Today, the growth of commerce has been phenomenal compared to the last decade. The trend will continue in the future with more and more accessibility to the internet and the reach to smartphones. Having said that, we mean, the competition is becoming tough with each passing day, especially with the evolution of e-commerce. Therefore, the scope of work for analytics consulting is ever growing with time. If you can’t read this sign early, you are surely going to miss the bus in no time.
What is analytics consulting?
Knowledge is power to you. You should, therefore, know what analytics for your business may mean and how the consulting services here could benefit you. Well, analytics means a set of principles based on which various analyses are carried out befitting the needs of your business. However, with an increased application of technology in business, today, the components of analytics have been manifold. For instance, the analytics today include machine learning techniques, statistics, probability modelling, and the pure mathematics.
On the flip side, consulting is a kind of expert service that is available on demand. It further connotes that a third party is hired here to do the onus of analyses on different subjects based on client’s demand. For instance, a client may hire an analytics expert with a view to ascertaining the leading brands in a market under each category. To illustrate this further, client X has three bakery products such as bread, cake, and biscuit. Now, these three basic products may further be classified into subcategories such as cream cake, chocolate cake, pineapple cake etc. Now, the client wants to know its’ position per product in a market. There comes analytics consulting to your advantage.
Key areas of analytics consulting:
- Sales and marketing: A product essentially passes through 4 distinct stages of life such as market introduction, penetration, saturation, and diversification or the natural death of the product. During all those stages of a product’s lifecycle, the strategy and the thrust on sales and marketing of an organisation keep changing. For instance, during the market introduction stage of a product, the thrust remains on new customer acquisition. Hence, discounting and a high degree of promotion may be used as the tool of marketing. Analytics help you know what your competition is doing and what you should do with a view to outperforming those existing players.
- Improving the bottom line: With a timely caveat on the fast realisation of cash, this consulting improves the bottom line of a business. As a matter of fact, you will have a free hand to invest your money in the productive.
- Timely reporting: Having all the analytics in place, your reporting system runs flawlessly in auto mode. Fine tuning this, your business will be ready with the set of information meant for the directors or so.
However, based on the scale of your business, you may find some more benefits of analytics consulting. The gist is that you can take this consulting service to your advantage in business provided you have an eye for the details on everyday basis.
