Often a company’s success can be gauged by how they use their data. Using data as an asset is still in its infancy, making it a differentiator for several companies as they focus on digital transformation. In turn, data and analytics are strategic priorities for companies across verticals.
Data offers companies insights about customers, technologies and the systems that must be improved. This exponential data offers technologies that professionals use during their everyday activities. A profession has no bearing on how big data can truly make lives simpler. The data that was once considered redundant is delivering immense value today through business intelligence and predictive analysis.
For instance, in the retail industry lack of customer loyalty and cut-throat competition have led retailers to dig information about encouraging customers to stick to their brand. They are always mapping off-site and on-site data and social data to comprehend customer behavior.
Importance of Data
For a business to thrive and succeed, it is important to prioritize customer demand. By gathering the right data about customers such as what they wish to purchase, where they live, the price point they wish to buy, the kind of merchandise they like, will the customers be willing to pay if they upgrade their product and so on, both the business and customers will benefit.
Innovative Use of Data
Businesses can use data in the following innovative ways:
- Enhance social media experience: Knowing your target audience is important to succeed with social media engagement as the needs and interests of your target audience will determine the kind of content that must be shared and how you engage with your followers.
- Track leads: Most businesses track lead origins through social media engagement, email campaigns, online reviews, company blogs or organic search engine results. When they are armed with the data of the sources that generate leads, they will be able to assign more for those sources.
- Adopt marketing analytics: With marketing analytics, businesses can access useful information from accumulated data and base all their marketing plans on the results of data analytics.
- Predict human resources required in a company: The HR industry is embracing data on a large scale and employers are using varied data to fill vacant positions with the right talent. Large scale recruiting firms have adopted Big Data and are using it remarkably well to their advantage.
For businesses, getting their product to the market and in the hands of customers is vital and those who are in a position to help you do that are gradually attracted to ideas backed by data. 3i Infotech can help your company capture the right data and decode it. We offer precise insights that provide the best machine learning, data science and predictive analytics services.