Big data has been grabbing headlines for years. It has the potential to provide valuable insights regarding customers and internal business processes but can also help drive future developments and innovations. If you are not taking advantage of the availability of new data management and analytics options, you may find your organization constantly trying to keep up with industry leaders instead of becoming one yourself.
Here are some key areas where data analytics can help you separate your business from the pack through increased innovation and discovery.
Profit Model Innovation
The key to a successful profit model extends beyond selling a product. Data analytics can give you access to the information necessary to understand customer needs and desires in a new way. This positions your organization to find new ways to monetize offerings based on the issues present in current offerings.
This can be particularly useful for service-oriented industries that do not offer a significant number of tangible goods as part of their business model. Understanding any frustration points in the current service access and delivery mechanisms available can allow you to adapt to the changing demands and expectations of the customer before they are widely known.
While customers are critical to the success of any business, figuring out how to engage them can be a challenge. Not all industries will find success by focusing on things like social media. Data analytics give you a window into how customers actually want to communicate with your business and can adjust these findings based on specific demographics. By understanding which of your clients want communication channels in each environment, you can cater each form of communication to that segment.
By understanding how customers reach out to your business, and how they like to receive information, you can target your efforts.
Continuous process improvement is a goal for most organizations. It combines the desire to lower costs, such as overhead and marketing, with the need to increase sales. However, if you do not analyze the changes that occur when a change is made, you may not have a clear picture regarding which changes were effective.
Change for the sake of itself is often more costly than leaving processes alone. But some changes can result in significant improvements to your profit margins. Data analytics allow you to measure the effect of individual changes as they are instituted and perfected. You will also spot issues more quickly when you can see feedback in near real-time.
As more devices remain in a “continuously connected” state, many businesses have the opportunity to learn how customers use their products beyond simple survey questions. Failing to analyze this data means an opportunity for innovation is being missed.
There are many customer interactions with a product that are hard to gauge without witnessing their use. While demo products can be utilized and observed, the ability to “see” how products are used on a daily basis provides a more accurate representation of what can be improved. Combine that information with traditional customer research, such as surveys and product samplings, and you can gather information regarding what next steps will make the product more attractive to the buying public at-large.
Supporting Discovery Through Data Analytics
To take advantage of the insights available through big data analytics, you need a strong team of technical professionals designed to manage the vast array of information that is available today, and what may be available tomorrow.
Are you looking for your next top talent?
If you need to find a talented team of data analysts to help your business function as an innovator in your sector, Solving IT has the expertise you need. Contact us and see how advanced analytics can turn your business into the leader it should be.