• Home
  • News
    • Features
    • Latest/Upcoming Tech
    • Product Review
    • Tech Events
  • Technology
    • Computing
      • Hardware
      • Software
    • Mobile
      • Devices
    • Apps
      • Messaging App
  • Innovation
    • Startups
    • Smart Gadgets
    • Augmented Reality
    • Cloud Computing
  • Business
    • Internet Commerce
    • Tech Market
  • Tips & Tricks
  • Miscellaneous
    • Jobs / Career
    • Social Media
TheTechNews
  • Home
  • News
    • Features
    • Latest/Upcoming Tech
    • Product Review
    • Tech Events
  • Technology
    • Computing
      • Hardware
      • Software
    • Mobile
      • Devices
    • Apps
      • Messaging App
  • Innovation
    • Startups
    • Smart Gadgets
    • Augmented Reality
    • Cloud Computing
  • Business
    • Internet Commerce
    • Tech Market
  • Tips & Tricks
  • Miscellaneous
    • Jobs / Career
    • Social Media
Business

Implement Business Analytics and Cut Costs!

by Emily Forbes
-- February 18, 2021
Implement Business Analytics and Cut Costs!

Big Data is getting bigger by the minute — perhaps even by the second. Every day, normal internet traffic, along with texting and calling, generates 2.5 quintillion bytes of data.

That’s a lot of data, and a lot of it is valuable. There are some upfront costs when it comes to implementing business analytics tools in your company, but the cost reduction potential is enormous. There’s practically no area of your business where you can’t cut costs with business analytics. Harnessing the power of business analytics to help you parse the wealth of data at your disposal can help your company identify opportunities to reduce risk and fraud, improve manufacturing processes, streamline operations, and more.

Lower Risk and Eliminate Fraud

3D stock digital wallpaper

How can business analytics reduce third-party risk and slash fraud? By analyzing past patterns of customer and vendor behavior and spending habits to identify anomalous activities that could be fraudulent. Banks and credit card issuers use analysis of previous purchasing patterns to identify purchases that might not fit the pattern — and they save themselves and their customers a ton of money by flagging and checking up on these transactions, even when many of them turn out to be perfectly legitimate.

You can also use predictive business analytics to assess the risk presented by a specific vendor or customer. Predictive analytics is an important part of what goes into third-party risk assessments and vendor security ratings, for example. Assessing vendor and customer risk through predictive analytics is an important tool for cost reduction through business analytics.

Improve Manufacturing Processes

man in blue jacket standing beside gray and blue industrial machine

Can predictive analytics help you cut costs in manufacturing? It can. Intel has been using business analytics to lower manufacturing costs since at least 2012. Each computer chip Intel manufacturers is subject to an exhaustive litany of about 19,000 quality control tests, but by analyzing the past results of these tests on past batches of chips, Intel has been able to reduce the number of chips that need this extensive testing. Now, instead of testing every chip, they can just test the chips that need it. This saves time on testing and cuts costs without sacrificing quality.

Streamline Shipping and Logistics

white and red truck on road during daytime

Shipping and logistics can be a huge financial drain on a company — between shipments that get lost or arrive too damaged to be useful, you can lose a lot of money to shipping damage alone. Then there’s shipping delays, fleet costs, manpower costs for tracking and managing inventory — the costs just keep adding up.

But data analytics can do a lot to help you reduce shipping and logistics costs. Take fleet costs — you can use fleet tracking tools to collect data on your vehicles, including routes, fuel consumption, and driver behavior. Perhaps you find that drivers are driving erratically, using a lot of fuel, and still struggling to deliver their shipments on time — because they’re using a route that hasn’t been reviewed in recent memory. Maybe that route has a lot of road work on it, or there’s a more direct route that was built more recently. With the data at your fingertips, you’ll know that changing your delivery route will give drivers more time, allowing them to drive better, use less fuel, deliver their shipments on time, and feel less tired and stressed as they go through their days.

