Predicting what is likely to happen provides your company with more control over operations and offer positioning. Most high tech manufacturers utilize predictive analytics and historical data in optimizing product and production processes. More recently, companies have successfully used big data and advanced analytics to enhance revenue management.
While concerns about staff and budget shortages caused by the pandemic held back some businesses’ analytics technology expenditures, for others, analytics technology has become a game-changer. Managing revenue by applying data modeling, artificial intelligence, machine learning algorithms and statistics helps predict the future and navigate disruptions. Fast-growing, high tech companies are leveraging this in today’s hyper-competitive market. They use it to understand customers better, optimize income and evaluate marketing spending — ultimately improving the bottom line.