Advanced data and analytics

Data is bewildering and difficult. Dealing with good data is vital for making great decisions – but it’s only useful once you’ve turned that data into insight. With four in ten businesses already struggling with the volume and complexity of their data, realising its true potential means taking advantage of the best tools and advice.

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Advanced Data and Analytics

Data is bewildering and difficult. Dealing with good data is vital for making great decisions – but it’s only useful once you’ve turned that data into insight. With four in ten businesses already struggling with the volume and complexity of their data, realising its true potential means taking advantage of the best tools and advice.

A business which knows its customers is one with the power to build positive relationships and deliver the kind of personalised service today’s customers expect – yet in this complex era of big data only 35% of organisations are able to draw any value from their data sets. Intelligent use of analytics can help you turn information into insight.

Improve your affordability checks

Knowing what you need to know makes the process of bringing in new customers smooth and hassle-free. Using a service like one of Experian’s Affordability Checks gives you access to insights derived from numerous wide-ranging data sets, potentially cutting the number of customers requiring a manual review by up to 30% and increasing acceptance rates by 10%.

Empower your customers

Strong analytics turn a customer database into a rich pool of understanding – but why keep those insights to yourself? Supplying financial analytics directly to consumers can aid them in making better decisions for themselves and help you form a strong relationship built on sound advice. Tools like those available through Experian Consumer Advantage can also supply the data required to strengthen your own processes.

Learn from history

Running analytics on historical data can offer insights into a customer’s financial situation beyond their current status. Tracking historical behaviour helps enhance fraud detection and spot previous irregularities, reducing load on underwriters and helping you make more responsible decisions about new accounts.

Market with confidence

Gaining a clear picture of your potential customers gives your organisation the chance to refine your message to match. Calling on a classification system like Experian’s Mosaic enables you to better understand consumer characteristics, using variables derived from a wide range of data sets and research studies to identify market segments as well as help personalise your communications.

Dive deeper into data

If you really want to do more with analytics on consumer data, a tool like Experian’s Ascend Analytics on Demand can help draw insights out and improve your decision-making process. You’ll be able to access consumer bureau data and compare it with your own, then build the benchmarks and analyses you require to do better business without a massive internal IT infrastructure.

Frequently asked questions

Below are some of the common questions around data analytics and our answers.

Data analytics is a way of processing and analysing vast quantities of data. Insights are the useful pieces of information generated by this process, which a business can use to make strategic decisions. The main difference between analytics and advanced analytics is the levels of information you’re able to analyse and gather from your data. Basic analytics looks at your own business’ data in a simple format. Advanced analytics uses a wide variety of tools, techniques and datasets to provide more in-depth insights and reporting. Advanced analytics is able to look at Big Data and make more complicated and accurate decisions than basic business analytics.

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