VFDC 4P Concent

4Ps Of A Business

More than 70% companies consider people analytics to be a high priority. People analytics involves the application of advanced analytics and large data sets for talent management. Today businesses are applying analytics to processes such as recruiting and retention, uncovering surprising sources of talent and counterintuitive insights about what drives employee performance. People analytics helps managers and senior talent leaders unlock the power of data to help reduce bias and improve performance.

The data we gather from product analytics tells us how users use the product. We purchase products everyday by reviewing various details to ensure the quality, cost and certain features/functionality meet our expectations. Companies use Product analytics to improve and optimize a product or service. Product analytics provides manufacturers with the deliverables necessary to understand and perfect the product. Similarly, the services analytics help analyze data generated from execution of services to improve and personalize a service as well as enhance the overall value chain.

Inefficiencies cost many organizations as much as 20 to 30 percent of their revenue each year. Data Analytics & Business Intelligence can shed light on almost every aspect of an organization or industry. Gathering data from your business processes and analyzing it can start to unearth some surprising insights. You can then use these insights to create process improvements, increase efficiency, reduce waste, and enhance profits.

Uncover who your patrons are (and aren’t) so you can make data-driven decisions and drive meaningful outcomes aligned with your company’s mission and business goals. Through the effective use of Business Intelligence & Analytics you can urn detailed behavioral information from every patron interaction into more profitable marketing campaigns. Today most companies are looking at the option of reshoring and to enable it Analytics can help make fact-based decisions about what’s right for your company and your global customers.

As a holistic consulting company, VFDC  cab support any or all 4 pillars of your business i.e. People, Product, Process & Patrons towards building a comprehensive solution towards addressing your business problems through the use of data and analytics. Through “People analytics” we study the data-driven and goal-focused method of all the people processes, functions, challenges, and opportunities to achieve sustainable business success. Through “Product analytics” we help establish framework for your organization by looking at data and identifying high-value opportunities. Through use of Statistical Models, we help predict future actions or events thereby minimizing business risks and guiding business decisions. Similarly, in “Process analytics”, we combine big data analytics and business process flow to achieve overall business objectives based on better-informed decision-making techniques. We help build, deploy and manage integrated analytics services to help our clients maximize BI for their everyday work. As business grows and transforms in scale, integrating Big Data with Predictive Analytics helps you establish better relationship with their customers thereby building upon on our “Patrons”.

Using analytics to support all “4 Pillars of Your Business”, we aim to provide decision-makers with a competitive edge by digitizing the business, optimizing costs, improving quality, accelerating innovation, and redefining the customer experience. Today analytics is helping companies increase productivity and profitability of their operations by putting their massive amounts of data to work. Using machine learning models and data visualization tools organizations can uncover insights in their data, optimize processes, and maximize performance.

The greatest value of a picture is when it forces us to notice what we never expected to see." -  John Tukey, American Mathematician

Data Analytics

Why is Data Analytics Important?

What gets measured, gets managed." -Peter Drucker

This quote by the late management guru, Peter Drucker, represents why most companies invest in data analytics. How can you manage or optimize your business initiatives if you are not measuring their outcomes? Just because you measure something does not guarantee that you will manage it, however, measurement is the starting point.

What is Data Analytics?

Data analytics is the science of analyzing raw data to draw key insights, draw valuable conclusions and take action to increase business efficiency. Techniques of data or business analytics can reveal trends and metrics that would otherwise be lost in the mass of information. This information is used to optimize processes and increase efficiency of a business or system. That sums up why data analytics is important.

Data Analytics Types

business intelligence consulting

Data analytics is broken down into four basic types.

  • Descriptive analytics describes what has happened over a given period. Have the number of views gone up? Are sales stronger this month than the last?
  • Diagnostic analytics focuses more on why something happened. This involves more diverse data inputs and a bit of hypothesizing. Did the weather affect beer sales? Did that latest marketing campaign impact sales?
4 Types Of Data Analytics

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  • Predictive analytics moves to what is likely going to happen. What happened to sales the last time we had a hot summer? How many weather models predict a hot summer this year?
  • Prescriptive analytics suggests a course of action. If the likelihood of a hot summer is measured as an average of these five weather models is above 58%, we should add an evening shift to the brewery and rent an additional tank to increase output.

