Adopt Data Analytics Too Turn the Tides of Business in Your Favor
This article will define how organizations that currently use the following tips about data analytics are becoming successful, including strategies.
Data analytics have never been as important for businesses as it is now. In fact, a vast majority (90%) of corporate strategies consider data as a critical enterprise asset and analytics as a critical competency. According to data analytics statistics, 83% of business leaders have embarked on a big data project to gain a competitive advantage over their competitors while 63% of organizations are using big data analytics to gain an upper hand over their competitors.
Data-driven organizations are 23x more likely to acquire new customers and 19x more likely to be profitable as compared to their non-data-driven counterparts. Not only that, using big data analytics to your advantage can help you boost your business operating margin by 60%. 73% of businesses that have adopted big data analytics have seen measurable value from these initiatives.
All these statistics clearly point toward the effectiveness of data analytics in helping your business grow and succeed. It can also help you identify hidden patterns and uncover insights that can help you make decisions that can put your business miles ahead of your competitors. The next question that might pop up in your mind would be how can I actually use data analytics to turn my business fortune around? In this article, you will learn about how you can use data analytics to turn the tides of your business in your favor.
How To Use Data Analytics To Turn The Tide For Your Business?
Here are six ways you can use data analytics to achieve business success.
1: Customer Acquisition and Retention
No business can survive without customers. Customers are to business what blood is to the human body. That is why acquiring new customers and retaining existing ones are the top priorities for businesses. Sadly, very few businesses succeed at it. Data analytics can help you identify customer behavior and patterns that will help you tailor your product and services to cater to their needs in a much better way.
When you provide your customers with the product or service they need, it will automatically increase customer satisfaction and boost customer loyalty. This can help you retain your existing customers. Data analytics can also help you identify gaps, shortcomings, and opportunities. Once you overcome these shortcomings and take advantage of these opportunities you can expand into new markets and attract more customers as well.
2: Deliver Better Value To Customers
Customers want more value from businesses and if your business can provide them with that then, your business will succeed. Let’s say, you are in the market to buy dedicated server. Which dedicated server provider would you choose? One that delivers you better value or one which is not. Most people would certainly opt for a service provider that is offering them the best bang for their buck.
So, how can your business deliver better value to customers? By offering something that others don’t. Offer something that your target audience considers valuable and data analytics can help you identify that. It could be a discount, deal, or even a coupon code to slash their bill or extra features that they might deem handy such as a money-back guarantee, round-the-clock customer support, or instant response to customer queries.
3: Improve Order Fulfillment
Let’s say, you are running an e-commerce business and a customer places an order from your online store. The longer it takes for you to process their orders and deliver them to customers, the poorer the shopping experience. You can minimize that time by using data analytics.
Keep track of how many items are present in the inventory. Alert the seller as soon as you receive the order from the customer so they can act quickly and dispatch the order as quickly as possible. The same goes for your logistic provider. When all cogs in the wheel spin at a rapid pace, you can deliver orders before the promised date, which would enhance the shopping experience of users and persuade them to make repeated purchases in the future.
4: Reduce Your Operational Costs
With data analytics, you can identify the real cost of serving customers as well as areas where your money is being wasted. This helps businesses to focus their energies and investments on areas that are generating higher ROI for their business instead of wasting money on things that are useless. By leveraging AI and machine learning, you can also improve the operational efficiency of your business by optimizing resource utilization and preventing wastage. This can go a long way in bringing down the operating expenses of your business.
5: Innovation and New Product Development
When you make decisions based on your gut feelings instead of data, they are more likely to backfire than work. That is why you should always make decisions based on data. As mentioned before, data analytics can help you identify untapped opportunities. It can show you gaps that you can fill with newer products and services. It can tell you which products and services customers want. This makes it easier for businesses to think out of the box and create innovative products. When you create a product or launch a service that has not been done before, it is more likely to gain traction.
6: Improve Service Quality
Advanced data analytics can assist businesses in understanding customer needs and expectations in a much better way. Let’s say, you are selling Vps Singapore and your customers don’t like to wait long to get a response, your top priority should be to deliver a prompt response. It could be through live chat, phone, email, or even social media. If your service quality is not up to scratch, data analytics can not only help you identify areas of improvement but can also provide you guidance on how to improve your service quality.
How do you take advantage of data analytics to turn the tables for your business? Let us know in the comments section below.