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Julian Narchet on the Age of Analytics

Analytics has become a catchphrase for many modern industries, but it has a history dating back to the 17th century. Marketing and mass communications professional Julian Narchet notes that Francis Bacon first used statistical methods, but analytics has become mainstream in the last few decades.

Today, there are unique business purposes for all four types of analytics — descriptive, diagnostics, predictive and prescriptive. Artificial intelligence (AI) utilizes many of the models in these four types and is taking the business world by storm.

The potential of big data in business continues to grow. Here are some ways companies can incorporate analytics to improve their decision-making.

Enables Employees to Serve Themselves

A considerable benefit of analytics in business is it enables employees to perform their jobs based on insights provided to them. Various systems can spit out data in real-time to help employees understand various parts of their jobs that are being presented objectively for the first time.

Organizations can easily create benchmarks for employees based on the data, which then empowers employees to make certain decisions independently without needing to check with higher-ups.

Analytics can be used in this way throughout departments and industries, making everything run as smoothly as a well-oiled machine.

Provides Easy Ways to Measure Success

Businesses have long set goals by which success has been measured — whether that “success” is regarding a project, the business as a whole, or individual teams or employees. Analytics makes it easier for companies to objectively measure success using real-world, in-depth data.

In the past, data was used to analyze a project’s success after completion. Or it was used to determine whether sales were good or bad for a specific quarter, for instance.

Analytics allow companies to dive deeper and in real time. As a result, business leaders can gain insights as the team progresses toward the goal, allowing them to make adjustments where necessary if things are going off course.

It also enables managers to objectively assess employees’ performance without the question of whether anything personal is coming into play.

Helps to Mitigate Against Risk

Risks for businesses are everywhere. Some of those risks are prevalent, while some pop up unexpectedly.

Examples of business risks include liability on a legal basis, employee safety, lagging accounts receivables, and theft by employees or customers. Unfortunately, not all businesses understand their specific risks, which makes it difficult to do anything to prevent them from happening.

According to Julian Narchet, analytics helps businesses identify their risks and initiate preventative measures.

For example, analytics can run future simulations to see what locations of a retail chain are most at risk of being robbed. With this information in hand, the business can assess where they might need extra security — either in terms of security systems, personnel, or both — to address the likely problem before it occurs.

About Julian Narchet

Julian Narchet is a marketing and mass communications professional, and a Communications Manager at the University of Miami. He has extensive experience in market research, academic research, research administration, social media, and public relations. He is passionate about making a difference in the lives of others through cooperation with non-profits and healthcare organizations.