All companies have vast amounts of data, but not everyone makes good use of it. Data is a resource, and not spending time analyzing it can prevent making actionable changes to improve the profitability of a company.
BI and Data Analytics consulting is common because of this – a growing understanding of the importance of data but without the in-house expertise. Fortunately, BI systems can be set up and maintained from the outside, but even then, many insights can go overlooked.
Big Data analysis
The analysis of big data is a unique challenge that not all business analysts are trained for. Having a big data scientist or big data analyst can help decipher broader market trends and sentiment. For example, understanding your target audience on social media and their sentiment during interactions with your customer support team.
What often goes overlooked is drawing connections between your internal, company data and the outside world. For example, seeing if there are trends between your supplier issues and economic or environmental issues. Or, changes in real-time sales as the weather changes. These insights can help prepare your hedge against external circumstances. For example, how to become more recession-proof because of the income elasticity of demand data.
Geography
We often see sales reports and data presented as to what geographical markets are most relevant and profitable to our business. However, effective geotagging and geocoding can help visualize global transactions and produce interesting insights.
It may be that different themes are spotted when visualizing geotagged data. Perhaps, clusters, proximity, or regional bloc insights. Maybe time zones are playing a role in your sales, or hemispheres can decipher seasonal sales. Perhaps delivery delays are occurring in the ASEAN bloc but nowhere else.
Savings
Saving money is a common driver of any business, and there holds a lot of cost-saving capacity in the insights of our data. Finding insights into excess inventory, having too many vendors, marketing overages, and redundancies can help identify areas in which the company can save money.
BI insights are also crucial in understanding where marketing money is being wasted. Breaking marketing campaigns down into appropriate categories in order to assess their effectiveness is an ongoing tweaking process to optimize the return you see on the investment.
Bounce rates
Many businesses rely on their online store as their core revenue stream. However, abandoning the shopping cart and bouncing off the site is a common problem, but it’s often overlooked. Assess how severe this problem is by viewing the web & customer analytics data can help shape changes to the website and marketing – or streamlining the checkout process.
Customer satisfaction
To many firms, customer satisfaction is key. Yet, with all this possible data, many customer satisfaction KPIs go neglected. Of course, implementing a customer satisfaction feedback form is useful, but you likely already have data on reviews. It is possible to aggregate these reviews and perform sentiment analysis on them to highlight themes within the complaints. You can also find insight into how good your customer retention is to better understand relationship building and if you’re incentivizing loyalty enough.
