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Win with Advanced Business Analytics: Creating Business Value from Your Data by Jesse Harriott, Jean Paul Isson

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IDENTIFY AND PRIORITIZE BUSINESS CHALLENGES

In today’s challenging business environment, professionals across all industries are being tasked with doing more with less, having limited time and resources to allocate against individual business analytics initiatives. This makes prioritization imperative and means that the first step of any business analytics implementation requires clear understanding of organizational objectives, or “business challenges,” to ensure that any solution is aligned with, and addresses, the company’s biggest or most pressing needs.

In order to better identify business challenges, we have provided the following list of typical business challenges. Although these business challenges are broad, many are common to all industries, sizes of companies, and geographical locations. Examples of some of the most common business challenges that business analytics may be asked to address include

  • Increase market share (customer acquisition).
  • Increase customer intimacy.
  • Increase customer satisfaction and retention.
  • Increase customer wallet share growth.
  • Increase customer profitability.
  • Increase traffic and conversion.
  • Increase employee productivity and performance.
  • Reduce cost.
  • Manage and anticipate competitors and gear up for new competition.
  • Increase customer loyalty.

Understanding and validating business challenge priority within your organization and aligning with your business’s mission will allow you to focus your analytics expertise on the most critical challenges ...

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