It is nearly impossible to ignore the role big data and analytics play in effectively marketing a business. For example, if you’re not tracking sales and generating marketing data, you’re missing out on a treasure trove of information about how and to whom you should market your products. You’re also missing out on opportunities to re-sell and upsell to current customers as well as attract new ones. You’re essentially flying blind and your chance of success is diminished—competitors are likely using data collection and analysis, providing them with essential information about your target audience.
In Analytics at Work: Smarter Decisions, Better Results, the authors make a strong case for using analytics to inform business decisions and improve company strategy by pointing out the benefits of doing so. Davenport, et al., include in their list the benefits of analytics that your business can tap to succeed. With analytics, you can:
- Manage and steer your business during economic ups and downs.
- Learn what works—and what doesn’t.
- Leverage IT investments to gain insight, execute faster, and realize more business value in your business processes.
- Cut your costs and improve your organization’s overall efficiency.
- Manage unnecessary risk.
- Anticipate changes in your market.
- Improve decisions over time.
This list outlines just a few of the benefits realized by the Canada Imperial Bank of Commerce (CIBC) in implementing analytics to interpret data and act on insights, which helped them become, and remain, one of the strongest banking institutions in the world.
To retain this position, CIBC realized it had to become more agile. It also needed to improve efficiency in managing client data and improving end-to-end processes. Traditional business intelligence software had proven to be too rigid, costly, and time consuming, resulting in lost opportunities.
To achieve these goals and meet its analytic needs, CIBC chose TIBCO Spotfire, our enterprise analytics platform that provides interactive visualizations and data discovery capabilities that help business users and analysts get fast answers to their most important business questions and immediately take action to gain a competitive edge.
Employing innovative, advanced analytics has given CIBC comprehensive visibility and a deep understanding of its data, along with the speed and flexibility to successfully compete in the overcrowded financial services space. “We’ve gained additional insight and it’s easy to use. Spotfire delivers value to us due to the fact that we’ve gained insights we wouldn’t otherwise have,” says Neil Oswald, a CIBC senior vice president.
Staying on top of trends and anticipating fluctuations in the world economy are essential in navigating risks and continuing to provide essential services to CIBC’s customers. As Oswald explains, “The three biggest trends in financial services are understanding your customers, managing your data, and creating more efficient processes. All three are interrelated and strategically important.” CIBC achieved its strategic goals by implementing advanced analytics, which deliver the benefits outlined in Analytics at Work: Smarter Decisions, Better Results, providing proof that there’s no reason to fly blind when there are advanced analytics tools available to help you more easily and efficiently find your way.