Effective data management can provide a significant boost to productivity and profitability for firms and therefore a focus on advanced analytics should be a priority for businesses in the current difficult financial environment.
This is the view of Alexander Linden, research director at Gartner, who argued companies are now broadening their horizons when it comes to the performance benefits that can be leveraged from the in-depth analysis of consumer data.
“Rather than being the domain of a few select groups … many more business functions now have a legitimate interest in this capability to help foster better decision making and improved business outcomes,” he said.
As a result, Mr Linden argued that while many firms may be comfortable with a basic analytics process at present, a switch to advanced analytics can provide actionable results pinpointing specific areas where financial benefits can be gleaned.
Indeed, the rewards of a data-driven understanding of a firm’s customer base should therefore not be underestimated.
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