Data is crucial to the evolution of today’s businesses.
Yet, many organisations still don’t know how to use data
analytics to their advantage.
The growth of the cloud computing market and the
accessibility of new technology means that even the smallest business can
unlock the potential of big data and advanced analytics. According to Bain, approximately
80% of companies think that data and analytics are crucial to their future
growth, yet only 19% of brands are mining high-quality information
If you’re one of the many companies that still isn’t making
the most out of the data revolution, now could be the perfect time to get ahead
of the competition.
Let’s take a look at how companies are using big data and
analytics to change their processes and how you can take the same step forward.
Using strategic analytics for a better
One of the reasons that companies of all sizes are beginning
to see the importance of data in decision making is that they can now see just
how valuable information is to stand out from the crowd. With strategic
insights into your marketplace, you can begin to see the gaps in your industry
that need to be filled, giving you an incredible opportunity to create new
products and services for a niche audience.
As you collect more data about both your target market and
your current industry, you’ll begin to see the gaps between what people want
and what is being delivered. For instance, you might notice that a lot of
customers are asking for next-day delivery on items, but most of your
competitors can’t offer this service. Leading marketplace, Amazon used big data
analytics to determine that their customers wanted the convenience of Prime
delivery, mixed with access to their grocery shopping. As a result, Amazon Fresh and
Whole Foods emerged.
Using big data and analytics for supply chain
When you’re learning how to use data analytics to come up
with new ideas for your product and service portfolio, you can also start to
pinpoint inefficiencies in your supply chain. For instance, PepsiCo is an example of a brand that relies
on vast amounts of data to manage efficient supply chain management. The
company is continuously tracking demand and warehouse inventory to ensure that
they don’t fall behind on providing the products their customers need.
With the right analytics strategy, you can even determine
whether you’re paying over the odds for the services that you rely on every
day. For instance, the
Nice Network analytics division highlights potential overspend by looking at
your month-to-month billing overviews to determine whether you’re paying for
more bandwidth, mobile functionality, and data than you really need.
This means that the importance of data in decision making
can extend to giving you more control over your expenditure, and more insight
into the vendors, suppliers, and software you work with.
Using data to improve customer experience
Finally, when it comes to discussing how companies are using
big data and analytics, one of the most common options is to tap into
information for customer service purposes. The customer is the asset that your
business depends on most. Without happy customers, you can’t thrive in the
current marketplace, no matter what you do, or what kind of products you sell.
The use of big data allows companies to access useful trends and patterns in
customer behaviour that can inform decision making.
For instance, you can assess your contact centre data and
discover that your customers are more likely to contact you via text rather
than using a phone call. That means that you might decide to invest more into
SMS-focused customer service. You might even notice that certain products are
more appealing to your customers than others, so you can make choices about
where to make your next investments.
The key to success in the current marketplace is making sure
that you’re delivering what your audience wants from you and your industry.
However, the only way to make sure that you know what people need is to dive
into your data analytics and find out what they have to say.
Understanding the importance of data in decision making
In the age of customer experience, when the marketplace is
becoming more competitive for virtually every industry, companies can’t afford
to overestimate the importance of information. Learning how to use data
analytics effectively will help you to:
- Strengthen your marketplace position
- Improve your supply chain
- Reduce expenses and unnecessary waste
- Create new innovations
- Better serve your target audience
Are you ready to discover what data can really do for you?