With the technology available today, businesses have a multitude of insights at their fingertips. These insights about customer behavior and company sales can prove very valuable. Proper analysis of this collected data can help businesses plan for future success.
What is Considered Business Analytics?
According to NG Data, business analytics is “the study of data through statistical and operations analysis, the formation of predictive models, application of optimization techniques, and the communication of these results to customers, business partners, and executives.” With data so easily accessible in today’s technical world, it can be overwhelming figuring out how to use the data to a business's full advantage. With the help of analytic tools, the data can be organized into useful knowledge that your customers can harness to gain insight into their own customers’ behavior and make decisions based on data, such as whether to open a second location or when to ramp up staffing.
Importance of Analytics
Gartner predicts that “by 2022, 90% of corporate strategies will explicitly mention information as a critical enterprise asset and analytics as an essential competency.” The popularity of analytics and how they are utilized in the workplace will continue to grow as they offer businesses valuable information.
Key Benefits That Come From Utilizing Analytics
- Competitive Advantages - Data gained from looking at sales information, consumer purchasing patterns, etc., can showcase where your customers’ businesses are thriving and where they can improve. If a company makes even the slightest change due to customer data analysis, it could make a positive impact for the future of the organization. According to Forbes, “79 percent of enterprise executives say that not embracing big data will cause companies to lose competitive position and risk extinction.”
- Targeting - Informative data collection, such as pinpointing where customers are located, age ranges, gender and other demographic information, will help in determining target audience. Once your customers know this vital information through an analytics platform, such as Customer Engagement Suite, they can utilize this information to tailor their outreach towards their target audience.
- Improving Customer Engagement - According to Datamation, “Social media, customer relationship management (CRM) systems and other points of customer contact give today's enterprises a wealth of information about their customers.” Business intelligence enables your customers to engage with their own customers more effectively and efficiently, resulting in a better experience for both parties.
- Smarter Advertising - After learning exactly what their target audience is looking for, your customers can make decisions on the best advertising mediums to utilize. For example, if the target audience is women ages 25-35, the best type of advertising would be targeted ads on Instagram and Facebook to reach that particular group.
- Accurate Predictions - Business predictions for companies are critical to stay ahead of the competition and anticipate new trends. Utilizing predictive analytics tools can be a huge asset to the future success of a company. Predictive analytics tools are considered data analytics aimed at making predictions about future outcomes based on historical data and analytics techniques such as statistical modeling and machine learning.
Customer Analytics Solution
Customers frequent and support businesses when they feel appreciated, valued and rewarded which is why we created our own Customer Engagement Suite. With this tool, your customers have a wealth of data at their fingertips that can be used to drive more informed decisions and take their customer experience to the next level.
Our customized solution can transform business data into insights that enable the company to validate marketing effectiveness, engage customers, and build brand awareness. Businesses can unlock unique and actionable insight to drive measurable business results by enabling a cloud-based analytics platform around the transaction data.
Customer Engagement Suite includes:
- Location level insight
- Cross chain performance
- Competitive insight and action
- Social reputation insight and action
By utilizing Customer Engagement Suite, your customers will be able to better grow their business by making data-driven business decisions. According to Forbes, “nearly 50 percent of businesses say big data and analytics have fundamentally changed business practices in their sales and marketing departments.” Customers have always been the driving force of business success and with the data now more accurately in your customers’ hands, they can continue to grow and evolve the way in which they sell, market and innovate their products. For more information on Global Integrated Payments’ features, such as Customer Engagement Suite, contact us today.