underpins its fraud detection, financial reporting and improving customer satisfaction.
Read the Exasol press release for more information Revolut banks on Exasol for enterprise-wide analytics solution.