Product development is another area you can put data analytics into good use. This can be used to redevelop products and make them better than the way they use to be. Innovation being a major factor that keeps businesses growing, you can also use data analytics to improve the rate at which innovative ideas come into your business.

For you to redesign your business and improve the quality of a particular product, you need to have a clear picture of what your customers are expecting from you. Data analytics provides all the necessary channels you need to gather all the basic information you need to study your customers and get to know what they need or expecting from your business. With this, you will be able to develop an approach that will help you come up with nothing but the best. 

In business, you can’t have to go with your gut or what you are thinking your customers will like. If you wish to manage your business the ought to do, everything you need has to revolve around data analytics. Choosing to go for this analytics will save you from the unfortunate situation where you redesign your business or product and it gets rejected by your customers. With proper data analytics before going ahead to redesign your product, you won’t have experienced such and make the random mistakes that others do make while trying to take their business to another level. 

Product Development

A good example of a company that perfectly shows how data analytics can be used to improve product development and innovation is  Amazon Fresh and Whole Foods. This company was able to use analytics to innovatively enter an already existing marketing by bringing out the normal way of selling fresh and whole food in a new dimension. They were also able to leverage big data In knowing what customers want when they go for grocery shopping 

Supply Chain Management

Another important aspect of every business is Supply chain management. If managed the right way, you will get the best out of your business and get more accuracy, insights, and clarity on how to network and create a stable supply chain. Data analytics gives you the added opportunity to create a plan that will help solve all the problems you might in your supply chain.

A good example of a company that has been able to make good use of this is PepsiCo. This company collects data from warehouse inventory, and from the POS of the sales department of the company itself to derive a supply chain plan that forecasts its production and shipment needs.  With this, they can keep up with their supplies at all times, produce more based on the predictions that there will be excess demand and cut down production if data analytics predicts that there will a reduction in demand.

When Data Analytics and Business Intelligence are used in these two critical areas of your business, i.e. Manufacturing and SCM, there is no doubt that you will increase productivity and reduce costs. To make this application for you and to use it in your day-to-day activities, we at NextBee step in and help you along. We have an expert team who will guide you by utilizing all the information available to them to make business decisions that benefit you. Let’s connect soon and we can talk.