Analytics Empowering Sales; Moving Towards a Progressive Future
The foundation of every successful business lies in well-informed decision-making. Today, organizations with strong analytics engine can not only improvise existing operations and decision-making process, but also enhance their new processes, products, services, and entire business models. According to the 2017 Data & Analytics Report by MIT Sloan Management Review, organisation’s growing ability to innovate with analytics, is driving a resurgence of strategic benefits across the industries and departments.
There is no denying the fact that data has become the biggest asset and can be regarded as a new business currency in the realm of sales and marketing. It often provides meaningful insights that enables businesses to measure and strategize how investments in customer relationship management (CRM) systems can be improved or how plans’ adherence can be put into practice, thus, resulting in enhanced prospect engagement. That further leads to increase in the conversion rate. While all these benefits exist, the challenge remains the methodology of insights’ extraction from the humungous data which can then be turned into impacts.
Rising Demand for Data-Driven Customer Experience
With the onset of a hyper-competitive economy, we have seen many businesses facing severe competition due to digital disruptions. Thus, breaking through the silos, data-driven insights have become the requisites for creating a customer-centric approach that can enable a better experience at consumer-end and better RoIs at organization’s end.
According to a recent report by Forbes Insights and SAS, organisations whose foundation are well-weaved in the data fabric, they in turn enable their customers/ partners in the realm of better decision making and stepped-up insights derivation. All this ensures an integrated and efficient engagement with customers. To understand the superior customer engagement, one can think about the suggestive analytics in action, when a buyer gets real time offers, product suggestions based on their activity. Therefore, with its significant role in boosting the marketing & sales outcomes, data analytics has become one of the most critical pillars for the growth of any enterprise. All the advancements in this realm, i.e. enhancing revenue generation, enabling cost reduction, as well as accelerating process efficiencies and quality improvements are predominantly the prerogative of data analytics.
Varied form of Analytics for Seamless Business Operations
Now that we understand the need and fitment of analytics in the business practices, it’s imperative to understand where the world is headed with this evolving technology. As it is, a great consumer experience is generally never a straight formula, instead it is a cumulative and holistic mix of well-weaved insights and integrated interactions. Such an amalgamation has been made possible with the varied approaches which Analytics as a practice provides. Let’s take a quick look at them:
As per an some industry sources, 90% of organizations today use Descriptive analytics which allows businesses to condense big data into smaller and valuable nuggets of information. With the advent of big data, descriptive analytics has taken on a new shape and is meant to describe what has happened. For example, marketers can use descriptive analytics to analyze campaigns for determining response rates, costs per lead, conversion rates and even to track activities on the website.
The natural follow-up to descriptive is the Diagnostic analytics, i.e, trying to understand ‘why something has happened’. This type of analytics help in identifying why events or trends occurred and also explains the outcomes in detail. According to the big decisions survey conducted by PwC, 18% of Indian organizations use diagnostic analytics to examine the actual causes of outcomes. This will eventually offer a multitude of benefits to businesses.
Predictive analytics is the next step-up in data consolidation, to identify recent and historical data by using various techniques such as data mining and machine learning to predict the outcomes of future events. This will help organizations to take failure prevention steps for averting issues which might crop-up. The best use of predictive analytics can be seen in organizations to identify trends in sales, based on customer’s purchasing patterns and behavior to offer personalized recommendations.
Lastly, the emerging technology of Prescriptive analytics which provides advice on the best possible actions required. It helps an organization to specify the next course of action allowing them to enrich customer satisfaction.
According to the Industrial Analytics Report, predictive and prescriptive analytics will play defining role in the coming three years.
To ensure no loose ends, a comprehensive analytical programme is required to have the right mix of the above four capabilities in an organization. Also, while it has become a mandate for organisations to practice the application of varied analytics owing to the burgeoning requirements, often they are not very clear on what kind of analytics should they leverage in order to nurture their business growth. Therefore, a thorough understanding of one’s own pain points is a must only post which one will be able to decide the solution’s fitment better.
A New Analytics in Data Integration is on the way!
Chatbot Analytics! With AI coming into picture, even the analytics dynamics have undergone an appraisement. With the amount of data organisations are loaded with, chatbot analytics will redefine the next generation in data integration. There are multiple reports stating data points around industrial intrigue and optimism towards AI/ Chatbot and VR driven customer engagement. While, all the other mentioned analytics are paving the way for improvised business functioning, chatbot analytics is also on the path to become an integral process element, especially for the customer service industry. Chatbots, like predictive analytics will prove to be a great tool to solve problems and increase customer retention. As we see it, the two together could be the next wave to get better sales results.
[Disclaimer: The views expressed in this article are solely those of the authors and do not necessarily represent or reflect the views of Trivone Media Network's or that of CXOToday's.]
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