Businesses collect data from a wide variety of sources daily such as; mobile apps, social media, website visitors, telephone calls and email enquiries to name but a few. But despite the vast amounts of data they hold, lots of businesses do not analyse their data so are missing out on the many benefits it holds for them. Here are a few key benefits:
Tailored service for customers
Digital technologies allow customers to engage with businesses which means they need to be responsive to their needs. Advanced analytics enable a business to react to what customers want and like, which makes a customer feel personally valued. By understanding more about a customer, it helps a business deliver personalisation and better service in a multi-channel service environment.
Helps you be proactive
Effective data analysis allows a business to understand the products people are searching for, what they like and dislike etc. It can recognise trends that will drive new features, innovation and services. When combined with analytics, data that is collected from places where people leave reviews or post their thoughts and opinions such as social media, will help businesses stay competitive when either new technology is developed or demand changes. Being able to facilitate anticipation of what the market wants allows you to provide it first and stay competitive.
Improving the customer experience
When analytics are used for controlling and optimising business operations in the production of services or products, it helps to achieve maximum efficiency and smooth operation to ensure customer expectations are met.