Unlocking Revenue Streams with BI and Analytics
In the current business environment, it’s increasingly vital to harness the power of data to develop actionable insights and boost revenue streams. Therefore, BI and analytics teams are increasingly important to empower everyone to explore data and use analytic apps to take data-driven actions, whatever their role.
An advanced BI and analytics platform is an essential tool for teams looking to integrate data insights into workflows.
Technologies utilizing AI and Natural Language Processing (N.L.P.) enable businesses to make associations between all kinds and sources of data and accelerate understanding of data, all of which lead to better outcomes.
Providing users with these capabilities, coupled with smarter and more efficient data modeling, means that BI and Analytics teams play a more prominent role than ever in enabling their organizations to generate new value and new revenue for their customers with analytics products and services.
Using Data to Raise Existing Revenue Opportunities
What’s important to remember is that organizations already possess highly valuable knowledge, expertise, and data. Every function, operation, and transaction within an organization generates data that can hold the key to revenue-raising insights.
As I wrote before, “It is far more beneficial to a company to find ways to accelerate what we call return on existing investment — the ability to create revenue from existing assets like data, market penetration, domain expertise, technology decisions, people, and operational excellence. Building a strategy to monetize incremental value from those assets is key to success in existing or new markets.”
That’s exactly what Sisense for BI & Analytics Teams does: simplifies the complexity of your data to make it easy to explore and collaborate; deploy and adapt quickly to make it easy to build dashboards, visualize insights, and get fast results; and drive impact by making these insights highly accessible and easily actionable internally and externally.
Sisense works with organizations across all industries, revealing millions of dollars’ worth of new and previously unacknowledged opportunities. At the same time, enabling organizations to reduce risk, with the ability to adapt to changing and unexpected market conditions.
A strong BI and analytics platform that’s fast and easy to use with the largest volume and varieties of data, can help companies create a competitive advantage by embedding actionable insights into their core products and monetizing those assets.
The ability to create revenue from existing assets like data, market penetration, domain expertise, technology decisions, people, and operational excellence. Building a strategy to monetize incremental value from those assets is key to success in existing or new markets.
Erea Consulting: Real-Time Insights Into Retail
Erea Consulting helps design and implement business strategies for retail clients across Latin America.
Sisense analytics enables Erea to help its customers identify both the best performing as well as entirely new revenue streams to leverage customers’ existing infrastructures and markets.
Erea’s clients, brick-and-mortar chain stores, generate millions of data points daily from across hundreds of product categories, thousands of items, and a large variety of promotions. Powerful BI and analytics enable Erea to help their clients manage data, identify growth opportunities, and make business-critical decisions deriving from real-time insights.
Typically, data sharing between retailers and suppliers is slow and inefficient, often occurring monthly, or sometimes less frequently. So, it usually takes considerable time to assess data and learn about stock, allocating resources, and the effectiveness of the promotional activity, for example. This means that neither retailers nor suppliers can get insights in real-time about the effectiveness of promotions.
They can’t be agile, nor pivot their decisions and actions quickly to maximize impact. Erea uses data to help suppliers and retailers simultaneously. It enables retailers to monetize data and sell it to suppliers so they can become more strategic with their resources. Using the Sisense data and analytics platform, together with its retail industry expertise, Erea provides a white-labeled version of the platform to retailers so they can analyze all aspects of their business, from supply to sales, customer behavior, promotion effectiveness, and more.
In the case of Erea’s client, the Latin American retailer Unisuper, the platform connects over 250 companies supplying its chain of 100 stores to get this information in real-time, and then pivot its activity accordingly.
Unisuper generates almost $2 million per year by selling data back to suppliers via its white-labeled data and analytics platform. Suppliers use the data to better track and plan their inventories and deliveries to stores where demand for their products is highest. They can analyze why customers switch brands, how competitors’ products affect their own, and what discounts maintain their market share. For suppliers and retailers alike, it’s a win-win situation.
“The market desperately needed access to a data and analytics platform that could revolutionize the way retailers and suppliers interact on a daily basis,” – Michael Corcuera, CEO of Erea Consulting said.
Retail Zoom is a predictive analytics and market research consultancy that brings actionable insights to supermarket and retail chains in Eastern Europe. Powered by a team of data scientists, RetailZoom’s predictive data models help retail executives mine terabytes of transactional and demographic data to make decisions about the size, scope, and content of promotional campaigns and product placement to impact ROI.
RetailZoom understood the value predictive models could bring to the industry, but also knew its legacy methods of visualizing and delivering market research and predictive analytics projects were hindering the trust factor clients needed in order to invest in its services.
Selecting a BI platform to power RetailZoom’s growing client base was a big decision. They spoke to nearly every platform available on the market and were close to going with a huge, established industry player. But when they compared Sisense with other providers in the market, they saw potential in partnering with a BI platform that was newer on the scene and could more seamlessly future-proof their investment, their product, and their industry.
By partnering with Sisense, RetailZoom is now able to power their data models with a robust business intelligence platform to reveal actionable insights in minutes.
“When it comes to landing big deals with competitive requests and procedures, Sisense sells my services for me. It’s actually as fast as I promise it is, and my potential clients can see the real value in my predictive data models without pages of pivot tables,” Constantinos Mavrommatis, Lead Data Scientist at RetailZoom, said.
Optimize Existing BI and Analytics Assets for Greater Revenue
The thinking behind this methodology is simple. It’s all about optimizing your existing assets to boost operational effectiveness and maximize revenue generation. The clever thing is how to achieve it.
That involves delivering AI-powered self-service BI and building actionable analytic apps with your data, connecting all your data sources, and simplifying analysis so it’s as easy as possible to explore and collaborate.
With this technology in place, BI and analytics teams are empowered to become the builders of data-driven solutions and analytic apps that are accessible to all departments of an organization, and targeted departments within your customers’ companies. Embracing this technology helps create a data-driven culture that delivers insights for everyone and maximizes the opportunities to create value for you, your partners, and your customers, and gain an advantage over your competitors. That kind of ROI is impossible to ignore.
Currently, Sisense offers the only independent analytics platform for builders to simplify complex data and build and embed analytic apps that deliver insights to everyone inside and outside their organizations.
Sisense lets builders collaborate on a single platform, delivered in a hybrid, cloud-native environment with the industry’s lowest cost of ownership, to create true democratization of data and analytics. More than 2,000 customers across the globe rely on Sisense, including industry leaders like Tinder, Philips, Nasdaq, and the Salvation Army.