Using Analytics in Business

Analytic projects can be helpful for businesses to gain more value. Businesses can obtain even greater value if they integrate analytic strategies throughout the entire organization. To be able to integrate analytics into an organization, there are a variety of different elements that are useful in ensuring maximum value.

Coca-Cola had wanted to increase their customer retention and brand loyalty. To be able to answer that project’s questions they needed a variety of data sources. They began integrating big data analytics across their entire organization to be able to effectively develop products and market them to consumers (Kopanakis 2018). This integration of big data analytics allows them to also further define the different brands underneath their parent company to ensure that each brand is focused on their specific audiences for more effective products and content.

Another company that is actively integrating big data analytics throughout their organization to allow insights to be shared across different departments is Netflix. They have large volumes of viewing data that not only provides a lot of insight into what shows will be the most popular and drive the most revenue, but they also use that data to understand what interests their subscribers the most (Kopanakis 2018). Netflix then uses that information to work with advertisers to deliver targeted advertising. This not only increases Netflix’s revenue, but it also provides valuable data to other companies looking to target customers where they may not have such robust interest data.

Since nearly 1/3 of analytics projects are abandoned (Covington 2016, 155) it is important to ensure that certain elements are focused on to ensure success and integration within an organization. The top factors for success are upper management support, flexible technical frameworks, strong IT and BI governance, data strategies match business strategy, and change management techniques to ensure processes are updated and followed through with (Covington 2016, 157). With these factors being focused on, integrating data analytics into core business strategy and processes will ensure value is obtained throughout the organization.

Author: Logan Callen

References

Kopanakis, John. 2018. “5 Real-World Examples of How Brands are Using Big Data Analytics”. Mentionlytics, May 22, 2020. https://www.mentionlytics.com/blog/5-real-world-examples-of-how-brands-are-using-big-data-analytics/

Covington, Daniel. 2016. Analytics: Data Science, Data Analysis and Predictive Analytics for Business. 5th Edition. South Carolina: CreateSpace.