Learn the Secrets Behind Hyundai’s Business Intelligence Analytics

How well would you be able to make strategic decisions if you have everything you needed at your fingertips? It’s likely that your company already collects the necessary information on the market, your customer base and your competitors, but what do you do with that information? Are you implementing business intelligence analytics to be sure you derive value from the information? This is an important question as you should be doing something with that information that promotes your business or puts you in a better position to win a deal. Otherwise, you are simply wasting time and money by collecting information. Turn that around and lean on business intelligence analytics. 

Hyundai’s Path to Success with Business Intelligence Analytics

The success story behind Hyundai Securities’ mission is one that you should pay attention to as it could lend value in your own environment. The company knew that it needed to implement business intelligence analytics, but it also wanted proof that the implementation would be beneficial for the company. Once it put the business intelligence solution in place with a customer segmentation system, the company turned to a marketing research firm to conduct a phone survey. In addition, a focus group test was completed to test the accuracy of the insights that were delivered by SAS business intelligence analytics. SAS is a powerful name in the space, but the company wanted to be sure that its solutions delivered on promises. Once the assessment and testing were complete, the results showed that the business intelligence analytics from SAS was very accurate.

A Mission in Business Intelligence Analytics

For Hyundai Securities, the mission was actually twofold: the company wanted to target VIP customers shown to drive retail profits; and to better cater to the needs of these customers with targeted and preference-based product and service offerings. Business intelligence analytics helps to equip the company to better achieve its goals and Hyundai Securities turned to SAS analytics for help. The two worked together on a business intelligence analytics project, designing a VIP customer management program, as well as a new customer welcome program. Business intelligence analytics will be used on this segment of the customer base in the future to develop customer preferences and profiles.

A First-Hand Perspective of Business Intelligence Analytics

According to Seung-Gwon Park, Hyundai Securities Customer Marketing Team Director, the business intelligence analytics put in place with the customer segmentation system was able to estimate that new customers brought in by the sales team accounted for roughly 10 percent. The quantitative survey conducted afterwards that focused on 1,000 Hyundai Securities customers, found this assessment to be accurate. The company also has plans to use business intelligence analytics to develop a customer loss tracking and alert program in an effort to combat churn. Hyundai Securities will again rely on SAS and business intelligence analytics to identify root causes of customer attrition, which will allow the company to develop the right strategies to counter the problem.

With the right business intelligence analytics in place, companies can be at a great advantage in the market, gaining a greater understanding of why things are happening and then controlling the total experience for the customer. In taking this approach, companies like yours can ensure healthy growth and greater profitability.