Use Analytics to Find Fast, Direct Paths to Profitability
Use Analytics to Find Fast, Direct Paths to Profitability
We’re talking weeks, not months, or years
A lot of businesses feel “stuck” in today’s uncertain market, unsure about how to get ahead. First an unprecedented pandemic, then historic inflation. It’s been a rough go for many, by any standard.
Yet, companies that are thriving aren’t passively watching their bottom line. They’re not waiting for the latest reports on jobs, inflation, consumer spending, or interest rates hikes.
Instead, they are gathering customer intelligence. They’re building more holistic, nuanced views of their customer’s wants, needs, behaviors, and preferences. They’re intervening in processes and making smart adjustments to the customer journey. They’re experimenting and redefining what their business looks like. All are based on the outcomes of real-time customer decisions.
In short, they’re accessing differentiated data assets and technology at their fingertips within an inclusive analytics platform such as Equifax IgniteⓇ. Equifax IgniteⓇ will move their businesses forward, in spite of uncertainty. But, this doesn’t have to be something that “other businesses” do. Here’s why this approach is good for all businesses, including yours.
Visualize faster, gain insights quicker, and adjust models swiftly
Think of analytic platforms like Equifax Ignite as a form of x-ray vision. They enable you to see through barriers and visualize faster, more direct paths to profitability. Say, your business is growing. You’re signing up more new customers than ever before, but your bottom-line is idling. An analytics-based approach can show you why this is happening to you. It can enable you to experiment with alternative strategies that solve the problem.
For instance, you might learn that your “free account sign-up” policy is diminishing the value of your services. Since customers have no skin in the game, they’re abandoning their accounts after signing up. You can then experiment with different approaches, including:
various types of sign-up fees
monthly subscription fees
bonus incentives that reinforce value and motivate account usage
The net-net? You can dynamically problem solve within a secure, collaborative analytics environment. You can pinpoint the optimal strategy in the shortest possible time frame. We’re talking days or weeks, not months or years.
Applications for this innovative approach are practically endless, spanning all functional areas like:
fraud mitigation and more.
You can dive deep within each funnel to adjust, fine-tune, and correct sub-optimal processes that are limiting growth or putting the business at risk. What’s more, it can be easily scaled to fit all types of businesses of any size, within any industry.
Removing barriers to progress.
In essence, analytic solutions like Equifax Ignite aid in problem solving, experimentation, and innovation. But they can also help remove barriers to business visibility and agility. Some of the biggest obstacles that can slow down or impede progress include:
Data limitations. Data silos arewhen functional teams manage their customer data in separate systems or databases. These can lead to flawed customer decisions and subpar experiences, since teams are only working with a partial view of the customer. Also, in many cases, businesses lack the ability to intelligently key and link their data together so they can better understand important relationships between customers (i.e., household connections, business ownership, etc.). Likewise, the process of augmenting customer data with deeper insights about their demographics, personal preferences, and financial standing can be cumbersome and time-consuming. It requires the business to manage and integrate many third-party sources and data streams.
Disjointed production systems and processes. Businesses also struggle with siloed processes and production systems. For instance, they might access and compile data and attributes in one environment; build, test, and confirm scores and models within a different system; deploy coding in another; and launch the final strategy using another platform. Rarely, if ever, do these disjointed systems provide a “feedback loop.” A “feedback loop” is where decisioning outcomes are analyzed in real-time to enable quick, strategic adjustments to scores and models. What’s more, the back and forth between different teams and environments during the analytics-to-production process creates friction that fuels unnecessary errors and delays.
A lack of analytic expertise. While large enterprise organizations usually employ data analysts and data scientists, these experts frequently wear multiple hats and can get bogged down with tedious, non-revenue-generating tasks like cleansing and aggregating data, which can paralyze production. Small and mid-sized companies are often more focused on standard, day-to-day operations and performance metrics, and may skip the analytics altogether. If they choose to move forward with an analytics approach, it likely involves hiring a specialist or contracting with a third-party resource.
