Businesses of consumer service industries are influenced by various real time factors. These real time factors are unpredictable. These factors are majorly related to customer’s behaviour (such as, customer satisfaction, customer retention, feedback, etc.) or external factors (such as, govt. new policy, seasonal climate, social culture, etc.). To achieve expected targeted revenue and do business for long term, it is necessary to keep control on these factors. Mapping of these unpredictable customer’s behaviour and external factors requires analytics and research of past processed huge data. This process is called data intelligence. Collecting all data from previous records and making them valuable for further processes is a very challenging task.
But in this modern era, Information Technology (IT) is actively involved in this data intelligence scenario. IT has capability to perform analytics on these services/processes to enhance the industry productivity and generate revenue for future prospects.
Information Technology’s significance on analytical basis:
Information Technology’s analytical processes enable to read unpredictable behaviour of external factors. This analysis helps industries to map it with their current and expected outcomes. It also helps in defining processes to achieve industries goals. This huge amount of data is collected from previously performed activities/procedures and feedback collected from internal and external environments. Using IT tools, analysis are further presented as dashboards which is effective way to optimize the results. These dashboards are usable as reports of particular domain.
This IT analysis follows robust and effective algorithm procedures. Since knowing unpredictable non-static behaviour and converting them in expected industry’s results is a big challenge for IT experts. Thus they follow a systematic way to understand it.
Areas where significances of Information Technology required optimizing business functions are:-
- Demand forecasting
- Price modelling
- Promotion and brand modelling
- Product modelling
- Benchmarking
- Category management
- Competition analysis
- Market analysis
- Segmentation
- Target audience
- Time management
How IT helps:-
Taking an illustration of product modelling in Retail Industry; implementing IT expertise in analyses, it becomes easier to define product objectives. On the basis of analytics and research of defined periods of time like few no. of months, it is predictable. By analysing which kind of products are given preferences by customers on the criteria of colour, fitness, Latest trend, pattern, availability, etc.
It helps in taking future action which is required in improving business sales process. Management can make smarter decisions if they understand the behaviour of external factors of market. Thus, IT plays an immensely important role on drawing intelligent data based on consumer behaviour.
