Think You’re Not a Data Company? Think Again
By Tim York
Regardless of what industry your company operates in, if you are not using big data to understand customer behavior, respond to market trends, and make predictions about the future, you are missing out on an important competitive advantage. That’s why it’s crucial for every organization to have access to the tools and the talent that drive success. Let’s take a quick look at a few of the most common problems that organizations have with their data,
Common Pain Points in Data Organization and Implementation
If you have a problem with turning the mass of data that your organization collects into clear, informative, actionable information, you need to reassess the tools you are using. The odds are good that your organization has at least a few of the following complaints:
● Our data is not beneficial to our operations.
● Analysis and reporting are both labor-intense and ineffective.
● Timely and precise results for customer use are difficult to provide.
● Company outcomes are difficult to compare against prior results or competitor outcomes.
● The tools that are being used are not clearly defined.
● Multiple silos of information are maintained in a variety of formats across the business network.
Finding Smarter Uses for Company Data
If any of the above-listed issues apply to your organization, you need to rethink your strategy for extracting, organizing and analyzing data. You also need to find ways to present the data (and the conclusions drawn from such information) in a manner that is readily understandable to a diverse range of audiences. Therefore, the software analytics platform you use should be designed so any reports can be adjusted to your company’s ongoing needs and objectives. Here are a few realistic goals that can be achieved by leveraging the data your company already collects:
● Improve Customer Experience. Data can lead to better understanding of customer behavior, as well as a better understanding of how customers perceive your products, your company, and your brand. This can enable you to make statistically-driven decisions about the most cost-effective way of leaving your customers happier.
● Reduce Production Costs and Overhead. No process is 100% efficient -- but identifying problems with your processes for providing goods and services can be challenging. Most companies do collect data for the sake of improving in this regard, but without a method of organizing and analyzing such data, many important insights go undiscovered.
● Create Useful Content. Original statistics are one of the most valuable assets any piece of marketing content or web copy can possess. They help establish authority, build trust, and convince customers, partners, and investors that your organization is on the right track. Well-managed data systems make extracting and leverage such statistics easy.
● Prepare for the Future. Though uncertainty is always present, predictive analytics can help leaders make decisions that position their organizations for success in the present and in the future.
Learn more about the value of data (and how you can use it for your organization) by visiting QBIX Analytics online today.