The dawn of technology surely brought with it advancements in every business sector, assisting not only the daily run-of-the-mill tasks, but also obtaining and yielding statistical reports for the competent staff to analyse.
It applies across the board, from small companies to conglomerates, the correct extraction and study of data is crucial to acquire essential information and insight to provide exceptional client experience, while keeping the internal structure solid.
Any trade capable of computing and filtering its figures accurately can hold a peace of mind, as it will positively affect its segments transversely from administration to finances and audit, and from marketing to production and sales. So, statistics when used well, can indeed support management in their decisions, while enabling the company to keep innovating and thrive.
Let`s explore how data is extracted, analysed and what are the benefits of this procedure.
What is Big Data?
This refers to the massive volumes of information being generated and collected at an elevated rate, which if not tackled and scrutinised quantitatively can create analysis paralysis.
On the other hand, big data when considerately dissected can yield the right insight for any organisation to gain from.
The starting point to obtain such priceless information is to study the clients in your specific niche, as you will need to plan around their requirements. Such visions will expose the type of challenges you need to face, in turn placing you in an optimal position to plan the right strategy while understanding better all performances involved as the business progresses.
Recognising a pattern is of vital importance to the corporate entity, while big data needs to congregate in one single point assisting in making conversant business conclusions.
How to Utilise Data for Planning
First off the bat, we must ensure that all the data is being gathered in a structured manner, since if the format is unstructured it will represent a tougher task to filter and analyse said data.
Having said that, we find that most of the businesses out there try to obtain their data in an unstructured way, which is a shame as much of the information could be either lost or not given the weight it merits, with the possibility of damaging that particular company in the long run.
Gathered data for decision-making is vast, and it comes from an array of functions, both from internal sources, and from the market, plus also nowadays with AI (Artificial Intelligence) assistance.
Different roles within the company say like reporting, analytics, predictive and prescriptive analysis, developing performance metrics and regulatory compliance will generate diverse data, which is essential to be filtered and eventually analysed enabling it to leverage corporate decisions, locate and develop new business opportunities.
Understanding Data
As aforesaid, every company needs to evaluate their clients first, what they are after, their demands or requirements, then usually the marketing team will work in tandem with the experts in the field to structure a plan which reaches out, attracts and embraces customers, forming a robust database on which the business can rely to eventually and hopefully flourish.
It is all about identifying patterns – what are the clients after? To make it simple we can mention that from data analysis it transpired that customers prefer short format ads for learning, or on the contrary a more detailed brochure, for example.
This way, with the data being obtained about the clients` demographics, intent and behaviour, we are optimising business practices, and ultimately if it`s utilised well it will form a success story.
However, extraction of data is admittedly complex at times as its varied and often siloed, again this is what makes it challenging and interesting too. Pattern recognition remains key.
It is paramount that before any data is utilised, it needs to be quality controlled and accurately assured for it to be of value and effectiveness.
Adding In Competitors` Data
So far we focused on clients` info, but to complete our valuable data we need to get informed also about our competitors in the field.
Really and truly it isn`t only about evaluating the direct competition, but also the entire ecosystem in the sector or niche, which will assist us in forming a more precise pattern.
This way data will be more comprehensive, however we must ensure that this is regularly reassessed to check that it is still relevant and not outdated or unconnected for the current business.
Leveraging Data
Let`s keep it simple – the gaming industry.
Gaming is an incredibly competitive business, and data here is being gathered just the way we mentioned, with players/users who are the clients in this case, buy, earn or trade within certain games too, while filling in their details which is added with data.
This data obtained, added with what the competitors or other retailers are doing to lead the market, will in turn assist businesses to develop, advertise and market accordingly or in line with popular demands.
Products, in this case games, will come with recommendations to further buy in-app or online, and upgrade to obtain more perks.
In the gaming sector, countless companies are investing in advertising, with crucial knowledge obtained, you guessed it, from data.
Qualifying Data
Businesses need to make sure that data collected is in line and not in breach of any policies according to their country.
Needless to say, data needs to abide and comply with the GDPR (General Data Protection Regulation), and other regulations which require users` consent prior data collection.
In Conclusion
Nowadays, any ambitious commerce can`t have a long-term plan without seriously and regularly reviewing its data, as the latter will enable it to better perform holistically in the market.
Data analytics is key to ultimately provide the right support for the decision-making individuals, keeping the trade sharp, while meeting clients` demands.
As we saw, such precious information if properly utilised can do wonders, so don`t let those reports just pile up, but make them work in your favour!