Along with the information explosion in our Information Age comes an abundance of revenue opportunities, if mined effectively, from Big Data. But many organizations delay the jump from data-obsessed perspectives to insight-driven management of their data, reporting that it’s a major challenge to convert from one to the other. Similarly, surveys show that a majority of corporate decisions are made by “feel” — either opportunistically or reactively — rather than by data-driven insights. As a result, even though big decisions make a significant impact on future profitability, executives are missing opportunities for improving performance, reducing production problems, streamlining channels and ultimately boosting the bottom line.
One way to approach this shift is to consider the process in three stages. First: observe and identify the value in your internal and external data to insights and analytics. Second: apply metrics and analytical techniques to create value-driven insights that are customized according to your business objectives and concerns. Third: correlate and implement strategic actions suggested by the insights delivered.
To avoid the ‘data for data’s sake’ trap, always collect data with a strategic purpose in mind. Three strategic data points include those that help you profile results by campaign and customer attributes, assess the risk/reward ratio of new revenue opportunities, and respond to campaign performance and buyer behavior.
The primary route to effectively harness Big Data to meet and exceed business goals is through analytics and reporting. Start by analyzing the big data you’ve already collected. Like many organizations, you may have ‘sensed’ business value in your datasets but didn’t know how to mine its value yet. Start now. Be sure to explore your enterprise data to discover new business opportunities. You may discover new facts such as new customer base segments, customer behaviors, forms of churn, and root causes for bottom line costs.
Finally, consider expanding into real-time insights by analyzing streaming data to ensure your insights are current, relevant and accurate.
ClicData dashboard lets you connect your diverse enterprise data structures into a single, clean, homogeneous data warehouse for accurate, data-driven insights to boost your bottom line.
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