Data potential keeps growing. Analytics systems provide an opportunity to turn this potential into actual value. Our analytics solutions enable you to discover patterns in data, extract interpretations and communicate the conclusions to stakeholders.
The ability to interpret large amounts of data in real time has transformed the way many organizations operate. Definitions such as Age of Analytics or Data Analytics Revolution convey the impact of these changes.
By using Analytics solutions, it is possible to extract and communicate relevant information hidden in data. In this way, analytics solutions allow you to turn knowledge into action.
At 3.14 we develop Analytics solutions tailored to each client's goals. Depending on the needs of the project, we combine the following approaches:
- Descriptive analytics: This type of analytics draws conclusions from historical datasets. It is commonly used to calculate and report different KPIs. Descriptive analytics can be applied to observe how a product works in different geographic areas, to discover the social impact of a post, to measure the historical evolution of operational costs, to analyze the demand for an item, etc.
- Predictive analytics: This analytics approach uses techniques such as Support Vector Machines (SVM), neural networks or decision trees. It provides the ability to make predictions. For example, it allows companies to anticipate customer demands, to open new avenues of business or to forecast the outcome of a strategic decision.
- Prescriptive analytics: Based on descriptive and predictive processes, prescriptive systems are capable of making recommendations. Referred to by some experts as the final frontier of analytic capabilities, prescriptive analytics can be used to suggest prices or stocks.
Benefits of Analytics systems
Digital data explosion has opened the door to enormous opportunities that can ben seized with the appropriate data analytics solutions. The benefits of Analytics are very varied. However, there are some common competitive advantages, including:
- Improving decision-making process: The application of Analytics has a great impact on decision-making processes. By using data interpretation systems and visualization tools, organizations are able to turn raw data into actionable knowledge.
- Increasing revenues: Analytics Revolution gives companies the ability to adapt to an ever-changing market. For example, thanks to the analysis of massive datasets, it is possible to adjust prices in real time.
- Reducing costs: On the one hand, automation reduces the costs of collecting, processing and communicating information. On the other hand, the capacity to immediately respond to market demands also leads to cost reduction. For instance, companies are able to adjust their stock in real time.
- Increasing customer satisfaction: Companies are able to know their customers better than ever. By using analytics tools, they can know their age, sex, location, profession, income level or any other information that leads to a correct segmentation. Therefore, companies can adapt their offers to their customers’ preferences and habits. These practices not only increase customer satisfaction in the short term, but also reinforce customer loyalty.
- Discovering new opportunities: Analytics allows companies to spot hidden opportunities.
- Managing risks: Predictive and prescriptive models help companies reduce uncertainty and minimize risks.
Any organization that manages large amounts of data can benefit from the competitive advantage of analytics solutions.