Business Context

So data analytics is important because it helps businesses optimize their performance. Adopting analytics into a business means better business decisions and better understanding of market trends. This means better products or services made available more efficiently & cost effectively.

Importance Of Data Analytics

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Analytics is a powerful tool in today’s marketplace. Industries and organizations are generating vast amounts of information which has heightened the need to interpret and analyze that information to gain competitive advantage in the market. According to a recent study by MicroStrategy, companies worldwide are using data to:

  • Boost process and cost efficiency (60%)
  • Drive strategy and change (57%)
  • Monitor and improve financial performance (52%)

Research also shows that, over the next three years and beyond, 71% of global enterprises predict their investments in analytics will accelerate.

These statistics further ascertain why analytics is important for organizations of all sizes. Another way to look at it is to evaluate what it would be like to NOT have information on your business. The following quote by Arthur C. Nielsen, the founder of ACNielsen, highlights that any investment made in Business Intelligence & Data Analytics will be less than the price you’ll pay if you don’t know how your business is performing. Consider the missed revenue opportunities and potential cost savings you would be giving up.

The price of light is less than the cost of darkness." -Arthur C. Nielsen



Data Analytics And Society

It is high time we started thinking of Data Analytics and Society as two inseparable components of our ecosystem. In the 21st century technology and data analytics with tools like artificial Intelligence, machine learning & deep learning have great potential to impact society positively. Today we have the largest amount of data ever available to us. We also have tremendous capacity to capture, analyze and utilize data and create products & services that solve society issues.

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Collecting strong data sets on a social, health or environmental issue allows academics and researchers to understand the severity and impact of any issue. Then Academics, businesses, NGO’s, and governments can mobilize their leadership & innovative skills to tackle problems identified using data.

Data Science & Analytics has many many buzzwords like “AI”, “Deep learning” and “Big data”. It is a growing field with a lot of potential but it is also important to ask questions like why need for machine learning? What do we use big data for and why? How can we benefit from the technology and help the rest of the world and society?

Volunteer Work

Data Analytics contributes greatly to society through volunteer work with a socially oriented data science program/ organization. Some socially oriented data science fellowships, typically in conjunction with nonprofits and local governments, are available. These platforms offer a closer insight into the myriad of problems that may be addressed through the application of data and analytic tools. There are few data-science organizations that are solely focused on social good and offer numerous opportunities for volunteering. This can be through mentoring or using your data science skills to help solve a social problem in one of their projects.

We can use our analytics skills and contribute through competition platforms. Platforms such as Kaggle hosts competitions intended to solve problems with social & real world impact. Resourceful data scientists and analysts can identify & solve social problems on their own, with the data available to them. For instance, a great resource for data is the GapMinder Foundation which provides statistics to understand global trends and issues.

Governments & Global Organizations

Data Analytics in the form of Big Data is also being used to help improve the world we live in. Urban planning with systems like utilities, energy, housing, transportation, and infrastructure is one such key. Many cities are using big data to convert their municipalities into smart cities and in solving issues related to parking, pollution, and energy consumption.

Big data is playing a key role in protecting the environment. Big data offers alternative solutions to deforestation so that we can lower our carbon footprint. Similarly, it also offers the opportunity to protect endangered species and mitigate poaching.

In Public Health, big data allows scientists with increased ability to predict patterns in diseases and mutations. They are now coming up with algorithms that can help predict infections based on data — hours before physical symptoms appear.

For organizations like UNICEF, big data is key to their success. They can deliver immunization, healthcare, and water to some of the world’s poorest populations by analyzing big data.

There are so many opportunities to use data analytics for society and make a meaningful impact. Data science & analytics work is getting visibility in organizations that are oriented towards serving the public good. Governments, SMEs, NGOs, and other Social bodies are beginning to recognize the importance of analytics, particularly its data driven insights, predictive capability, and evidence-based recommendations. In the 21st century data analytics and society can and should come together to realize unprecedented potential in tackling pressing issues in less privileged environments.