Data analytics: Benefits for business
In the internet era, there are very little excuses for companies not being able to understand their customers and the way in which they do business. That’s because so much of the customer journey can now be tracked through innovations such as the Internet of Things (IoT). It can all add up to mountains and mountains of data, but then the question is: what do we do with all this data once we have it?
The answer is data analytics, and in this blog we look at some of the benefits of analysing data which organisations can enjoy.
More informed product creation
The way we create products and services is critical to how we perform as a business, and so data analytics provides product and service management teams with a tool to recognise the latest trends. This can provide the key to seeing which products and services will work best, and which features will be popular. Once collated data has been analysed, companies are better placed to gauge market demands and anticipate what a product or service needs to offer to customers in line with current tastes.
Personalisation
If we don’t know exactly what our customers want, how can we satisfy them? Data analytics has allowed us to track specific customer behaviours more closely than ever before, in particular when searching and buying is done online. We can see where a customer is, what they have looked for, what they have bought, when they have bought it, and how often they typically buy. All this feeds into more opportunities for personalisation, based on the individual habits of a customer – ideal for timing marketing shots and other communications.
Improving the customer experience
A company can live and die by the customer service it is able to provide, and in this respect, data analytics comes up trumps. It allows businesses to track the customer journey and understand statistics such as average waiting time. It is now possible to track the productivity and efficiency of customer service teams, to ensure that they are playing a part in crystalising your company’s reputation as an organisation which puts the customer first.
Bringing multiple channels together
If you are an organisation which typically deals with customers through multiple channels – such as post, email and telephone – you are now able to assign a single customer ID which allows you to collate data on customer behaviour via all of these mediums. Once this is achieved, it is then possible to have a holistic view of a customer’s interactions, and to analyse them through data analytics. This way, nothing slips through the net.
Of course, if you are planning to get involved in data analytics, it follows that you should have stringent data back up plans in place too. Contact us at Cara Technology today for more information.