Boost Employee Engagement

man using laptop computer while holding teacup

Voluntary turnover is a huge expense for most businesses. It costs $15,000 just to lose one employee to voluntary turnover.

How can data analytics help? You can use predictive analytics to examine the pre-hire data available from employees, and make better choices for new hires that will integrate seamlessly and feel engaged enough by the company culture to want to stay. You can use employee satisfaction surveys to gather data about what is and isn’t making employees happy and what might be making them consider other employment. This data can help you make changes that could convince employees on the fence to stay a little longer.

Implementing business analytics might have some upfront costs, but they’re well worth it for the cost reduction that integrated analytics can bring. Harness the power of business analytics to make better business decisions regarding new hires, inventory, shipping and logistics, manufacturing, and more, to help your company thrive in the new age of data.

Author | Emily Forbes 

An Entrepreneur, Mother & A passionate tech writer in the technology industry!

Email:- forbesemily@yandex.com

ringid
Related Items
Click to add a comment

Leave a Reply

Cancel reply

Your email address will not be published. Required fields are marked *

Business
February 18, 2021
Emily Forbes @forbesemily@yandex.com

An Entrepreneur, Mother & A passionate tech writer in the technology industry! Contact Email:- forbesemily@yandex.com

Related Items

More in Business

forex-trading

10 FX Trading Strategies For Singaporean Newbies!

Emily ForbesJune 7, 2022
Read More

Some Advice on Credits, Their Types, and How Refinansiering Works

Emily ForbesMay 11, 2022
Read More

Starting Your Own Online Store: Tips for Beginners!

Emily ForbesApril 19, 2022
Read More
marketing-executive-the-tech-news

How To Use Digital Marketing To Grow Your Company

Emily ForbesMarch 3, 2022
Read More
Supply-chain

Do Supply Chain Roles Require an Executive Recruiter? Yes!

Emily ForbesFebruary 16, 2022
Read More

ADVA launches Ensemble Simulator for virtual end-to-end network testing!

Emily ForbesFebruary 10, 2022
Read More

Starting Your Own Body Shop: What You Need to Know!

Emily ForbesFebruary 1, 2022
Read More
Internal-Communications

Surefire Strategies To Rejuvenate Internal Communications In Your Business!

Emily ForbesFebruary 1, 2022
Read More

Digital Storytelling Trends for 2022!

Emily ForbesJanuary 12, 2022
Read More
Scroll for more
Tap

Top News

  • forex-trading
    10 FX Trading Strategies For Singaporean Newbies!
    BusinessJune 7, 2022
  • Why You Should Rely on Breach and Attack Simulation!
    SecurityJune 7, 2022
  • Benefits of Video Games: 6 Life Skills You Can Learn While Playing!
    GamingMay 17, 2022
  • Some Advice on Credits, Their Types, and How Refinansiering Works
    BusinessMay 11, 2022
  • Starting Your Own Online Store: Tips for Beginners!
    BusinessApril 19, 2022
  • Could Your IT Team Benefit from Security Automation Solutions?
    SecurityApril 18, 2022
  • How is AI Shaping the Deskless Workforce Industry!
    Cloud ComputingApril 13, 2022
TheTechNews

A technology media that aims at the latest tech news, events, gadgets, tools, innovations, startups and many more.

    NEWS

  • Features
  • Latest/Upcoming Tech
  • Product Review
  • Tech Events
  • Technology
  • Innovation
  • Business

    Hardware & Software

  • Computing
  • Hardware
  • Software
  • Mobile
  • Devices
  • Messaging App
  • Tips & Tricks

    Others

  • Startups
  • Cloud Computing
  • Social Media
  • Internet Commerce

Copyright © 2016 www.thetechnews.com | Pages: ABOUT US | PRIVACY POLICY | TERMS OF USE | CONTACT US

SmileDirectClub Partners with MetLife to Democratize Orthodontic Care
5 Factors to Consider Before Starting a Remote Business!