Businesses deal with huge volumes of data that are typically cluttered and unorganized; such data needs processing and unifying to ensure effective decision making. To retain a competitive edge, businesses must have access to reliable, verifiable data and business insights. Partnering with a professional data entry company could prove to be a worthwhile investment for organizations looking to streamline their data processing. Big Data analytics helps to bring together and unify all business data. Actionable data is useful to make appropriate decisions regarding your budget, customers, the best ways to reach and influence prospective customers, and ROI.
There is no doubt that data sources’ merging is vital to make full use of the available data. It is not possible to work with data in silos, so it is important to have a centralized place to store crucial data for better decision-making. Using business intelligence (B) tools will help automate tasks and democratize data. However, this should be done with full agreement on the part of all stakeholders.
Once a company receives all the data, then it’s time to analyze and understand it to derive better marketing decisions. It is important to identify what kind of insight you are trying to derive from the data.
Organizations can use data to find insights into metrics like acquisition rate, attrition rate, average life time value and retention rate. Once all data insights are obtained, it can be used to design good marketing strategies. Data insight helps to:
- Identify and segment your audience: Customizing marketing campaign helps to directly appeal to different types of customer and personas. You can link the investment in marketing campaign back to the expected lifetime value of acquiring those customers.
- Find out bottlenecks in the customer journey: The right data helps to enhance touch points, and identify bottle necks in marketing, sales and on-boarding processes. It assists businesses to manage the customer journey and make it friction free.
- Know return on investment: Gather all information to identify and understand the correct way of spending on marketing campaigns to create highest revenue and profits.
- Find out what works best for your customers: Use different marketing approaches to identify the best way of reaching customers.
Investing in a solid marketing campaign is not easy. It requires quality time and efforts to gather all data to analyze and understand. A successful marketing campaign can make a huge impact on your business. When using data to create actionable business intelligence, the marketing department should utilize the insights to spend money wisely. It is important to have a clear understanding of customers and create compelling campaigns that can improve the business.
In recent years, complexities in business operations and the introduction of new technology paradigms have led to the rise of machine learning and artificial intelligence. These new innovative technologies have become an integral part of businesses and according to research by Gartner, AI technologies will be become the top five investment priorities for more than 30 percent of CIOs by 2020. Gartner considers AI as a system that can change behaviours without being explicitly programmed. Recently MemSQL, a provider of the faster real- time data warehouse, conducted a survey of over 1,600 respondents. 61 percent, irrespective of the size of the business, mentioned machine learning and artificial intelligence as their company’s most significant data initiatives for the next year. The majority respondents i.e. 88 percent, indicated that their company already has plans to implement AI and ML technologies. 65 percent of respondents said that the key aspect of adopting ML and AI technologies is to provide informed business decision making. Around 75 percent believed that ML and AI are game changers that have the potential to transform the industry.
As humans and machines merge, AI’s potential is expected to grow, and it will also make algorithm-based customer service, personalized offerings, self-maintaining factories and buildings feasible. Another survey by PwC was conducted of CEOs worldwide in mid-2017. The survey revealed that majority of top executives agree that AI will make a huge impact on every facet of business, offering an unprecedented opportunity to innovate and grow companies in every industry. PwC survey estimated that AI will drive global domestic product gains of $15.7 trillion by 2030.
MemSQL analysts point out that machine learning and artificial intelligence are spreading in almost all businesses and the need for data scientists and other technical professionals is growing. To adopt these advanced techniques, business should first convert all data into digital format, ideally with the help of data entry services. This helps to declutter data and organize it properly so that new initiatives can be incorporated easily.