Analytics for Effective Decision-Making

Shashank Dubey, Co-founder & Head Analytics Delivery, and Ganesh Moorthy, Director Of Engineering, Tredence Analytics Solutions | Wednesday, 11 October 2017, 11:33 IST

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Business process management (BPM) software has an imperative role in today's business scenario, which has become a practical necessity for any business with complex processes. A BPM approach can aid businesses in attaining efficient business processes and transforming the way to achieve more business value.

In the digital economic era, enterprises pay attention to become more customer-centric. Though off-the-shelf products are available, the primary concern will always be with regards to the modification or customization of products according to the customers' unique needs. Off-the-shelf products are well-crafted and require only short time for implementation, however sometimes remain inappropriate to meet specific customer demands. While crafting solutions, enterprises need to perceive what their customers' demand. Hence, decision-making is undeniably becoming one of the vital components for the success of any business. As technology evolves, data analytics has become an indispensable part of decision-making.

At present, everything revolves around the customer and a huge amount of their social interactions are tracking. This data is highly significant in every decision-making. Today, every decision is intertwined with data analytics. We can not take an approach that analytics is a machine for making decisions. Analytics reinforces entirely man-machine decision making. Obviously, enterprises need to discover insights regarding their industry, market and their customers.

Today, businesses need to operate at hyperspeed and accelerate their decision-making. They pay heed to integrate analytics seamlessly with their business decision process in a well-designed way. No organization wants complexities of analytics to hold them back. Though the interior of analytics is quite complex to perceive, the exterior is simple and smarter. For example, the usage of smartphones has seamlessly transitioned nowadays. Currently, a smartphone is much more intelligent but a complex device, however, it actually makes our lives simpler. Likewise, though the interior of analytic seems more complex, it needs to be more integrated with business decision process to deliver a better customer experience.

While taking BPM software, today's customers demand simple as well as intuitive UI (User Interface). It should be an amalgamation of art and science. If we think about analytics in the BPM, the primary thing comes into our mind is a data scientist. A data scientist is a quantitative thinker. When we come across the necessity of well-designed intuitive UI, the significance of qualitative thinking will be high. With a multi-disciplinary team, you will have a designer who can perceive, translate and overcome entire complexities in the intuitive UI design.

As organizations necessitate continuous improvement in their business processes and business compliance challenges increase, BPM market segment is anticipated to grow exponentially in terms of products as well as service offerings. Apart from products and platform offerings, nowadays service offerings are also increasing. Consequently, the mix of both these offerings can upheave BPM landscape much higher and bring unprecedented revenue to the industry.

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