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Most common Data management use cases for all enterprises.

Data solutions are implemented at small scale in Organizations and the one that is implemented at large scale are strategic solutions. At Times department is seeking and perhaps they need more in-depth, customized solutions for the data needs, and this leads to complex data architecture which is hard to govern on a day-to-day basis and data needs of the departments remains unmet. Some of the stats which validate these statements are:

  • Internal data management using a mix of commercial and homegrown tools is set to increase by 40% within two years. (Deloitte Digital)
  • The average business already has 17 unique technology applications housing customer data. (Deloitte Digital)
  • On average, businesses receive data and metrics from 28 unique sources. (Deloitte Digital)
  • In terms of how business leaders interact with data, 70% of time is spent finding data with only 30% analyzing it. (IBM)

The need for an intelligent, on demand, AI driven platform for business analytics for the department are obvious and below are the key use cases which can be dealt with a simple data fabric platform.

Data Management for Analytics

Of all the use cases, data management for analytics is the most talked-about and is swiftly rising to the top of the list for data and analytics along with business users. The software created for this use case is specifically made to support analytical processing, as well as the usage of machine learning and data science programming languages. The new age software use graph technology, AI and ML libraries and super easy data integration for data management.

This sets data management for analytics apart from straightforward data warehousing. Platform providers are making significant investments in data management for analytics, and some of the most innovative companies are expanding quickly in this field when they solve the regular use cases faster with a on demand solution.

  • Real-time Analytics and Insights: Having real-time access to data enables organizations to quickly make informed decisions. An enterprise data fabric can help by providing a unified and centralized repository of data that can be easily accessed and analyzed in real-time.
  • Real-time Monitoring for Customer Behavior/Product Adoption/Churn: By monitoring customer behavior, organizations can gain valuable insights into how their products are being adopted and used. An enterprise data fabric can help by collecting and aggregating data from multiple sources and making it available for real-time analysis.
  • Real-time Visualization: The ability to visualize data in real-time can help organizations quickly identify trends and patterns. An enterprise data fabric can help by providing a centralized repository of data that can be easily accessed and visualized in real-time.
  • In-memory Analytics: In-memory analytics is a technique that enables organizations to perform real-time analysis on large amounts of data. An enterprise data fabric can help by providing a centralized repository of data that can be easily accessed and analyzed in-memory.
  • Product Monitoring: Monitoring product performance is critical for organizations that want to make data-driven decisions. An enterprise data fabric can help by collecting and aggregating data from multiple sources and making it available for analysis.
  • Personalized Marketing: Personalized marketing involves targeting customers with customized messages and offers based on their preferences and behaviors. An enterprise data fabric can help by collecting and aggregating data from multiple sources and making it available for analysis, which can inform personalized marketing strategies.
  • Customer Segmentation: Customer segmentation involves dividing customers into groups based on their characteristics, such as demographics, behavior, or preferences. An enterprise data fabric can help by collecting and aggregating data from multiple sources and making it available for analysis, which can inform customer segmentation strategies.
  • Predicting Customer Lifetime Value (CLV): CLV is a measure of the value a customer brings to a business over their lifetime. An enterprise data fabric can help by collecting and aggregating data from multiple sources and making it available for analysis, which can inform CLV predictions.
  • Customer Sentiment Analytics: Customer sentiment analytics involves analyzing customer feedback and opinions to gain insights into customer satisfaction and loyalty. An enterprise data fabric can help by collecting and aggregating customer feedback data from multiple sources and making it available for analysis.
  • Marketing Trends: Understanding marketing trends can help organizations make informed decisions about their marketing strategies. An enterprise data fabric can help by collecting and aggregating data from multiple sources and making it available for analysis, which can inform marketing trend analysis.
  • Spending Habits: Understanding spending habits is critical for organizations that want to make data-driven decisions about their finances. An enterprise data fabric can help by collecting and aggregating financial data from multiple sources and making it available for analysis.
  • Product Pricing: Setting the right price for a product is critical for organizations that want to maximize their profits. An enterprise data fabric can help by collecting and aggregating data from multiple sources and making it available for analysis, which can inform product pricing strategies.
  • Customer Behavior Trends: Understanding customer behavior trends can help organizations make informed decisions about their products and services. An enterprise data fabric can help by collecting and aggregating customer behavior data from multiple sources and making it available for analysis.
  • Tracking Demographics: Understanding demographics can help organizations make informed decisions about their target markets. An enterprise data fabric can help by collecting and aggregating demographic data from multiple sources and making it available for analysis
  • Lifestyle Preferences: An enterprise data fabric can help in understanding the lifestyle preferences of customers by analyzing and integrating data from various sources such as social media, purchase history, and demographic data. This information can be used to create targeted and personalized marketing campaigns, improve customer experiences, and enhance product offerings.
  • Effective Recommendations: By analyzing customer data, an enterprise data fabric can provide real-time recommendations based on past purchases, preferences, and behavior. This can help increase customer engagement and drive sales by offering relevant products and services.
  • Enhanced Experiences: By using real-time analytics and customer insights, an enterprise data fabric can help enhance customer experiences through personalized marketing and targeted product offerings. This can result in increased customer satisfaction and loyalty.
  • Retention and Churn Reporting: An enterprise data fabric can help track and monitor customer behavior, including retention and churn rates. This information can be used to identify areas for improvement and take proactive measures to increase customer retention.
  • Product Innovation: An enterprise data fabric can help in product innovation by providing real-time insights into customer behavior, preferences, and purchasing patterns. This information can be used to improve existing products and create new ones that meet the evolving needs of customers.
  • Customer Sentiment Analytics: An enterprise data fabric can help in analyzing customer sentiment by integrating data from various sources such as social media, customer feedback, and product reviews. This information can be used to improve customer experiences, identify areas for improvement, and enhance product offerings.
  • Product Offers: An enterprise data fabric can help in creating targeted product offers by analyzing customer data, preferences, and behavior. This information can be used to create personalized and relevant offers, increasing customer engagement and sales.
  • Resell, Upsell, and Cross Sell: An enterprise data fabric can help in increasing sales by providing real-time insights into customer behavior and preferences. This information can be used to identify opportunities for reselling, upselling, and cross-selling products and services, resulting in increased revenue.

Because master data is so interconnected and shared, poorly designed MDM systems have a negative impact on business agility across your entire organisation. The relational databases used by the majority of legacy data management systems aren't designed for traversing relationships or providing quick responses.

As business analytics develop, these data links and interconnections in your master datasets are crucial for maintaining a competitive edge. The good news is that hierarchies, information, and links in your data can all be modelled, stored, and queried using graph databases.

Leverage ScikIQ for brining on demand, fast and confident data analytics to your organization

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