To navigate the chaos of the market, every enterprise needs discipline, direction, and order. COOs uphold these standards. Increasing customer satisfaction under the shifting trends and preventing losses while improving profits are challenges a COO faces every day.
How does a savvy COO overcome these challenges?
They find certainty in smooth operations by planning for the future and identifying paths to enhance their processes and efficiency. Machine learning and predictive analytic technologies are the secrets to their success.
Predictive analytics come from exponential data growth
How can predictive analytics help your team improve processes, monitor risks, and allocate resources?
Predictive analytics uses various algorithms to analyze data and transform it into useful insights that support better business decisions, optimize operations, and enable your team to anticipate trends that affect your company’s performance.
The use of predictive analytics has been enabled by exponential growth in data and its potential to provide powerful insights that could not be derived through traditional means.
Predictive analytics allow COOs to plan for an uncertain future
- Although the pandemic has created a seemingly unpredictable environment, new solutions offer COOs a crystal ball looking into their business’s future.
- Predictive analytics enable executives to improve operational efficiency. The same solutions that help anticipate the future can also be used to improve operational efficiencies with insights into a business’s productivity.
- Predictive analytics help businesses maintain continuity. The COVID-19 pandemic has shown us that change is unavoidable, but it doesn’t have to be disruptive or cost your company excessive time and resources. If you are proactively planning, preparing, and supporting your employees, vendors, and customers, anticipating change is merely the next step in your company’s growth and success.
Predictive analytics enables proactive decision-making
In today’s fast-paced digital economy, companies must be able to identify and make decisions about new opportunities or risks in the blink of an eye. Predictive analytics assist COOs in making insightful business decisions, on-demand, by analyzing data from internal systems such as accounting software, customer relationship management platforms, or external sources like social media and weather forecasts. COOs now have an edge; being provided with insights that before remained unseen.
This also supports strategic decision-making in other areas of the business. For example, marketing teams often rely heavily on intuition when choosing which products to promote. Now with predictive analytics, they can take a data-driven, evidence-based target rather than rely on guesswork alone.
Predictive analytics enables better customer service
Predictive analytics can predict when a product will fail, the server will crash, or when a machine will need maintenance, allowing companies to proactively prevent problems.
Better to know about the problem in advance from customer service than to experience the problem and have to call customer service. A recent study found that 81% of customers appreciate help before they ask for it from customer service representatives.
Predictive analytics can be used to identify customer needs by analyzing customer behavior, using that information to provide the best service or recommending the best product.
How machine learning intelligently predicts the future
Consider a supply chain manager who must predict the demand for a product by next month.
With Machine Learning, they quickly build a predictive model by looking at the customer’s past purchase history and creating an algorithm that sifts through millions of customers and products, searching for what circumstances and buying patterns tend to lead to purchases.
The algorithm then learns from this historical data and once it gathers enough information it can make predictions about what customers are likely to buy. The more data available for the algorithm to learn from, the more accurate the prediction.
With this insight, the supply chain manager orders ample products to fulfill predicted demand.
Machine learning technologies enhance many types of business processes, such as production and logistics operations, financial transactions, sales and marketing efforts, and even identifying cyber threats within an organization’s network infrastructure.
Can you get the insights fast enough?
Predictive analytics, machine learning, and data science are fields that traditionally require individuals with advanced analytic skills. The time spent on knowledge transfer and training delays progress and can be costly.
To solve this, we built NEMESIS; an advanced analytics platform that empowers decision-makers to quickly build their own predictive solutions as easily as building an Excel spreadsheet, without the help of an analytical technical team.
- Monitor quality indicators for each workforce by stage, including staff, facilities, suppliers, etc.
- Show the root cause factors for lack of performance
- Provide early warnings on impending labor-management issues, billing issues, and allocation of resources
- Predict customer demand and satisfaction
- Visualize data and provide a supervisor-level dashboard for better management and control
- Assign tasks to appropriate persons through the case management system for immediate action, cutting loss to a minimum
- No computer coding, only results and actions
- We keep you up to date with the latest machine learning technologies
Want to explore how NEMESIS can help you predict your future? Let’s have a conversation.