Data Capabilities Within Your Business.
The digital era has created an overwhelming amount of information that is collected as big data that has proven to be immensely valuable to most organizations enabling them to integrate heterogeneous data or mostly disparate data into meaningful sources for business models and Artificial Intelligence(AI) algorithms that help them manipulate and understand behaviors. Adoption of big data in most companies has become a recent trend and will still rise in the coming years.
How important is your data?
With the given technological advancements, interactions with technology in either passive or active ways creates data that can describe us. Data plays an important role in understanding valuable insights about target demographics and customer preferences.
Personal data as described in our previous post, is captured through credit cards, cell phones, and other touch points. Consumer data profile grows exponentially, which if analyzed correctly, such data points can explain so much about the customer behavior, personalities, and lifestyle. Companies can leverage these insights for product improvements, business strategy and marketing campaigns to cater to their target customers.
Recent technology has enabled the speed and efficiency at which analysis of large data sets can be done. As data grows substantially, its collection and examination will be to reveal unexpected insights and even help in predicting the future.
Generally, easy access to data has proven to change how the smallest companies do business and more often some new startups are fully established around data mining and processing. It has and will become incredibly easy for most organizations to seamlessly implement data oriented solutions since new, innovative and cost-effective technologies constantly emerge and are being improved.
How do you apply big data in your business?
A crucial competitive advantage to most leading companies is the use and understanding of their data, to an extent that they collect more data that gives them the opportunity to discover hidden insights that their competitors have no access to. Data presents an abundance of new growth opportunities, from internal insights to front facing consumer interactions. These business opportunities can be summarized as Automation, In-depth insights and Data-driven decision making.
How do you get the most out of your data?
Data analytics is done to uncover hidden patterns, correlations and to also give actionable insights so as to make more informed business decisions. Most businesses want to be objective and to remain data-driven, which makes them embrace the power of big data and technology. Organizations invest hugely on big data analytics, making them rely on quick and agile decision making to remain competitive.
Here is a quick summary of how you can effectively use your big data:
Boosting your customer acquisition and retention;
The most important asset that any business relies on is its loyal customers base. This, however, cannot afford to disregard the high competition that every business faces. If a business is slow to learn what its customers are looking for, then it is very easy to begin offering poor quality products and services and, thus poor customers retention powers, creating an adverse overall effect on business success.
The use of data allows businesses to observe numerous customer related patterns and trends. The more data a business collects, the more patterns and trends the business generates. With proper customer data analytics mechanism in place, a business has the capability to derive critical behavioral insights that it can act on and be more market relevant.
Understanding customer insights will allow your business to be able to deliver what the customers want from you. This is the most basic step to attaining high customer retention.
One way that we ensure to deliver on data processing capabilities at Eazzy Labs, is by offering interactive dashboards, built to goal specifications, enabling us to tell stories with the collected data, and make decisions. Whatever it is that we need to see, we automatically generate a dashboard that builds a pattern around the data fed into it.
Solving advertisement problems and offering marketing insights;
Data analytics can help change the process of a number of business operations like the ability to match customer expectations, changing the company's product line and ensuring that the marketing campaigns are powerful.
The marketing and advertising sector are able to make a more sophisticated analysis. This involves observing the online activity, monitoring the checkout process and ease of completing transactions, and adjusting on the fly detection to dynamic changes in customer trends. Gaining insights on customer behavior takes collecting and analyzing the customer’s data. This is done through a similar approach used by marketers and advertisers which results in the capability to achieve focused and targeted campaigns.
The unmatched times and highly risky business environment call for better risk management processes. A risk management plan is a critical investment for any business regardless of the sector. Being able to foresee potential risks and mitigating it before it occurs is critical if the business is to remain profitable.
Big data analytics has greatly contributed to the development of risk management solutions. The availability of such tools allow businesses to quantify and model the risks that they face daily. Data has a huge potential for enhancing the quality of risk management models. Therefore, a business can be able to achieve smarter risk mitigation strategies and be able to make strategic decisions.
However, companies need to be able to implement a structured evolutionary approach so as to accommodate the broad scope of data. To achieve this, organizations collect the internal data first so as to gain clear insights that will benefit them. More importantly, is the integrated process of analysis that a company uses. A proper data analytics system helps ensure that areas of weaknesses or potential risks are identified.
The Drive for Innovation & Product Development;
Data has the ability to help companies innovate and re-develop their products- since it has become an avenue for creating additional revenue streams- through enabling innovations and product improvement. Companies begin by collecting as much data as would be technically possible before designing new product lines and re-designing the existing products.
Every design process as discussed by Folin, has to begin by establishing what exactly fits the customers. There are various channels through which an organization can study customer needs. Then the business can identify the best approach to capitalize on that need based on the data analytics. This means that a company must come up with means for tracking its products, competitors and customer feedback.
Once the data is availed, an analysis is then conducted to ensure logical reasoning is applied before an action plan is devised. Luckily, product manufacturers of every size have a unique advantage when it comes to gathering and harnessing data. This, therefore, means that these organizations can easily improve their product line by producing innovative products.
Before choosing and having an implementation of data-driven solutions, one should at least take into account:
- Having an experienced data team.
Create a team of experts in data collection, analytics, and strategy to help build an ideal data approach that results in positive returns for the company. This team should include individuals who understand modern analytic methods, able to manipulate data sets and experienced consultants who understand overarching business goals.
2. Identify your data collection objectives.
Having the right objectives is crucial for successfully implementing a data solution. The data and analytics must be properly aligned with the organization’s end goals which may include greater profit, brand recognition, and the market share.
3. Capture the right data.
Once the underlying business goals have been defined, the next step is to have a full understanding of the data before its application. Identifying, capturing, and tracking the right data will be the backbone of the entire data process. Utilizing the wrong data sets can result in catastrophic consequences that leads the entire company in the wrong direction.
4. Apply proper analytic methods.
Professional data analysts are skilled in translating data into valuable insights efficiently and accurately. Visual summaries of the data that are easily digestible help supporting teams quickly process the data analysis and make quick business decisions.
Data analytics is an important investment for any growing business. Through implementing data analytics businesses can achieve a competitive advantage, reduced cost of operation and drive customer retention. There are various sources of customer data that businesses can leverage. As technological advancements continue, data is becoming readily available to all companies.
Technically, it is fair enough to say that companies already have data at their disposal. It is up to the individual company to ensure it implements appropriate data analysis systems that can handle the data.
Does your business have a data analysis mechanism in place?