How Big Data Analytics can drive Product Innovation in highly competitive markets?

06 May 2018 by BigData 240 Views
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How Big Data Analytics can drive Product Innovation in highly competitive markets?

In our ultra-connected world of smart devices and Internet everywhere, the explosion of data

from a dizzying variety of sources has created a unique challenge that any business can turn into an opportunity. Most organizations’ data is growing at a rate of 40 to 60 percent per year, and, according to IDC, there are about 9 billion smart, connected devices in the world that are sharing and creating more data.

Within the treasure trove of data in your company’s systems alone—ERP databases, CRM systems, and product lifecycle management software, for example—lies the information you need to make iterative product improvements that will result in long-term innovation and help you better meet customers’ expectations.

You simply need the right tool. BizIntel360 provides a code-free environment for data discovery that helps you find the “needle in the haystack” of data so you can pull together and analyze information from a variety of sources very quickly. This helps our customers shed light on ways to improve their products in specific ways using insights that might otherwise have taken much longer to reveal.

Recently, the product development team at a leading U.S. provider of nutrition and weight-loss products used BizIntel360 to bring together the data from various systems to resolve customer complaints 30 percent faster than before. At the same time, by incorporating customer feedback into the next version of the product, they were able to reduce the time to market by about 20 percent. These improvements are keeping the company one step ahead of rival firms in a highly competitive market.

Using Bizintel360’s interactive dashboard and visualization capabilities, business users at the company could easily see the relationship between customer complaints and product design—or raw materials—that could be altered to enhance the product, address the complaints, impress existing customers with their responsiveness, and ensure future customers would not run into the same issues.

Connecting the dots
Best of all, the business users set it up themselves without requiring deep technical knowledge or IT support. BizIntel360 makes it easier than ever to collect data from multiple systems and view it holistically to increase the speed and efficacy of business decision-making. It turned out there was a specific component sourced from a certain supplier that was generating the most customer complaints. By addressing that problem in the next iteration of the product, the company demonstrated to its commitment to customer service and responding to customer needs while improving the product so all customers will benefit.

The ability to put the power of big data analytics into the hands of business users quickly is one of Bizintel360’s core value propositions. With this powerful tool in your arsenal, you too can more easily make the data linkages that give rise to business insights you can use to innovate, improve products, increase sales, and create lifelong customer relationships.

For more details on Bizintel360, please visit us at www.bizdata360.com

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