From enabling Data Visualisation processes that provide at-a-glance insights, to conducting complex Predictive Analytics which inform the success rate and possible risks of future marketing strategies, Data Analytics incorporates a wide range of tools that can enable positive development across many core areas of enterprises – from sales and marketing to finance and administration.
With a wide range of advantages available to enterprises of any size, Data Analytics processes can enable true growth and allow businesses in increasingly competitive markets to maintain the lead over their competitors – a challenging task in landscapes where the margin for error continually decreases.
Data Analytics and strategic growth
With options ranging from free versions of basic analytics software to enhanced, bespoke tools for specialist business use-cases. Capabilities for strategic growth and development are now more accessible than ever. Below, we examine four key roles that analytics plays in empowering tangible growth, as well as the role of trusted intelligence in operations, not an exclusive list, but a good place to start.
In summary: The four roles that Data Analytics play in empowering growth.
- Increase the visibility of customer trends and behaviour.
- Gain a wider perspective over operations to aid in further optimisation
- Enable a stance based on reliable intelligence
- Predict the future outcomes of marketing campaigns and promotions
Role #1: Gaining increased visibility of customer behaviour and trends
Through applying Data Analytics on both social media data and customer experience data (CX data for short), enterprises can gain critical insights into the trends and behaviour of their audience and customer base.
From uncovering which social posts are most engaging for target personas to understanding how best to shift and utilise messaging effectively, an advanced understanding of the behaviours and trends of relevant audiences can empower and optimise the success of many marketing strategies.
In turn, with more relevant and engaging customer experiences and social media content, conversion rates are increased, leading to greater growth – both in reception and reputation, but in increased traffic and conversions.
However, enterprises must be aware that it is not only social media and CX data that can define an optimised approach to audience engagement. Additionally, strategists must recognise current trending topics that are relevant, as well as reaching out to possible cold traffic that can be converted into potential audiences.
Role #2: Understand possible areas for further optimisation
Enterprises are unable to grow strategically if their current strengths, challenges, and market position are not fully realised. Whether gained through visualisations or increased emphasis on overall data-driven frameworks, analytics can uncover possible areas for optimisation and efficiency.
Whether in reducing the need for manual processes through investing in automation, or uncovering redundant frameworks that demand significant time without providing value, analytics can uncover areas within an enterprise’s processes that, once optimised, generate many advantages for internal teams.
One core advantage that stems from optimising conventionally time-consuming and resource-demanding processes is a significant increase in productivity.
No longer bound by restrictive manual processes that require a large amount of time, analysts and other team members are made available to pursue other projects or avenues that add value to enterprises – enabling growth while simultaneously optimising outdated processes.
Role #3: Enabling a stance based on reliable intelligence, rather than instinct
While traditional analytics processes were separated from internal teams, a modern approach that widely adopts analytics throughout an enterprise can promote clarity, visibility, and certainty in decisions otherwise impossible to achieve.
As Business Intelligence consultants, we truly believe in the importance of reaching trusted intelligence – results that are consistent, authentic, and secure. With relevant analytics processes, this stance can be achieved – enabling a stance that allows critical, market-leading decisions to be based on information and intelligence, rather than instinct.
Learn more about the importance of trusted intelligence in our infographic.
In doing so, not only are strategies made more secure, but the margin for error is decreased due to a decrease in ambiguity and more, as well as allowing for a structure that can be scaled, and replicated, with ease as datasets grow.
Role #4: Predict the future outcomes of marketing campaigns
Being more and more widely adopted as capabilities continue to be realised, Machine Learning functions can deliver many benefits to enterprises able to invest in initial implementation and training. One of these core benefits is Predictive Analytics – modelling future outcomes based on ML processes and historical data.
While Predictive Analytics capabilities have existed for decades now, Machine Learning tools can now improve the sophistication and use cases to allow recognition of possible future scenarios.
Differing in complexity on a case-by-case basis, Predictive Analytics utilise techniques such as neural networks and decision trees to supply decision-makers with the likely outcome of marketing campaigns, critical strategic decisions, and more.
This allows an enterprise core leverage before decisions are actioned, allowing a glimpse into the likely outcome in advance – placing teams in a position for optimal growth before investing in unnecessary, or unoptimised, avenues.
However, Predictive Analytics are still a growing practice, with innovations in the area occurring regularly. Currently, Predictive Analytics processes are limited by the amount of collected historical data, as well as other factors such as bias in survey results and a lack of quality control. Even so, the advantages of utilising these models are clear to any enterprise able to invest in setup and implementation, with many more evolutions in resourcefulness expected in the future.
Begin your Data Analytics journey today
With a multitude of benefits available for enterprises of any size, analytics can enable core growth both through internal optimisation, as well as increased perception, insight, and trust in strategic decisions.
To learn more about how Data Analytics can enhance and support growth for your teams and business, get in touch with us today for an initial call with one of our experts. Alternatively, if you wish to find out how we’ve already supported growth through optimised Data Analytics and BI for our other clients, visit our case studies here.