As the corporate climate becomes ever more competitive in the face of a flagging economy, companies must search out new ways to surge ahead of the opposition. Streamlining data processing and using technology to improve corporate efficiency is one way that technologically savvy organizations are maximizing their ability to compete. One of the best ways a company can use today’s technology to get ahead is by employing a business data analytics program to increase their productivity and reduce errors in their day-to-day business functioning.
Here are just three of the many ways these programs can reinforce an optimal business model.
Reduce Fraud Risk
In today’s world of continuously evolving technological platforms and business models, devious fraudsters have developed even more complex ways to access and defraud business through electronic channels. By using a data analytics program, savvy businesses can access several data sources simultaneously to assess patterns and trends and create “hotlists” that can be shared throughout business lines. In addition, a strong platform will allow companies to identify all fraud types, from simple acts like usage, identity and payment fraud to the highly complex business of SIM card cloning and others. Good analytics platforms will also have functions to minimize false positives and will be able to automatically flag and generate cases and manage queries and reporting.
Maximize Data Quality Management
Data quality management is at the heart of a thriving business. Many businesses, from accounting firms to retail operations, are challenged by duplicated data, redundancies and confusing entries. These types of errors can result in loss of leads, erroneous client contacts and increased downtime or an increased workforce to repair discrepancies. Using a data analytics program can clean and process data and organize this information much more time-efficiently than the usual manual database management techniques. This will free employees to pursue client leads or improve customer satisfaction and provide ease of communication and trustworthy data sharing among departments within an organization.
Manage Multiple Data Streams
Managing multiple data streams, or complex event processing, is at the forefront of the arsenal of tools for businesses that look to react quickly to changes in markets or internal issues like fraud or incorrect contact data, and increase communication between support, service and IT departments within an organization. Data can be collected on customer experience, market shifts, financial data or any combination of relevant statistics to increase operating efficiency, reduce error or miscommunication between departments or create a big-picture scenario for decision-makers in upper management to determine the course a business will take. Strong, reliable data from multiple sources results in smarter decision-making at all levels.
Whatever your business needs, an analytics program can provide your business with a level of efficiency that can’t be matched with outdated manual input systems.