This content was published prior to the merger of equals between BKD and DHG on June 1, 2022. See all FORsights for the most up-to-date articles, webinars, and videos.
Creating "Business As Usual" Through Data Analytics
Most any business leader will tell you that there is no such thing as "business as usual," because so many factors disrupt an enterprise. But what if there was a pattern to those disruptions? What if challenges were really trends? That insight could help businesses in every industry adapt to reduce disruptions and create strategies to bring about a competitive edge. With data analytics, business could be usual and better.
Data Analytics is Business I.Q.
There is valuable data for every action of your business. This "big data" is classified by:
By synthesizing the data from those classifications, you gain a big-picture view of your business. Data analytics allows you to examine the silos, why they exist and where they can be reduced. Organizations can learn how to streamline operations, optimize marketing strategies and benchmark pricing and employee compensation. Beyond the big picture, data analytics allows you to drill down to discover production or sales trends based on the day of the week, the time of day or perhaps how the weather impacts your business. That insight becomes foresight, so you can proactively prepare, knowing what is next and — equally important — knowing why it is happening.
Most importantly, there is no waiting for reports at the end of the week or month. Data analytics provides you actionable intel in real time so you can make decisions that best help your organization reach its potential.
In this article, we will examine how data analytics can provide a positive impact to three industries, but many of these same benefits can apply to most any business.
The Science of Hospitality
While the hospitality industry has embraced and benefited from data analytics with technologies like Travelocity and Expedia, the industry, as a whole, has yet to make a meaningful investment in data analytic strategies — possibly missing opportunities to expand their market share. Within the hospitality industry, data tends to be siloed across different departments. Data analytics can integrate that information into one dashboard so you can use that information to create strategies for:
- Market segmentation and competitive analysis
- Management of booking channels
- Occupancy forecasts
- Inventory/supply management
- Benchmarking marketing campaigns/promotions
- Development of new services
- Financial forecasting and budgets
Data analytics can also help with a serious vulnerability of the hospitality industry: human trafficking. Innocent businesses are impacted when these crimes unknowingly take place on their property. While relying on diligent observation for suspicious behavior is key, the hospitality industry can also look to data analytics to further strengthen their programs, protect their businesses and, ideally, create additional insights for combating human trafficking.
Real Results for Real Estate
While buying a home is often an emotional decision, there is a science behind the insights real estate companies can use to help clients buy or sell a home and optimize their operations and resources. In the past, real estate professionals have relied on experience and intuition to create strategies. Data analytics can enhance experience and intuition, offering key performance indicators (KPIs) on a variety of facets that impact the buying or selling of a home:
- How to price a home / valuations
- Market and neighborhood studies
- Resale forecasting
- Marketing strategies
- Customer insights
Data analytics can also help real estate companies gain information that will help them optimize operations:
- Performance benchmarks
- Opportunities for automation/technology
- Financial forecasting and budgeting
Building Better Strategies for Construction
From interest rates to supply chain disruptions, there are many factors impacting the construction industry. Construction companies need real-time data on all of these factors to help them plan, price and execute the right projects efficiently. Data analytics helps provide those insights, integrating information across the scope of your enterprise:
- Market segmentation
- Material forecasting
- Supply chain management
- Labor analysis
- Equipment forecasting
How DHG Can Help
"To reach data-driven decisions, it's crucial to use efficient and effective data analytics," says Amit Arya, DHG Chief Data Officer. DHG Data Analytics combines technology, industry intelligence and a forward-thinking approach to help clients across many industries do just that.
DHG Data Analytics is more than an overview of your enterprise. Our professionals put all your data under the microscope to help you understand your business on micro and macro levels:
Each of these data perspectives are tailored to your organization and goals, providing you the opportunity to be proactive and apply foresight on how to grow your business.
DHG Data Analytics professionals not only understand the power of data; they understand business as well. Our teams have experience in a number of industries, including hospitality, real estate and construction. We know the specific challenges you face and how to apply analytics to your industry-specific perspective.
Let us know how we can help transform your data into your competitive edge.
For more insights, please watch our recent data analytics webinar series.