These days, data is presented as one of the most valuable assets companies have. The management of the data, it’s the correct reading, and use generates important advantages for business and operations decisions.
In fact, according to Forbes, the ability to capitalize on information and data analysis “can make or break a business; And that is why big data, artificial intelligence, and predictive analytics make organizations today are fighting for an advantage, or fearing disruption. “
Having an analytical advantage is essential. And companies are looking for it. The results of one study reveal what the bottom line is: 58% of leading analytics companies saw a direct correlation between data analytics initiatives and “significant improvement” in their competitive positions.
In fact, 60% of these organizations reported revenue growth of more than 7%, while more than a quarter of the analytical elite reported revenue growth of more than 15%. On the contrary, 18% of the companies called “followers” registered income increases below 5%.
Know The Customer And Value Their Feedback
PowerData data management maximizing customer insight is a major challenge for an increasing number of companies, who must work to become a data-driven organization and operate with the increasing complexity of data sources – customer complaints, employee feedback, sales and account management reviews, profit and loss data, market research, transactional information, general and industry surveys, online customer forums, etc.
In this field of data management and analytics, the consulting firm Gartner envisions a series of clear trends for the next 3 to 5 years. For example:
- Anticipates that increased analytics will make insights available to all business roles
- Data management tasks will be automated using machine learning and artificial intelligence (AI) capabilities
- Natural language processing (NLP) and conversational analytics will “democratize” access, bringing data analytics and business intelligence to more than 50% of employees by 2021.
10 Reasons Why Companies Should Invest In Data Management
Investing in data and analytics projects is almost a strategic imperative in today’s context. But if the essential reasons were to be outlined, they could be synthesized as follows:
- Crude data is like oil: it has little value if it is not processed. The more refined the data, the more valuable it is for the organization. Having a data quality policy and striving for data optimization is essential for a company that seeks long-term and sustained growth.
- Today companies seek to differentiate themselves, among other aspects, by the experience they create for their clients, and not so much by price or product or service characteristics. And to optimize the customer experience, data is the foundation. The analysis increases the possibilities of personalization.
- Leading-edge companies strive to optimize the customer journey from one extreme to the other, using real-time analytics at different points in their interaction. Using the data and the analysis, we seek to ensure that each client has a personalized and unique experience. Additionally, the use of an embedded analytics platform is essential for achieving profitable growth more quickly. Companies like Cumul.io have analytics dashboards that can be integrated into any web framework, for example, for an up-to-date report for each client.
- The changing characteristics of both the market and the preferences and mood of consumers make it key today to be able to make decisions in real-time. And for this, it is essential to have data analytics systems and continuous intelligence.
- Analyzes based on data improve the quality of products and services.
- The construction of predictive models allows for anticipating and predicting scenarios. Predictive analytics helps you understand possible future events by analyzing the past. It encompasses a variety of techniques (including machine learning, data mining, and predictive modeling) and uses statistics (current and historical) to predict possible scenarios, particularly in the areas of operations, security, marketing, etc.
- By investing in data, innovation cycles can be accelerated. It is possible to quickly identify trends and opportunities, as well as weak points. Having the right information at the right time provides a powerful differential.
- Currently, all business processes of companies -manufacturing, finance, logistics, HR, etc.- are permanently adjusted and optimized based on real-time data. Therefore, today analytics is no longer a separate instance but is an integral part of operations.
- Often the insights that come from analytical processes help discover ways to cut costs.
- In addition to using data to optimize customer experiences, companies today have the option to monetize information, anonymize it, and add value.
Conclusion
It is clear that by achieving analytical maturity, companies reach a stronger competitive position. Developing successful processes in the field of data management and analytics leads to improving the customer experience and optimizing the processes themselves.
Also Read: Artificial Intelligence Reshapes Management
