How To Streamline Your Business with Data Analytics
The arrival and vast proliferation of data across the world of business have been some of the most innovative changes of the past few decades.
There is no single point of change that has caused such a shift in how people approach daily operations. From this, data-driven decision-making has streamlined business workflows, helping increase growth, personalization, and customer strategy.
In fact, you’d be hard-pressed to find a business that isn’t well and truly on the data train. At present, around 97.2% of all businesses on an international scale are using big data and AI.
Seemingly at every turn, using data gives companies an advantage. This can apply on both a customer and industry level, with a business being able to find insight into how their company is currently performing at any given moment.
That said, despite the huge amounts of data that we have available to us, not every business makes use of this resource as we should.
In order to set companies on the right track, we’ve created this guide. We’ll dive into data analytics, demonstrating its importance and outlining the best ways that companies can put data to work when attempting to streamline their operations.
Let’s dive right in.
How Can My Business Use Data Analytics To Streamline Operation?
Data analytics is the process of turning the mounting tide of information that we can now access online into a useful stream of actionable insights.
While collecting data is important, this is typically an area in that businesses already excel. Processing, structuring, and using that data to streamline workflows, on the other hand, is a different story.
Currently, 75% of all collected data remains unleveraged by companies, with the process of collection completely going to waste.
In order to understand how to use this information, businesses must first understand where they can put this data to use. We’ll discuss the following methods:
1. Product Pairing
Nowadays, it’s common to find eCommerce stores, platforms, and service providers that offer more than just one single thing. As businesses expand, they bring on new products; as companies grow, they expand their offerings.
In order to better match new customers with the specific product or service that they would like, you can turn to data analytics.
Demographic and psychographic data gives us an insight into who a customer is, and what they’re likely to enjoy from our businesses.
By collecting this information from customers, we’re able to build up comprehensive summaries of each individual customer.
Not only does this help us to personalize our marketing to specific groups, but it also helps us to recommend better services and products to each customer.
Personalization is one of the biggest trends in business, and for a good reason. By using data analytics to streamline the customer journey, we’re able to increase their satisfaction, boost conversions, and make sure every customer has a positive relationship with our brand.
Product pairing is only one manifestation of using demographic and psychographic data. Yet, it’s a great example that shows just how far businesses can use data to push their business into a new era of success.
2. Using Chrome Extension Data
Google Chrome is a wonderful piece of technology that many businesses overlook. Something as intuitive as a search engine isn’t often thought of as an asset to a company.
Yet, there are a number of chrome extensions that your business can use to get more from every employee. Most extensions provide an interactive space where you can track, monitor, and trace worker speed and progress.
The store is split up into several categories, many of which cover things like saving time or streamlining workflows. By browsing through the top Google Chrome Extensions for productivity, we can rapidly see that there is a number that can directly aid our business.
From saving time when emailing to creating cohesive to-do lists that get sent directly to your team – Chrome really can do it all.
Within these chrome applications, you can create unique profiles for each user. Then, by moving through the data that they create, you can see where certain employees excel and where others could use a helping hand.
By repeatedly coming back to this data, you’re able to learn more about your workforce and help optimize their day-to-day operations.
Most of the extensions on the store are completely free to use. We recommend that you look through the top-rated extensions, finding those that have case studies of helping other businesses thrive.
3. Revealing Trends and Adapting to Them
Creating fresh business insights is an ongoing process within data analytics. As there is a continuous stream of new data, businesses can continually turn to analytics to produce new insights. One area in which companies are able to gain a significant advantage in this regard is by spotting and adapting to new trends.
Trends can form on two levels for businesses: within a company’s customer base and across the larger industry market that the company works in.
Spotting trends in either of these, such as increasing demand for certain products or product types, can help businesses to position themselves for success ahead of time.
For example, by noticing that customers are regularly searching for certain products, your business can then start to invest more in producing and marketing these products.
By using analysis, you can notice this trend before it is fully active. Then, once it rises in popularity even more, you’ll already have sufficient stock and product selection to meet consumer demand.
Noticing and adapting to trends in data is one of the most effective techniques for long-term success. When executing this strategy on an industry level, it can also help you understand your position within the wider market.
4. Refining Marketing Campaigns
A/B testing is another area of insight that stems directly from data consolidation and analysis. Within the world of marketing, data-driven campaigns have taken over as the most common format that’s used.
Instead of creating marketing campaigns and hoping that they take off, data-driven marketing uses insight from analytics to steer campaigns toward success.
For example, a business could launch two campaigns with different call-to-action buttons. By analyzing these campaigns and seeing which gets more clicks and conversions, you’re able to determine which has been more effective.
By repeatedly running these tests and using the data to steer your campaign, you’ll rapidly improve the quality of all your marketing materials.
This process of continually iterating on previous designs, campaigns, and structures, allows businesses to streamline every single part of their customer-facing side.
In any location where we find a point of interaction with a customer, we also find a wealth of information that we can convert into valuable data analytics.
When we turn this continual flow of data into a source of actionable insight, we can rapidly improve any area of our business. While marketing is a great place to start, this can easily be applied to HR, sales, finance, and even customer support.
As marketing is one of the most important departments that a business needs in order to flourish and bring in customers, streamlining this with data analytics should be a top priority for your business. Once the marketing starts to bring in new leads at a higher rate, everything else will follow in tow.
Data analytics is one of the most useful areas that your business can look into if you want to improve your internal processes. From revolutionizing how you manage individual customers to helping you position yourself within a wider industry, data analytics can do it all.
With the availability of information that is currently out there, it’s vital that your business understands the importance of data analytics.
Don’t overlook the vast tide of information. On the contrary, use it to streamline your business at every single turn. Your customers, profits, and internal teams will all thank you.