We are inundated with data today. Now that businesses are great at gathering that data, the focus is turning towards how to turn this data into insights that solve the challenges businesses face, creating a competitive advantage.
Many companies focus on a small fraction of what the data is telling them, although almost 70% of all companies consider it crucial that better ways to use data and analytics be found. Many business owners have changed their strategy to meet the challenges of big data, while many of those also consider integrating data technology into their existing systems and business models to be the biggest challenge their companies face today. A large percentage of these same businesses also say that one of the biggest challenges of all is in implementing the right solutions to accurately analyze and interpret data. Business owners acknowledge that becoming more efficient in using data and analytics would mean that insights would be identified that are otherwise missed, data would be analyzed with greater speed, and they would experience cost savings due to increased efficiency.
While we can see that most companies fully understand the benefits of data and analytics, the problem still remains as to how to implement effective strategies.
Consumers today have a myriad of choices and expect personalized communications and targeted offers. They also want to enjoy a seamless experience across channels. With data on customers spread across multiple systems, it’s almost impossible to provide those seamless experiences; businesses need an integrated 360 degree view, allowing them to identify new sales opportunities.
Business intelligence solutions are designed to assist companies in gaining the most insights into their collected data. A variety of users within the company can be given access to data in areas such as customer service, market analysis, inventory, campaign management, and profiling customers. Everyone can have the same up-to-date information. Demographics, purchase histories, lifestyles and hobbies – all of these customer characteristics can be analyzed, and customers can be segmented according to behavior in anticipation of future opportunities. Analytics can even be applied to predict what consumers may be doing tomorrow.
Data has incredible potential and offers a wide variety of opportunities for companies everywhere. All it takes are the right analytics and strategies.
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