How to Correctly Use Data Analytics For Positive Business Outcomes?
Businesses of all sizes are collecting data at every possible digital touchpoint of the customer journey. It is no longer a luxury that only companies with deep pockets could afford. More than 59% of enterprises are using data analytics in some capacity now.
What’s the big deal?
As per a survey, more than 49% of respondents confirm that analytics helps make informed and better decisions. And more than 15% of respondents say that it enables them to make critical business or strategic initiatives. Moreover, it’s helping companies to make a strong connection with their customers and business partners.
But it will all be beneficial if only you have the correct data. Why? Keep scrolling through and find out!
Data Quality Standards: Why Should You Consider it?
As per a study shared by the Harvard Business Review, data quality today is significantly worse. And that only 3% of data quality managed to reach the “acceptable” standards. This is quite an issue since it might impact your overall business performance. How?
This data will eventually turn out to be a wasted marketing or communications effort, increased business overheads. And in the end, bad business decisions.
So, businesses need to improve the quality of data by getting access to the right tools. For instance, if you are up for using any self-service business intelligence tools to solve this issue, don’t just limit yourself to Metabase. You can use metabase alternatives to free your tech staff and empower your team to access and learn from your company data.
But how do you know if you are using the right tool?
Here are some things that you need to look at when finding the right data analytics technology or tool for your company.
- Data normalization
- Shareable dashboard for effective communication
- Completely mobile
- Third-party integration
Ideally, it would be good to ask for a demo of the platform that you might be considering. Once you have it, you can expect the following things.
- Improve your chances of relevant interactions and seamless customer experience across all digital touchpoints using the appropriate data.
- Using the right tools or methodologies will allow you to ensure any fraud. The automated alerts or real-time threat detection will help you improve the overall risk management process.
- Products are like the lifeline of any organization. And if you use the right tool, you can easily recognize the trends that will enable you to create a roadmap of your product development cycle in the best way possible.
- With the business world moving from provider-driven towards customer-driven models, it is imperative that you create strategies that provide your customers personalized experiences. Data analytics help you achieve just that.
Analytical technology is evolving. And companies need to adopt innovative measures to shape their future towards success. So, you must adopt sophisticated measures that suit your company’s needs rather than sticking to the ones that every brand is using.
That’s the only way to get access to actionable insights on a regular basis. So, are you using the correct data tools?