Business-Data-What-Is-Yours-Worth

Business Data: What Is Yours Worth?

Business Data
Are you harnessing your data to grow and improve your business?

Data is emerging as many organisations’ most precious asset. It’s how you can understand what a customer is doing, their behaviour, and how and when they engage with you. It can help you differentiate yourself in an increasingly globalised and cluttered market. Fail to harness your business data, and you risk falling further behind those that do.

However, many businesses are still a long way from harnessing the power of the data they hold. Collecting the data is not the problem. Data is now at everyone’s fingertips, at every level of every business. The real challenge is bringing it together from several disparate systems in a way that helps you make sense of it.

Business Data. In short, there’s no central view.

The resulting lack of clarity from insights can cause the wrong decisions to be made, which can ultimately hold your business back.

What’s in your data?

Before you start delving into data for insights, you first need to identify what data can do for your business. After all, your data is only as good as your objective.

Whether we’re talking about transactional, online, offline, campaign or product data, customer data insights can help you:

  • Identify, target and attract new customers – know who your customers are and how to reach them
  • Increase customer loyalty – tailor the right messages, products and services to engage and nurture customers.
  • Grow long-term customer value – identify new sales opportunities at various stages of the lifecycle.
  • Drive marketing efficiency and reduce wastage – ensure your marketing is going to the right people at the right time.

 For example, information from your CRM platform can help you understand what’s happening with customer acquisition and churn, which products are typically purchased together, and the performance of different marketing and sales channels. It can help you craft the whole customer experience – the whole business, for that matter.

The beauty of data is that it doesn’t lie. So, don’t be afraid of what it might say. For example, data can expose the discrepancies between what customers say they like and what they actually like. This may mean you need to make some big changes to business plans and modelling. But that’s far better than flying blind and doing what you’ve always done, only to realise down the track that it’s not working.

Generating actionable insights

 The age of gut instinct is over. It’s time to let the data speak, and then listen. Let your data inform every decision across your business.

To do this, you need to consider:

  • What questions to ask.
  • How to leverage data to find customer trends and target areas for growth.
  • How to use these insights to drive the right business actions.

This requires a centralised single view of data. Aim to integrate multiple systems and consolidate data from your customer service systems, eCommerce, digital interaction and transactional data – so you can get the whole picture.

For any customer-centric organisation, a single customer view is the Holy Grail of business. It enables you to better understand your customers and use the relevant touchpoints, channels, products and services with the goal of delivering an exceptional customer experience.

It also helps you go beyond the here and now to answer strategic questions about the future:

  • What do customers want to know?
  • What services will attract and retain them?
  • Where are the best opportunities for innovation?

If you don’t have the expertise within your business to achieve this, Dynamics Group can help integrate data from a variety of business systems to create single customer view. From databases to data warehouses, spreadsheets to real-time application data capture, our team have the know-how to help you integrate data across platforms. Find out how we can help.