Information Analytics Business Impact
SBATX can increase your sales, customer satisfaction, and employee effectiveness using advanced analytical techniques with your data.
The state of your business is more than just a balance sheet at the end of the day, but the reasons for those numbers is often as unknown as the ways to improve them. Whether it’s stocking too little or too much of certain inventories, pricing it too low or too high, bottlenecks in your production line, employee inefficiency, prioritizing time, forecasting staffing levels, leveraging inbound call volume, finding out how many and what percent of your customers will recommend you to others, or even figuring out correlations in research data, any one of these things can mean the difference between success and failure for your business or project.
Let SBATX handle your analysis needs, and let your business thrive!
Descriptive and Predictive Analytics
According to Forbes, 83% of professionals feel that data analysis has made their products and services more profitable, yet only 34% feel that their analytical methods are very effective. Meaning that even the companies recognizing the benefit of data analytics realize it could be done better.
The advantages to statistical analysis can answer questions like:
- “Are customers who purchase X more or less likely to purchase Y?” (Association Rule Learning)
- “What categories should this product fall under?” (Classification Tree Analysis)
- “What should we advertise, and when and where, to maximize sales?” (Genetic Algorithms)
- “What pitches are most likely to convert a lead to a sale?” (Machine Learning)
- “How does the amount of time spent per customer affect the amount of the sale?” (Regression Analysis)
- “Why do our customers really come back, and what drove them away?” (Sentiment Analysis)
- “How well is word-of-mouth working, and in what circles?” (Social Network Analysis)
SBATX uses statistical analysis find accurate, unbiased answers to your biggest questions about how to get that next sale.
Customer Retention and Net Promoter Score
We’ve all heard the anecdote about how one unsatisfied customer will tell 20 other people, while it takes 20 satisfied customers before 1 will recommend your business, but customer satisfaction and customer experience directly relate to far more than that. According to Nielsen, 92% of customers trust word of mouth and recommendations from friends and family above all. Bain & Company puts it in even better perspective, pointing out that a 5% increase in customer retention can increase your profitability by 75%.
Analysis of customer satisfaction and customer experience can not only tell you how likely a customer is to recommend your business to others (such as with Net Promoter Scores), but also what factors must be addressed to retain that customer, and why they chose your business in the first place. Knowing your customer makeup more intimately (Segmentation) can allow you to cluster them into groups to better suit their needs, and thus lead to more conversions. Having a good idea about the usability of your product (SUS and SUPR-Q) will help you create better versions of it in the future, appealing to more customers.
SBATX knows the value of a good customer relationship, because customer retention allows a business to survive, and new customers allows a business to thrive. We can help you to achieve both, which works benefits both your business, and your customers.
Employee Evaluation and Talent Management
A good employee is often hard to find, and even harder to measure without the right tools. And without them, according to CEB, employee performance drops by about 10% without performance evaluations, and adopting a more effective, ongoing method can improve their productivity by 12%. How does that translate into sales and fulfillment? If you do not have an evaluation system in place, your employee who makes 90 sales per month could be making 100. If you have one, but it’s not as effective as it could be (and 84% of businesses feel it is not), you could get another 12 sales up to a total of 112. At $100 per sale, that’s an increase of $2,200 per employee, per month, along with the ability to meet those orders!
Employee evaluations help to determine who to promote and when, how well to compensate them, their training needs, develop their career objectives, and in some unfortunate cases, how and why to discipline under-performing employees, thus dramatically lowering legal costs from wrongful termination lawsuits.
SBATX can help you to develop Key Performance Indicator (KPI) metrics, as well as measure them and analyze them, so that guesswork and bias is removed from the process, which translates to happier employees, better customer service, more sales, and the ability to meet those sales demands.
Business Intelligence, Metrics, and KPIs
59% of CFOs have reported the need for better process insight and tools to facilitate decision-making, according to Boston University, and Business Intelligence can address those needs. And, according to Gartner, most of your competition will be using it to their advantage.
Imagine playing a game of darts, where you have to play blind-folded, but your opponent gets to not only see the board, but also knows how fast to throw the dart, and at what height, compared to their last turn. That’s what trying to compete in the market without business intelligence is like.
Using proper business analytics tools can provide you with timely updates on the status of every factor of your inventory, operations, service, fulfillment, collections, and customer satisfaction. It lets you establish more precise benchmarks while letting you know how far you are from those targets, and at what rate you are approaching or distancing yourself from them.
SBATX can evaluate your needs and provide you with the best BI tool for your business and your budget, which will allow you to meet or exceed the competition, as well as your own expectations.