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How to Leverage the Power of Data Analytics in Sales?
- 1. How to Leverage the Power of Data Analytics in Sales As per Forbes Insights, data is the DNA behind the robust analytics and insights supporting modern organizations to recognize new products, determine how to serve customers better, and enhance operational efficiencies. Organizations that embrace analytics have significantly more growth than those that delay adoption. These organizations are also defined by having comprehensive digitization of data and adoption of analytics. However, just because data integration is highly increasing doesn’t imply that businesses are using it accurately. Not exactly 50% of businesses are using big data systems successfully. Not all strategies are designed optimally. To see the significant impact of data utilization on sales and complete profitability, you should follow some key strategies. Substantial Business Outcomes with a Well-organized Data Foundation Several organizations observe data as the foundation against which they want to create better customer experiences, increasing sales revenues, enhancing operational efficiencies, and delivering new innovative products. Eventually, what values most organizations is bringing all essential data together to notify the decisions and drive successful actions.
- 2. Analytical infrastructure built on a well-organized data foundation is critical to decisive decision-making and achieving the best business outcomes. Organizations strive to utilize data efficiently but are facing obstacles. As per Forbes Insights, just 48% say they have a reliable data management process. Amidst the challenges: 52% have difficulty integrating multiple sources of data, 49% strain with prioritizing data, and 47% are challenged by planning the right data to collect. If data is fallacious or corrupted, the machine won’t deliver workable insights. That’s why having a solid data foundation built around the production and acquisition of data is essential for success in sales. The modern data foundation brings together all the most significant data points, connects them to key performance indicators, and produces a unique version of data accuracy and understanding across the entire organization. Want to Engineer your data strategy roadmap? Learn More Determining Data Deluge Businesses across various industries are running towards embracing digital transformation. They want to stay contentious and drive business growth and modernization. But digital transformation comes with hurdles, particularly around data management. Data is one of the organization’s most important assets but leveraging data insights can be challenging. Businesses are typically swamping in data that fails to deliver the insights and business value required to assist their customers. Some organizations have standardized practices of utilizing data to scale and optimize their business performance, while only a few marketers can say that they have a consolidated 360- degree view of their customers. Leveraging Data Insights Indicates having a Path towards the Analytical Journey The cost of data is directly associated with how it is utilized and implemented. It can either not influence business performance, affecting only a small percentage of an organization’s results or stimulating stable business growth.
- 3. If you are initiating your analytical journey, you tend to examine questions such as “what happened?” and “why did it happen?”—the understanding of whys and what is known as the Descriptive Analytics stage of analytical maturity. As you proceed towards more advanced stages, the questions might get changed. You now have the foundation to know “what” and “why,” and you will be asking questions like “what will happen next?”. Predictive Analytics will deliver answers to these questions and beyond that. Then the Prescriptive Analytics will provide the following best action advice and support based on specific business events. Organizations that leverage, utilize, and integrate actionable insights into their regular decision-making can adapt themselves and build a long-term competitive advantage. Forrester’s research specifies that “insights-driven” companies expand at an average of more than 30% annually. Data insights are transforming the source of competition. Leading companies are utilizing their abilities to enhance their core operations and propel utterly new business models. According to Gartner, the businesses that leverage actionable insights for digital commerce will achieve at least a 25% increase in revenue, cost reduction, and customer satisfaction. By concentrating on business outcomes, you can drive your digital concept and transform it into insights and data strategy that delivers substantial and measurable results. Start basic with your existing data and emphasize success. Actionable data analytics empower you to stay modern with any market changes and will facilitate quicker, better-informed, and more specific business decisions in real-time. Are you ready to start leveraging the power of data analytics to increase sales? Get detailed insights on Data Strategy and Insights and how it speeds up your strategy.