In recent times, there has been considerable growth and availability of data, both structured and unstructured across businesses __ at high velocities and from innumerable new sources. This data, when harnessed, helps businesses predict about its customers wants and preferences.
Big Data analytics means having to deal with data formation, storage, and retrieval of large quantities of data—often from many different sources. Insights from Big Data analytics help in understanding customer behaviour patterns and purchase decisions that is becoming critical to having sustainable competitive advantage for all industries.
Data scientists at larger organizations are skilled to leverage speedy information and quick insights, letting them take action on instant opportunities, and helping to capitalize on cross-sell opportunities while enhancing a company’s competitive gain.
By harnessing the value of your data, analytics can serve the following five advantages:
- Improved learning: Achieve new insights on your most dedicated and profitable customers. Data analytics can help track and gauge progress while focusing on servicing customers on the right channels for their needs.
- Enhanced customer retention: Cross-sell and up-sell through effective customer management. Indentify loyal customers and recognize the risk when certain customers will slip.
- Value-added marketing: Build more targeted marketing programs and lead generation campaigns that are aimed at the right audience at the right time.
- Alleviate risk: Improve your customer management activities by effectively tracking change in customer behaviour patterns and purchase decisions.
- Act right away: Respond appropriately after key data segments are recognized by taking corrective steps and measure the implications over time.
Small and midsized businesses confront hard decisions on how to turn tons of customer data into actual profitability. The truth is that majority of businesses do not have the resources to hire a team of analysts to sort and sift through data.
However, if you are considering to put in place a team with such skills, ensure you have the right talent and budget, an appropriate analytics partner and the right tools and software to capture, protect, accumulate, search, share, analyze, and envisage your data.