How companies can succeed in an analytics economy

Artificial intelligence. Big data. Cognitive computing. These buzzwords are the ABCs of today’s marketplace.

In a recent interview at SAS Global Forum, I discussed the unprecedented pace of change that we’re seeing in the market. It’s creating what I like to call an

In this economy, analytics – and how companies use analytics – are evolving rapidly. And because of the technology available today, companies are adopting analytics faster than ever before.

Disruptors are becoming the norm, causing tidal waves of change. So to remain competitive and survive in an increasingly volatile market, companies must rely less on gut feel and more on data and analytics.

But companies must do so in a focused way. They need to identify the key areas that will make the most difference for their business.

Here are a few examples of how companies are doing just that and succeeding in the analytics economy in six core areas.

SAS has been doing analytics for 41 years – it’s at the heart of everything we do. One myth that we’ve heard is that only big companies need analytics. That’s not the case. Analytics can help any company of any size in any industry.

Take dairy farmer Oberweis Dairy. The family-owned-and-operated farm uses modern analytics to preserve an age-old tradition: delivering fresh milk in glass bottles to its customers’ doorsteps. Analytics has helped improve every facet of its business – from finding the right customers to improving marketing to increasing revenue. And it’s improved customer retention by 30 percent. Not to milk those results too much, but this story is an utter success.

Data drives everything in the analytics economy. It has the power to drive every process and every decision.

For Santen, a Japanese pharmaceutical company, data analytics helped it improve eye health and develop new ocular therapies faster. For this cross-country company, our data management solution gave it the ability to use the same version of data, enhancing collaboration, improving drug studies and increasing the speed at which drugs can be developed.

Gaining insights on prospects and customers is a differentiator for many companies. It helps them create relevant, individualized experiences in real time, right when it matters. If you’ve ever shopped at a place like Chico’s, you’ve seen this. The women’s apparel retailer uses SAS Customer Intelligence to stand out from competition and know what customers want to buy and where they want to buy it – online, in store or a combination of the two.