Data Analytics in Digital Economy

This is the age of big data, and the use of data analytics will become more and more extensive across industries. Data is the new oil of the digital economy. Data for analytics is available from various sources, such as point-of-sales, search, social networking, mobile sources, web impressions, call center contacts, and inbound and outbound campaigns.

Improving Organizational Decision Making and Efficiency

The Internet of Things (IoT) has enabled everything digital to be connected directly or indirectly. This hyperconnectivity between people, data, processes, and things is disrupting the way data management and analytics used to be.

Now, integrated platforms share data across groups and devices, making connections like never before. The increase of Internet-connected devices across all industries has fundamentally altered how companies do business. Data analytics makes it possible for companies to automate and refine their day-to-day operations. As a result, businesses that leverage on analytics are able to make effective real-time decisions, enabling them to achieve more value, and increase organizational efficiency.

Finding Out What the Customer Wants

Data analytics enables companies to find out what their customers like and need. From all the information available online about consumers, the availability of data is not an issue. Customer intelligence can take companies to the next level, going beyond what a business understands and knows about their customers to a complete “720-degree view”.

When a customer logs on to your digital store, it is similar to a customer walking into a physical shop. The customer buys one item and leaves. During the short time, the customer is in your store, you must find out more about him or her. Perhaps offer a promotion that could entice him or her to buy more. You must be able to engage your customer to ensure that he or she will come back to your online store again, rather than go to a competitor’s store. Data analytics can help you improve customer engagement, customer satisfaction and ultimately increase your revenue.

Nonetheless, complex analytics models require constant assessment and fine-tuning to keep up with customer trends. It is a constant struggle to ask the right questions to be able to understand your customer, but this process is becoming more crucial to business success.

 

Predicting Customer Behaviours

With the right use of analytics, businesses will get better at predicting customer behaviors. This will make it possible to personalize every experience for the customer, to give them what they want most – speedy, painless, enjoyable, real-time interaction around the clock. Businesses can show customers what they are interested in when they log on to their online store the next time, and also send personalized emails directly to them, with information about the relevant new arrivals, promotions, and best deals.

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