Although the potential of Big Data and business intelligence are recognized by organizations, Gartner analyst Nick Heudecker says that the failure rate of analytics projects is close to 85%. Uncovering the power of analytics improves business operations, reduces costs, enhances decision-making and enables the launching of more personalized products.
According to Gartner CDO Survey, the top 3 critical success factors of analytics projects are:
- creation of a data-driven culture,
- data integration and data skills training within the organization,
- implementation of a data management and analytics strategy.
The success of the process of analytics depends on asking the right question. It requires an understanding of the appropriate data required for each goal to be achieved. We’ve listed 20 successful analytics case studies from different industries. During our research, we examined that partnering with an analytics consultant help organizations boost their success if organizations’ tech team lacks certain data skills.
|End User||Analytics Consultant||Industry of End User||Business Function||Type of Analytics||Description||Results||Analytics Vendor|
|Fitbit||Bernard Marr&Co.||Health/Fitness||Consumer Products||IoT Analytics||Fitbit devices collects data users' activity and eating habits. In return, it creates dashboards that users can track through mobile apps.||Better lifestyle choices for users.|
|Dominos||DBI||Food||Marketing||Marketing Analytics||Analyzing users’ cross-channel & cross-device behaviour and also connect online and offline behaviour.||Increased monthly revenue by 6%.|
Reduced ad spending cost by 80% y-o-y.
|Google Analytics 360|
|Brian Gravin Diamond||Luxury/Jewelry||Sales||Sales Analytics||Improving their online sales by understanding user pre-purchase behaviour.||New line of designs in the website contributed to 6% boost in sales. |
60% increase in checkout to the payment page.
|Marketo||Marketing Automation||Marketing||Marketing Analytics||Collecting data of costumers and creating detailed audience segments based on product interest and demographic data.||Conversions improved by the rate of 10x||Google Analytics|
|Build.com||Numerator||Home Improvement Retail||Sales||Retail Analytics||Providing dynamic online pricing analysis and intelligence||Increased sales & profitability|
Better, faster pricing decisions
|Numerator Pricing Intel|
|Ace Hardware||Numerator||Hardware Retail||Sales||Pricing Analytics||Using pricing intelligence to collect competitive pricing information for exact and 'like' products on a regional basis.||Increased exact and ‘like’ matches by 200% across regional markets.||Numerator Pricing Intel|
|SHOP.COM||SPS Commerce||Online Comparison in Retail||Supply Chain||Retail Analytics||increased supply chain and onboarding process efficiencies.||57% growth in drop ship orders|
$89K customer serving support savings
Improved customer loyalty
|SPS Commerce Analytics|
|Bayer Crop Science||Agriculture||Operations||Edge Analytics/IoT Analytics||Using edge analytics tools to do anomaly detection and predictive maintenance and to collect data from the field in real time||Faster decision making to help farmers optimize growing conditions||AWS IoT Analytics
|Farmers Edge||Agriculture||Operations||Edge Analytics||Collecting data from edge in real-time||Better farm management decisions that maximize productivity and profitability.||Microsoft Azure IoT Edge|
|Lufthansa||Transportation||Operations||Augmented Analytics/Self-service reporting||A uniform, standardized, group-wise self-service business intelligence solution that had easily accessed data from multiple sources, prepared it quickly and created reports instantly.||Increase in the company’s efficiency by 30% as data preparation and report generation time has reduced.||Tableau|
|Walmart||Retail||Operations||Graph Analytics||Using a graph database to query customers’ past purchases and to capture new interests of customers for making ‘you may also like’ recommendations||Increased revenue by improving customer experience||Neo4j|
|Cerved||Risk Analysis||Operations||Graph Analytics||Using graph database platform to identify the actual owner of a company||Doubled the level of service for identification of the actual owner of businesses, from an average calculation time of 12 seconds to 67 milliseconds (99 %) in cases that require tracking of up to 15 ownership links.||Neo4j|
|Nextplus||Communication||Sales/ Marketing||Application Analytics||With Flurry, they analyzed every action users perform in-app.||Boosted conversion rate 5% in one month||Flurry|
|Telenor||Telecommunication||Maintenance||Application Analytics||Capturing errors, crashes, network requests, and page load details, and alerting Telenor on issues as they develop so they can respond quickly||Improved customer experience||AppDynamics|
|Cepheid||Molecular diagnostics||Maintenance||Application Analytics||Providing proactive real-time monitoring and maintenance of all the company’s SAP resources and applications||Eliminating the need for manual SAP monitoring.||AppDynamics|
|*||Telecommunication||HR||Workforce Analytics||Finding out what technical talent finds most and least important.||Improved employee value proposition|
Increased job offer acceptance rate
Increased employee engagement
|Hostelworld||Vacation||Customer experience||Marketing Analytics||Learning more about our customers to build more personalized customer journeys.||500% higher engagement across websites and social|
20% Reduction in cost per booking
|Phillips||Retail||Marketing||Marketing Analytics||Measuring KPIs, such as buy lead conversion and self-service interactions, helps clarify how customer journeys are driving revenues.||Testing ‘Buy’ buttons increased clicks by 20%. |
Encouraging a data-driven, test-and-learn culture
|*||Insurance||Security||Behavioral Analytics/Security Analytics||Identifying anomalous events such as privileged account logins from|
a machine for the first time, rare time of day logins, and rare/suspicious process runs.
|Handling around 5,000 events per second from over 9,000 servers and nearly 6,000 employees.||Securonix|
|Under Armour||Retail||Operations||Retail Analytics||Building an app called UA Record™ that serves as a personal health assistant.||Users are encouraged (via the company’s website and the mobile app) to purchase UA HealthBox devices (like the UA Band and Headphones) that synchronize with the app. Therefore their revenue for Connected Fitness accessories grew 51 percent to $80 million.||IBM Watson|
*Vendors have not shared the client name
If your organization is willing to implement an analytics solution but doesn’t know where to start, here are some of the articles we’ve written before that can help you learn more:
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