The majority of organisations are using data analytics to enhance customer experiences and mitigate risk, according to a recent report by Infosys.
In a survey entitled entitled ‘Endless possibilities with data: Navigate from now to your next’, the Bengaluru-headquartered firm noted that around a third (31%) of respondents said they were using analytics to improve the customer experience.
This includes using intelligence generated by listening to internal and external stakeholder to promote personalisation and a high-quality customer service.
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Meanwhile, 28% of respondents said they were use analytics for risk mitigation.
This involves predicting risk to enable better decision making as well as detecting anomalies that could disrupt the business.
The remaining 18% said they would use data analytics to enhance revenue and profit by increasing channel effectiveness.
Finance and accounting departments was found to use analytics the most at 32%, followed by marketing and operations at 20% and 17% respectively.
When analysing emerging technologies, Artificial intelligence was seen to deliver greater outcomes when combined with analytics at 37% followed by IoT and Cloud Technologies at 19% and 16% respectively.
“In the world of endless possibilities that data provides, being data native is core for enterprises to being digital,” said Satish H.C., EVP and Head, Data Analytics, Infosys.
“As enterprises work with limitations of siloed systems, data integration issues, resources and skills, harnessing the possibilities with data will be essential to navigating their next.
“We believe that the findings of this survey will help our clients to fast-track their journey into a data-native enterprise by industrializing their analytics capabilities and ultimately monetize data.”