According to McKinsey & Company, data-driven organisations are 23 times more likely to acquire customers. What is data doing for your business?
Along with cloud and mobile technologies, data-driven decision-making has emerged as one of the biggest business disruptors in the digital age. Today, consumers and business customers alike are turning to digital mediums to make their purchases and manage their services. Furthermore, every digital activity generates actionable data. The challenge lies in leveraging that data for smart decision-making.
What Are Data Analytics?
From superfluous metrics such as likes on Facebook to important statistical data like conversion rates, every digital action creates a record of ones and zeros. In fact, our increasing reliance on data has given rise to data sets so large that no human could ever hope to make sense of them alone. Enter the age of big data, in which the vast amount of information available to businesses has become impossible to manage through conventional means.
At least, it’s impossible to manage if you don’t have a decent data-analytics solution at your disposal. As the key driver for smarter decision-making, data analytics helps you locate the sources of data available to you, determine which data is relevant and visualise it through user-friendly mediums like graphs and charts. Delivering insights in real-time, this approach also allows you to act quickly on new opportunities.
Benefits of Data Analytics
Anticipate Future Needs
Organisations are under increasing competitive pressure to better understand their customers and anticipate their needs. Armed with the wealth of information at your disposal, you can map every stage of the customer journey to determine their needs more accurately than ever before. Furthermore, real-time data analytics even lets you identify trends and opportunities with an outstanding degree of accuracy.Deliver Relevant Messaging
Data analytics provide business decision-makers with insights into target audiences that allow them to tailor their messaging accordingly. Big data, for example, provides the opportunity to better understand attitudes and act in real time to make customers feel personally valued. In today’s multi-channel service environment, that’s a huge advantage to have on your side.Optimise Customer Experiences
Data-driven decision-making helps you avoid a myriad of costly operational problems that ultimately impact customer experiences and brand loyalty. For example, say you have an online store where people are inexplicably abandoning their shopping carts. Since data analytics provide full visibility into the customer journey, you’ll be able to identify the issues that are causing them to leave.Improve Your Product
As the lifeblood of any company, a product or service is often the biggest investment of all. As such, your product-management teams have a mission-critical role to fulfil, and that includes recognising trends and building a roadmap for future releases and improvements. The ability to collect data from a wide range of sources through an analytics programme gives you the insights you need to make those improvements.Mitigate Business Risk
Digital data might be one of the most valuable commodities in the modern world, but data analytics aren’t just about increasing revenue. It’s also about mitigating risk by identifying potentially fraudulent activity, anticipating future issues and identifying and tracking down perpetrators. To that end, data analytics can provide the insights you need to bring your cybersecurity systems to the next level.
folio1 is adept at building Enterprise Service Portals, displays the data you team needs, in real time, to empower smarter decision-making.We can help with:
- Identify which data is important and which isn’t
- Collect data from a wide range of different sources
- Track data-driven insights in real time
- Create customised views for each user and / or department
- Capitalise on lucrative new opportunities