Data Analytics: Top 10 Benefits Driving Positive Business Outcome
Digital transformation of businesses has given the right momentum for a tech-driven world. Understanding a customer's journey has become easier with the help of technology. Businesses can identify a customer's app use, social media use, likes, and dislikes, preferences about a product, expectations, and digital clicks with the help of a huge amount of data that is available. But is just the data enough? NO.
It takes more than just having the bulk of information, and this is when analysis of data helps businesses function smoothly. Data analysis is used to analyze the raw data to identify trends and answer relevant questions. There are several other areas of expertise that are used in data analytics but we will focus on the broad scope of things and how it is helping businesses drive home results.
1.Achieve Customer Satisfaction
The traditional approach to performance and delivery of a product is completely changed with the modern use of analytics. Product delivery is the core of customer satisfaction and analytics helps businesses identify the customer expectations and their own capabilities. This helps to not just keep up with the demand but also supply the best product.
For any business to succeed in these competitive times, it is crucial that they have a list of happy customers. When a business is able to put data analytics to good use on both the service and operations side, it helps them achieve a great level of customer satisfaction.
2.Proactive and Not Just Reactive
Customers expect the businesses to know them, their requirements, pain, and unique needs be fulfilled with the products or services that they purchase. With the help of data analytics it is easier for businesses to be proactive rather than be reactive to customer needs. When a business knows a customer their requirements well, it also helps them plan future strategies to suit customer needs.
In this competitive market, businesses that make the best use of data analysis are able to drive true value for customers.
3.Decision Making Spot on
When it comes to decision making, data analytics is the best help available out there. Gone are the days when only experience was enough to implement business strategies. In our times, analysis of data helps businesses to accurately gather information and at a great speed too. As a result, the decision makers now rely on hard fasts and precise information. Data driven decision making when combined with the appropriate marketing strategies help business leaders to drive business towards success.
A good example of data analysis is the retail businesses. The businesses implement the right technology to analyze footfall, fast or slow selling products, customer interaction, buying mode, to name a few. This helps them strategically increase marketing and promotions around the products and allocate the appropriate budget for the same.
4.Mitigates Fraud and Risk
Millions of dollars are lost every year due to business frauds. There is a constant risk of being defrauded if there are loopholes within the business process. However, with the appropriate data analysis in areas where fraud could happen helps businesses identify financial, physical, and intellectual assets from being misused. It helps prevent organization from outside and inside attacks because data is carefully monitored for any unethical practice.
With timely alerts of any fraud practices, the security and operations team scoop into action and take timely decisions to mitigate any fraud or risks. With the appropriate analysis process in place you get a unified view of the enterprises process and this helps give a complete view of what is exactly happening in different areas of the business.
5.Appropriate Digital Transformation
Digital transformation is a wide scope of study and businesses need to find the right resources, technology, and process that justify the investment and results. A long term return is usually aimed when implementing a digital solution within the business. Technologies such as artificial intelligence, machine learning, automation, and the likes are expensive to implement within the business operations and processes. But how do you know what is needed? What is the right budget? What are your needs?
Well, data analytics provides actionable insights on the technology used by the customers and also the patterns they have. As a result, the decision makers are able to decide the appropriate technology they want to implement in their business and how it will help customers and improve revenue and service at the same time.
6.Plan for Future
We are in 2020, and it definitely does not seem like the future is going to be the same as we were used to. However, one thing that will remain is digital technology in every phase of our business. Rather than shying away from digital technology it is time to embrace and make the best use of digital tools available at your disposal. If not done already, implementing data analytics practice will help you plan well for the future as well. Rather than relying on the present situation and processes, data analytics will give you actionable insights to implement business appropriate solutions within your industry
7.Trend With The Customers
Brick and mortar stores are quickly changing into e-commerce and online shopping is in vogue. Your potential customer doesn’t necessarily want to rely on the age old practices in business but new and trending technologies are used by most. Research shows that even many elderly ones are adopting technologies such as online ordering, video calling, using the internet, social media channels, to name a few. However, the adoption of digital technology will only grow.
If you are able to understand your customers, it will help you to trend with them and deliver the experience that they are looking for. A winning strategy when it comes to giving your customers what they are used to and what they benefit from.
Codetru: Your Partners in Data Analytics
Working with clients from across the globe and versatile industry verticals, we have first hand seen how data analytics is enabling our clients to achieve great and lasting results. Putting together the various technologies, we help businesses to not only scale up technologically but also drive home exceptional results. We would be happy to hear from you any data analytics requirements and deliver customized results. Get in touch with us to know more about our services and our experienced team to help you drive positive business outcomes.
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