Modern CFOs are viewed as strategic business partners with a goal of influencing profitability. As such, they need data and analytics to power the business forward, help them compete, and grow revenue.
The benefits of analytics are not confined to any specific industry, and there are many lessons that can be gleaned from savvy data-analytics experts across a wide range of vertical applications.
A recent Oracle-sponsored report, Seven Industries Using Analytics for Business Value, examines how seven industries, including historically conservative industries, are using analytics to drive business value. Below are just a few of the uses of analytics across these industries:
Financial services/banking: Loyalty is fleeting, so analytics are essential to understanding the behavior of customers and prospects. Knowing when a customer is about to leave, and taking steps to avoid attrition, is key to improving retention rates.
Healthcare: Analytics are helping to enhance operations, such as identifying better ways to schedule and optimizing resources, as well as to minimize patient readmissions.
Insurance: Risk assessment is a priority for CFOs, and insurance companies are leading the way in using geospatial data to build visualizations to quickly highlight areas of high exposure.
Retail: Personalization helps to win new business and retain customers. Analytics engines that make recommendations for customers can inspire loyalty — and deliver a steady revenue stream.
Manufacturing: Forecasting when a piece of equipment will need maintenance can make manufacturing run a lot smoother. Data gathered from the Internet of Things (IoT) can be analyzed to more accurately predict failure and take preventative measures.
Utilities: Fraud is a multi-billion-dollar problem, but analytics can process mounds of data to flag the small number of transaction that deserve investigation. Machine learning can spot patterns long before a human could intervene.
High tech/software/internet: This industry is highly competitive, and companies need to use analytics to understand their customers and stay on the edge of innovation. Product and demand forecasting can also involve big data analytics.
Analytics use cases are wide and growing, and the pattern is clear: As success builds with analytics and the value is recognized, organizations continue to build on their success with more analytics projects. For more strategies and insights on boosting business value with analytics, download this white paper from Oracle at www.oracle.com.
For more information, download our checklist report examining how seven industries are using analytics to drive value.