Analytics have supremacy in various leading industries in detecting fraud, minimizing risks, reducing customer churn, increasing acquisition rates and in improving online conversions. That supremacy is operational. Operational analytics looks at how precise business operations work on a daily basis thereby to come up with a speedy solutions for change.
The supremacy lies in making better operational decisions. With all the data out there, finding the root cause for an operation issue is much like looking for a black cat in a coal cellar.
According to industry experts, today’s Fortune 500 businesses lose between $84,000 and $108,000 (U.S.) for every hour of IT system downtime. Through operational analytics, 63 percent of organizations have begun to realize a competitive advantage in making sense of their IT operations.
In 2012, 45% of the service providers invested in operational analytics to reduce churn and 65% of the providers to accelerate revenue and minimize fraud. At present, the number of service providers investing in operational analytics has grown too big from 45% to 65% and 65% to 72% respectively. It is estimated that the banking and financial services industry accounts for more than 16% of fraud cases across all industries. To combat this, 89% of banking and financial market CEOs say their top priority is to better understand, predict and give customers what they want by minimizing fraudulent related issues. Top-notch industries are realizing the importance of operational analytics in huge numbers. 83% of the insurance firms and 70% of the Healthcare and Retail industries have adopted to get better at decision making.
Stop spending your time in searching your data and stressing yourself. Instead find the root cause in minutes or prevent it from happening all together. Companies in telecommunication, healthcare and financial services are using GeakMinds’ Operational Analytics to get remarkable results. In just 3-5 weeks, our customers have gained insights that helped them: reduce task time and end to end cycle time, save several millions in Operational Excellence. We make data matter!