Big Data and Analytics: How is it Impacting an Organisation’s Business Functions?

Organisations are looking to transform their business functions – sales, marketing, finance, and customer service by leveraging big data and analytics.

Sales: Most organisations are in the process of digitalising and optimising their sales operations by empowering sales executives with access to data such as business transaction history, revenue, inventory, receivables, etc. This is enabling the sales team to understand their customer’s strengths and weaknesses, and devise sales strategies accordingly. This will also help the  sales team to identify avenues and tap unexploited areas where they can capitalise on, while helping to transform sales capabilities and maximise sales potential.

Marketing: Better data analytics capabilities is increasingly helping organisations to target the right customer segments with the right products and services, while increasing leads and growing sales. Furthermore, digital marketing analytical capabilities is helping organisations increase customer loyalty, and retention rates; identify customers who are in danger of churning; deliver the right message to the right customer at the right time on the right channel; gain a 360-degree view of customers across channels; and personalise interactions with customers. Overall, this is enabling organisations to not only adopt proactive but also develop customer-centric strategies. 

Finance: Organisations are looking to improve financial management significantly by leveraging big data and analytics. This is helping the organisation to analyse debts; guard against unnecessary risk; analyse the impact late payments are costing the business; sell only to ‘acceptable’ risk customers; optimise risk transfer; and gain visibility and control of trade credit risk. Ultimately, this will help organisations to integrate, streamline, and simplify the credit management processes.

Customer Service: Organisations are looking to automate its customer service and support functions by using chatbots. By doing this, the organisation is looking to significantly enhance customer service at reduced contact centre costs; automate repetitive tasks; personalise customer communication; improve response and turnaround times; and streamline online purchasing process for Clients.

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