When these and other barriers are removed, it’s like driving on the interstate versus the scenic route. You get where you want to go faster by cutting out inefficient processes. It is important to work within an inclusive, one-stop analytics environment. Your time-to-market and time-to-revenue accelerates. You suddenly become agile and nimble, capable of pivoting with fast-moving markets and consumer behaviors, instead of reacting months later.
From the customer perspective, it’s game changing. Functional teams across the business can work from shared, 360-degree views of customers. You can improve service levels at every touchpoint, both digital and in person. You can swiftly identify and resolve challenges throughout their journey, from acquisition and origination to ongoing management and growth. And, along the way you can provide more personalized and differentiated experiences that further distinguish your business, while keeping your customers engaged and coming back for more.
It’s where business is going today, and it’s most definitely where you want to be. Here’s how you can get there.
Meet your goals with Equifax Ignite to move forward from “where you are”
No matter your current level of data sophistication, your existing technology, or your analytics expertise, solutions are available to meet you where you are and move your business forward with an analytics-powered approach. These solutions can work with your existing data and infrastructure, further strengthening it, by seamlessly supporting it within a single, analytics-to-production environment.
For instance, solutions available through the Equifax IgniteⓇ platform include multiple options, depending on the unique needs of your business.
Those businesses with little to no analytic resources or expertise can access a pre-configured solution with pre-built data sets (labeled by use case), intuitive dashboards, and an easy-to-peruse catalog of curated, standardized apps. With zero coding or programming expertise, you can easily consolidate your customer data into an authoritative resource, a “single source of truth,” and augment it with more specialized data as needed. In turn, everything you need—meaning, your data, an analytic production channel, decisioning platform, and a feedback loop—is available within a single point-and-click interface, explained in layman’s terms, not “tech speak.” Put simply, it’s purpose-built for business users, like analysts, managers and executives, who want insights and answers, fast.
Those businesses with more advanced analytic acumen can access tailored solutions to fit their needs by building from scratch or starting with standard models. You can access pre-configured data and features designed for standard use cases, plus you can also unlock market intelligence, data exploration and portfolio insights. Once again, all the necessary data and technology (either yours or ours) is integrated into a single environment to speed up your analytics-to-production timelines. Meanwhile, a feedback loop gives you the ability to monitor and intelligently adjust your strategies, experiment with new analytic tactics, and develop innovative products and fresh market approaches. It's an ideal starting point for analysts and data scientists, especially those who are looking to simplify burdensome chores like data cleansing and integration.
Those businesses with dedicated analytics teams can access a do-it-yourself solution that enables you to define the unique data and tools you need to build specialized insights, models, and scores. You get the full boat—access to everything. This includes all levels of pre-configured and raw data, including:
current and historical data,
data prep and visualization tools,
and attribute and scoring development.
You’re in the driver’s seat; we simply provide a secure, fully equipped vehicle for you to get there faster. As this is among the most advanced, comprehensive analytics solutions on the market, it’s a virtual playground for data scientists who are looking for more efficient ways to collaborate and innovate.
What distinguishes Equifax Ignite solutions and makes them ideal for all businesses is that everything is built on cloud-based technology for added security, flexibility, and speed-to-market. They’re data agnostic and platform agnostic. This means you can use your data of choice and existing delivery channels/platforms. There’s no need to start over or add new analytic expertise.
Also, if you’re not quite there with your analytic technology, market-leading resources are available within Ignite. The Equifax decisioning hub known as Interconnect is available to build, test, and execute analytic scores and models. It integrates with the Equifax Ignite platform. This provides a shared sandbox and feedback loop where you can monitor and analyze your scores and models, and experiment with new strategies.
In today’s business world, the only constant is change. Yet, instead of decelerating or feeling stuck amid uncertainty, thriving businesses are learning to embrace it by becoming nimble and flexible. A dynamic solution like Equifax Ignite enables this approach. They’re tapping into quick, decisive insights that fuel more agile and informed business strategies. They’re powering big-picture views of customers that drive increased revenue and exceptional experiences at every step. And they’re doing it all by optimizing and consolidating their existing data and resources under a robust, one-stop analytic platform.
Discover how your business—no matter the level of your analytic resources or expertise—can do the same. Get in touch with Equifax today.