4 Ways to Leverage Data for Optimal Results

In this digitally enabled world, data has become of incredible value for businesses. If you are a business leader wondering how to leverage data for real value and impact, you are in the right place!

• From getting insights about your customers’ behaviours, or monitoring performance of a product launch, data can enhance the efficiency of the way you operate.

• Using web analytics and Customer Relationship Management (CRM) tools are two of the ways to gather useful data.

No doubt, the companies who have employed forward thinking data management and analytics approaches, have gained a competitive advantage in this data-dominated world.

However, the question is: how to capitalise on your data?

How to Leverage Data for Optimal Results

At Centelli, our team of business intelligence experts suggests four simple ways you can leverage data to your advantage:

1. Use Data to Create a Comprehensive Product Platform, Not Just a Pipeline

In the past, one approach that businesses took was to push new products and services to their customers. This was called the pipeline model.

Today, however, by taking advantage of data, companies can interact with their customers in a more meaningful way. What’s more, using the same data, they can scale accordingly. This helps them create a comprehensive product platform with the backing of robust data.

2. Leverage Data Analytics for Improving Customer Satisfaction

With massive amounts of data that has been accumulated, it can become extremely difficult for companies to analyse that data and utilise it to gain a competitive advantage and increase customer satisfaction.

However, using effective data analytics tools, the data obtained from web traffic, surveys, and call centre records can be used to give better insights that can enhance customer experience.

Here is one key example of this in action: Global retailer Walmart leverages real-time data to fine-tune its personalized marketing, offers, and product recommendations.

Want to make your data work to your advantage? Our business intelligence experts and data scientists can help you unlock its full potential. We specialize in gathering, organizing, interpreting, and integrating data across platforms for deep insights. Contact us today.

Notably, AI-powered inventory management not only helps the company avoid issues like overstocking and stockouts but also ensures customer delight and wins more customers.

3. Becoming Reliable and Effective with Data

Your customers want relevant and useful content in this digital world. Portraying yourself as a transparent company goes a long way in establishing you as a reliable source.

Glassdoor and Indeed, online job search companies, for instance, do this effectively by providing a reviews and ratings section. Job seekers can use this section to learn more about the companies they want to join.

4.Using Data for Better Business Decisions

Finally, managing and analysing data better can help improve your decision making. From enhanced supplier management to driving costs down, there are many ways data can prove insightful for you.

Markedly, big data and data formats are evolving with new breakthroughs in technology and platforms to manage, store, process, and transfer. These present new challenges, and so you must ensure relevant expertise and create processes to manage it all.