Well can data give answer to any problem? There is unanimous votes for and against of the question, but if you ask me well it certainly helps me big time to get to a perfect conclusion. Data, undoubtedly helps make business decision easier and can clearly forecast the current and future state. Its extremely important to get behind the basics of data, as your bottom line is dependent upon your willingness to do so.
Big data leads to relevance for consumers and do they want it? Yes. Consumers want and expect relevance, and companies know that big data analysis can make their marketing and sales relevant.
Its a term recently popularised and for all good reasons caught attention of marketers, and for all those people who still question the importance of Big data, let’s focus on few ways how it helps create more profitability for your organization:
It does not matter what industries you belong to, it is always advisable to keep up with the current trends within your organization:
Spending time on such questions will help you decide what adjustments to your operations are necessary and what alterations would reduce costs or increase, thereby increasing profits.
Once data is accumulated over a long period, it tends to emerge as a pattern which leads to create operational identities. This long term awareness helps you to identify blips in real time, as one becomes sensitive to changes in the data for regular analysis. What are blips? Well they are certain patterns which may require short term or sometimes no action, while pattern shifts indicate something has changed and further indication is required.
Sales promotions, new product launches or product issues are examples of internal events. External events such as product endorsements, weather or negative press can also create blips and determine what’s driving the blip.
Keep capturing data for your core processes, especially those for customer interaction for long period of time and continue comparing week over week, month over month until you find a rhythm within the pattern. Such long term awareness helps one to plan accordingly and make the right decisions which in turn assist in creating additional revenue or increasing profitability.
Proper data utilization is a key driver to customer retention. So if you’re capturing data from your customer facing processes, there are maximum chances to identify opportunities in increasing customers’ experience. Even if you invite customers to provide feedback with respect to their organization there are some probability of adjustments that you can make to improve customer retention.
Information like number of visits, inbound calls, email contacts or web chats are income generators proving that data from customer facing processes is crucial to improve profitability
Capture and utilize data to answer variety of questions that someone may ask regarding your operation and your readability to answer those questions shows how superior you are.
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