In our digitally driven world, data is everything to marketing. It enables you to make better-informed decisions, fine-tune your testing and determine the best ways to build meaningful relationships with your customers.
And that's only a handful of the benefits.
In a bid to find out the biggest benefits of business customer intelligence and data science according to the experts, we asked them:
"What are the key business benefits of having a highly developed business customer intelligence and data science system?"
Their takeaways included the following:
- You can figure out which data actually matters
- You can make decisions based on more than just gut instinct
- It helps you help your customers
- It speeds up the decision process
- Analytics spins data into gold
You can figure out which data actually matters
"A highly-developed analytics system gives an organization superpowers — the core of which is visibility and insight. Data exists EVERYWHERE! When that data is off in its own tower, your organization is making blind-based decisions.
Connecting the towers together allows you to see relationships and track your lead management flow, in real-time!”
You can make decisions based on more than just gut instinct
“Businesses still rely heavily on human experience and intuition to map out ways for improving the online journey, but, as a recent article in Harvard Business Review put it: ‘If companies want to get value from their data, they need to focus on accelerating human understanding of data.’
Today, many businesses use generic data sets and data science practices to draw out business-specific and even sector-specific trends. A highly developed analytics system can help enhance productivity and performance.”
It helps you help your customers
“Companies that pursue analytics and data strategies outperform their competitors by establishing better relationships with customers, reacting to buying trends in the market in a timely manner, finding new revenue opportunities and identifying patterns to mitigate fraudulent activity.”
It speeds up the decision process
"In a nutshell, business analytics systems help find hidden connections and match patterns, predict what’s more likely to happen, describe relationships and connections, diagnose why this happened, denote or know where a data trace originated from, connote or know what this data trace symbolize, simulate or know what could happen, prescribe what should I do next, and inspect who Influences the diffusion of information faster.”
Analytics spins data into gold
“Data is not information, and information is infinitely more valuable. Like reforming gold into priceless pieces, data is forged into information through the crucible of analytics.
Analytics is vital in the modern marketplace — understanding customers, refining operational processes, and using insights taken from the information obtained to drive clearer decision making…” — Kristian Keep