Data analytics isn’t anything new; in fact, businesses the world over have been looking to their information assets for new insights to improve processes, refine marketing strategies, personalize products and elevate performance for decades. But what makes the current state of data analytics so exciting is the advent of new and powerful computing platforms, ubiquitous internet, cloud technologies, along with advanced data analytics algorithms that make the possibilities of what data can do quite staggering. From combatting diabetes, to revolutionizing transportation and commuting, predictive analytics platforms are pushing past traditional boundaries to make what was once perceived as impossible, inevitable. In this blog, we’ll take a look at how analytics platforms are redefining what we’ve come to know as business as usual.
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Elevating the guest experience through predictive insights
Predictive analytics is the practice of identifying patterns, trends and correlations resident in different data sets with the purpose of improving upon the processes we depend on to create the products we sell, reach out to our customers; even the way we engage our suppliers. Take capacity management in the context of running a hotel as an example; by applying predictive models to in-house data over a certain time-period, hotels can better forecast, plan for and improve on guest services while simultaneously reducing operational costs through better staff, inventory and other resource management.
With insights to guest foot traffic, meal preferences, room availability, seasonal trends and swathes of other data, a hotel, or hotel chain, can massively improve on its operational performance while providing improved services to guests – all while reducing costs and boosting profit margins. Hotels can even reach guests with personalized offers based on past data and reliably predict and anticipate returning guests.
Taking the guesswork out of customer engagement
Voice analytics is another good example of how analytics platforms are helping businesses bridge the divide between their customers and themselves. Helpdesk centers are deploying predictive models to audio recordings between support staff and customers to improve agent performance, reduce call durations, gather additional customer information and elevating the overall customer experience.
Audio recordings converted to text format allows help desks to search for keywords that identify customer sentiment, trends, bottlenecks and various elements that influence the performance of high-volume help desks. Predictive models are also analyzing live calls and providing agents with prompts to help them better service the needs of the customer. Here’s an interesting read by SearchCRM on how voice and text analytics are transforming the customer experience.
Improving education and student success rates with data
From help desks to hotels to high schools, predictive analytics models are making their impact felt far and wide. Educational institutions in the US are deploying predictive algorithms to historic student data to identify early indicators of student performance decline and the surrounding factors that may contribute to this. By incorporating students’ past information such as pass-rate, attendance, extra-curricular activities, disciplinary issues and other metrics, institutions such as the Hamilton County Board of Education has seen an 8% improvement on graduation rates across a total of 40 000 students that fall under the umbrella of the institution. Predictive models applied to teacher, department or regional metrics expand the possibilities of what data-driven insights can do to improve on the performance of education systems.
Data analytics is by no means an exclusive club
While many business leaders still ponder the merit of taking the data plunge, companies of varying natures, niches and sizes are seeing their investment in analytics pay off. In fact, Gartner states that, “Advanced analytics has already been changing entire industries for over a decade and is a key factor for how most new entrants disrupt established markets and beat their incumbents — whether selling books, renting movies, borrowing money or even building a professional sports team,” The fact is that data isn’t a scarce commodity; every business has volumes of it. It’s what you do with it that makes the difference.
Search-powered data intelligence platforms, such as Tellius, are helping businesses take the plunge by simplifying the process of mining for key metrics. By combining disparate datasets seamlessly and delivering information in an easy-to-consume format through powerful visualizations and predictive analytics, businesses can enjoy unprecedented access to key insights without requiring an information science degree to do so. At Tellius, we love data and we believe it can transform your business – ask us how. Contact us to learn more about how we can help you make your data work for you.