Image by Pete Linforth from Pixabay
Do you enjoy business jargon? Do your eyes glaze over when you hear terms such as visionary, think outside the box, paradigm shift, pre revenue, enterprise, and big data?
Don’t know about you, but trite terms in business – so-called buzz words – are annoying. And when you’ve been around a long time, the number of buzz words is quite long. It only adds to the agitation.
My personal pet peeve is the term, big data. Like many words in business jargon, it’s become meaningless.
Based on the most-popular Biz Coach timeless articles since 2009 and the myriad of issues that cause CEOs to sleep at night, it’s worth noting top-performing companies have six significant ways to make use of analytics.
They include:
1. Management and human resources – Analytics in human resources are becoming more and more paramount. Professionals in human resources could use more respect in the C-suite.
To silence critics and to garner praise for helping their companies to profits, obviously, it’s in the best interest of HR professionals to focus on self improvement and growing with the times.
From recruiting the right profile of employees to employee engagement, HR professionals enhance business profits by using the strategies and metrics.
2. Decision-making in finance and marketing – Improvements in technology and the forces created by the new economy in which business profits are more difficult to attain, analytics are increasingly important.
Gone are the days are manually dealing with figures on the balance sheet. Businesses have to be alert to monitor their tax liabilities. They’re learning to creatively manage cash flow and learning ways to increase their pricing power.
It’s no longer possible to run a simple radio or TV campaign and expect strong results. The marketplace is more dynamic and competitive, and there are so many options to attract customers. There are critical essentials to develop the best marketing formula.
3. Efficiencies in operations and supply chains – Companies have to develop operations checklists and new systems whether it’s for managing inventory costs or using lean principles.
Whether fears arise from the prospect of tornadoes to regional politics, companies are increasingly using analytics to determine how to protect supply chains.
4. Enhancing customer experiences – Businesses want to improve. Many know they’re losing more profits than they know because they inconvenience customers. Such negative customer perceptions result in lost opportunities in revenue growth, tarnished branding and smaller profit margins.
They’re constantly struggling to learn why they’re high maintenance to customers. This entails learning to improve customer-service processes to focus more on customer needs.
5. Innovation and new products – Businesses learn opportunities for growth by studying customer behavior. To achieve lofty goals, certainly innovation is the key in our new economy. To become a top innovator, it’s an inside job. To participate in turbo-charging the economy, it’s vital to continually evaluate your organization and strategize for success.
In essence, it also means capitalizing on business intelligence.
6. Company value vs. technology threats – Corporate executives see new strategic risks as a result of technological changes — from big data and cloud computing to social media. Their strategic-management focus has evolved with technology.
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“In God we trust. All others must bring data.”
-W. Edwards Deming
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