Have you ever visited a restaurant or movie theatre, only to be asked to participate in a survey? What about providing your email address in exchange for coupons? Do you ever wonder why you get ads for something you just searched for online? It all comes down to data collection and analysis. Indeed, everywhere you look today, there’s some form of data to be collected and analyzed. As you navigate running your business, you’ll need to create a data analytics plan for yourself. Data helps you solve problems, find new customers, and re-assess your marketing strategies. Automated business analysis tools provide key insights into your data. Below are a few of the many valuable benefits of using such a system for your organization’s data analysis needs.
Workflow integration and AI capability
Analyzing data manually can be a significant pain point for your organization. Automating data analysis is vital to overcoming the challenges of possessing too much data. By using an outside program to assess, analyze, and understand your data, you can effectively integrate data analysis into your workflow. By doing so, you can augment your own SQL/query and statistical analysis techniques for analyzing data with powerful artificial intelligence tools. AI and machine learning often bring new analysis methods to the table and can help find valuable information/insight where traditional methods can’t. With this volatile combination, analyzing data no longer presents the daunting challenge it once did; a combination of human and machine analysis can help you discover the most meaningful data and act on it appropriately.
Pinpoint unexpected data changes
Data changes constantly, and often unexpectedly. The AI and machine learning capabilities of automated data analysis analyze billions of data points at once. As it does so, your organization can see changes, trends, and unexpected data in real-time. Root cause analysis (RCA)—identifying events and developing a solution to them—is implemented into the software, allowing you to act on unexpected changes or useful trends in your data. If you know potential root causes, you can either act on preventing a problem or effectively seize an opportunity. Knowing about these changes and developing a response to them is crucial to success, as it can mean the difference between optimizing an opportunity or failing miserably.
Understand customer behavior
Customer behavior and trends are sometimes the elusive whales of marketing. How do you know what your customers will like from one season to the next? What kind of insights into understanding your customers’ behavior do you need to make an effective marketing plan? A good data analysis program can help. Automated data analysis uses AI and machine learning to assess billions of data points. It then culls whatever useful insights it can find into a series of data stories that you can use to pinpoint trends and plan new marketing strategies. Each story defines essential components of the data, including what happened, why it’s impactful to you, and where to go next. With data stories in place, you can gain useful feedback and information on customer behavior and create better value for customers down the line.
Enhance marketing and ROI
Understanding consumer behavior and trends are only one aspect of a much larger equation. Data is only truly valuable when businesses use it to make informed decisions, rather than using it to guess at the next step. Effective data stories can inform your business of the proper way to utilize the information. Quality analytics can identify spikes in interest or downward trends that can further inform a marketing strategy. Afterward, your business can devise an alternate marketing plan to either capitalize on upward trends or alter the plan to appeal to a different demographic. Ultimately, enhancing your data analytics with software can effectively increase sales or prevent a devastating problem down the line. In that regard, you can effectively make use of enhanced, fluid marketing strategies while using your data effectively.
Act on data trends quickly
Trusting your data and acting on it quickly are two sides of the same coin. Is your data accurate? How do you know? Is there anything missing? Is the data being properly collected? These are all essential questions when analyzing data and its associated trends. Luckily, automated data analysis programs can demonstrate drops in data input and assess the data’s quality. Once again, AI and machine learning handle the majority of the heavy lifting to determine if data is useful to your organization and how it will impact it in the future. Once data quality is assured, you can discover where customer conversions occur, be alerted to data milestones, immediately take action on any significant changes in your organization’s data over time.
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