Data use has exploded to drive market insight. Every effective business is data-driven these days. The challenge faced by businesses these days is to gather more details than they have negotiated. As the proliferation of IoT and mobile devices continues across sectors, businesses are rapidly sitting on untapped data pools. It will help companies jump ahead of their competition by adding analytics to these secret data pools. Here are three digital mines of gold ripe for tapping.
It’s true that because they paid an invoice late, no business ever went bankrupt. During company-wide performance enhancement programs, Accounts Payable is frequently ignored. To reconcile invoice data to purchase orders and delivery receipts, account payable employees routinely resort to manual processes. Account payable automation, however, can assist businesses by capturing early payment discounts to reduce their costs. Data collected from account payable automation can also provide insight into the performance of vendors. Because all is reported in digital audit trails, dispute resolution becomes simpler. As a consequence, vendor partnerships become deeper, and executives at the top level gain insight into cash flow trends.
Recognition of patterns in analytics packages can help you spot employee behavior trends that could lead to fraud. Expense fraud is a severe issue and is closely regulated by tax authorities through the examination of audit trails. The determination of patterns within travel partner discount offers and the most appropriate times to book employee travel is another area where analytics comes into play.
Companies can predict their cash flows with greater accuracy and project working capital needs better when analytics are applied to both AP and expense management. These days, recruiting and retaining top talent is a challenge. Many companies are beginning to use analytics to help determine the best ways to keep their employees happy and to ensure regulatory compliance. An analytics package can assist you in calculating the optimal salary for a prospective employee to offer.
Determining wage and benefit packages goes beyond offering an amount for that position that is above average. With the incentives you can offer your staff, you need to balance country-specific regulations.
Payroll is one of the biggest expenses incurred by businesses, and bringing analytics to it is imperative. This has been recognized by several businesses in the start-up space and has begun to offer payroll BI solutions that provide insight into payroll costs across multiple locations within global organizations. For each employee, differentiating between gross and net costs and grouping them by location or branch can help businesses project their cash flow needs. Payroll analytics can also help you plan workforce levels better, aside from salary benchmarking.
Data is used by sales and marketing teams to create campaigns and better understand clients. When it comes to running analytics on customer interaction data, however, a significant gap exists. Companies spend a lot of time on social listening, but they often ignore what their clients are directly telling them.
It is easy to capture customer interaction information through chatbots, emails, and forms, but most businesses neglect these data during root cause analysis. To attract new customers, a lot of effort and money is spent, but existing ones are neglected. Time and again, marketing research has shown that a repeat customer is more valuable than a new one.
There are other untapped sources of information that businesses can use. These 3 sources, however, are a good place to begin. Given the difficult nature of modern business environments, it is essential to leverage these data pools to maintain a competitive advantage.
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