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business analyticsIn the past, reviewing business data for insights was challenging given the lack of tools and understanding. Today, with better technologies, analytics have become accessible and critical for better decision-making. After attending the IBM InterConnect conference, Michelle Biro of Forbes wrote, “More than how we think, it’s a matter of how we function. To manage an immense galaxy of big data; to produce precisely calibrated, accurate, relevant analytics: that’s critical.”

In today's markets, business analytics help companies of all sizes boost performance, create efficient workplaces, and understand consumer behavior. Furthermore, predictive analytics for patterns and trends can increase forecast reliability and identify new business opportunities. Using analytics, businesses across all industries can prepare for growth, gain marketshare, and become industry leaders.

Applying Analytics to Your Everyday Business Decisions 

Data analytics drives business decisions across all industries. Here's just a few:

Government

Analytics are used to improve social programs, address public safety, and predict and prevent threats and fraud.

  • Give caseworkers real-time actionable insights to find best-fit assistance programs
  • Identify citizen needs and manage resources effectively through predictive analytics  
  • Profile, predict, and prevent fraudulent behavior with advanced analytics 
  • Use statistical modeling and real-time social media monitoring to identify and mitigate threats to public safety

Telecommunications

Analyze customer, service, and device data to improve network communications, reduce churn, and tap into new sources of revenue.

  • Perform automatic root cause analysis to provide the best solution to customer service calls
  • Use predictive analytics to identify when errors are likely to occur and adjust the network proactively
  • Sell consolidated subscriber data by segment to advertising partners to provide targeted, real-time, location-based offers
  • Determine future needs by using predictive analytics based on historical traffic, usage, device and location data, using predictive analytics to determine future needs

Banking

Analytics drive optimized offers and reveals cross-sell opportunities.

  • Identify and mitigate fraud, and manage cyber threats
  • Analyze all customer data, including history an including history and interactions
  • Identify and interrupt potentially fraudulent transactions and rapidly update risk models
  • Provide analysts with instant access to valuable insights to improve service
  • Build real-time insights into security to detect and prevent breaches 

Insurance

Improve the claims process, detect fraud, and develop new business models using data analytics to anticipate policyholder behavior. 

  • Respond to marketing offers
  • Use telematics data and analytics to price policies based on driver behavior
  • Analyze crash event data to improve loss predictions for bodily injury, material damage, flag potential fraud
  • Improve service to high-value clients by analyzing transactions, demographics, and geolocation

Healthcare

Develop a holistic view of the patient by analyzing history, monitors, clinical factors, lifestyle choices, and social determinants for effective care plans.

  • Provide timely and meaningful insights to care providers
  • Analyze data in real time as it streams from monitoring equipment to proactively treat and prevent crises before they happen
  • Use predictive analytics to understand underlying clinical or social factors for health risks and more effective care plans
  • Make the most relevant patient information available to providers so they can provide effective care with less stress

Retail

Gaining actionable insights into customer buying behavior and the supply chain enhances the shopping experience and improve reporting.

  • Use real-time data for personalized marketing campaigns
  • Understand customers' purchase intent and improve cross-selling with analyzed patterns
  • Analyze product and customer data to match inventory and assortment to product demand
  • Apply real-time analytics to streaming social media feeds to see what customers want

Analytics: Anytime, Any Industry

It's clear to see why analytics are now an integral part of all successful business strategies. A better understanding of company performance and consumer behavior can lead to smart and effective decisions in the future.

To learn how your data can help your business uncover new business opportunities, download a free copy of our latest eBook today: 

Free Ebook: Learn all about 5 ways your data will help you uncover new business opportunities

Written by IBM BP Network