Businesses have become more data-focused over recent years thanks to advances in big data and analytics. But deciding what to do once the data has been collected isn’t always easy or intuitive. Some companies struggle to figure out what activities should be given priority when it comes to improving internal operations or customer care based on the information available in their data. However, there are certain key points that can be great places to start if you find yourself a bit lost in the potential of the technology. Here are a few to consider.
A potential starting point when using big data are the areas of sales and marketing. Most companies track the effectiveness of advertisements based on how they relate to sales, and big data can make these efforts more effective.
One method is to correlate specific campaigns with target demographics. This can be tracked over time, allowing the business to see which approaches gained the attention of specific potential buyers and how their purchasing habits shifted when certain marketing techniques changed. Not only will this teach you how to best communicate with your core customer group, it can also provide insights regarding what needs to be done to reach a new demographic.
Similarly, your relationship with clients can often be tracked using big data analytics. You can see how particular activities impacted buyer behavior and post-purchase opinion of the product or service. This can include a review of customer service interactions, considering both private communications and more public forums (like social media).
Since big data gives you the option of correlating patterns based on a range of platforms, you can get a more thorough picture of your customer-relations activities and their effectiveness. This can be used to improve processes to ensure the customers receive what they need from the company before, during, and after the sale.
Many businesses understand that at least a portion of their internal processes isn’t operating at peak proficiency. Big data (sometimes assisted with IoT devices) can help you spot inefficiencies in your procedures by finding potential stall points in the production cycle, identify optimal inventory numbers based on production, and even determine where additional staff could be best used to avoid bottlenecks.
At times, what appears to be an ideal point for investment on the surface isn’t actually the source of the inefficiency. Big data analytics can help review an entire procedure, from beginning to end and find evidence that indicates what areas are lagging behind the others. By using this technique, companies can make improvements based on achieving the best total result.
If you are interested in leveraging your data more effectively, the professionals at Validity Solutions can identify candidates with the right analytics skills to help you reach your goals. Contact us today to see how our services can benefit your business.