Data analysis and performance tracking can be very burdensome and take an enormous amount of time, making the company less efficient and slower when meeting customers’ demands.
That happens because all efforts are focused on tasks that can be automated, thanks to the AI solutions.
Companies, especially small ones and start-ups need technological innovations in order to stay competitive on the market and follow up with the large enterprises which enjoy having a lucrative budget and an extensive staff to perform detailed tasks.
What is data analysis? Why is it important?
The term of Data analysis describes a process of cleaning, transforming, and modeling data in order to discover useful information for business decision-making.
Where to use data analysis?
Data analysis is a crucial part of every business, since it is a highly substantial part of every type of decision-making within a company. The data analysis can be used to determine outcomes within:
- Market research
- Product research
- Customer service
- Product development
- Marketing and sales
- Many others
As you can see, data analysis is very far-reaching, therefore, it simply cannot be ignored.
Many small companies and start-ups implemented data analysis within their business activities at the imprecise level, making them vulnerable players at the market dominated by large enterprises that are specialized in reading customers’ data thanks to AI implementations.
How to improve a quality of data analysis?
Consequently, champion-level data analysis performance calls for technologically advanced tools.
Customer Data Platform is one of the most precise and accessible software on the market whose goal is to improve the performance of data analysis.
CDP offered by Custimy is a highly progressive version of the software, meaning that it provides businesses with such sophisticated oppirtunities as:
- Segment detection:
The CDP is able to determine which segment is the most profitable and which one is the least, making it much easier to pinpoint the right group to target.
- 360-degree customers view:
All past and present information about the customers regarding their behavior, interaction methods, and purchasing data.
- Real-time data:
This feature allows you to stay up-to-date with the latest tendencies and trends affecting your customer group.
- Data needed to optimize marketing campaigns:
Knowing all data about your customers enables you to communicate with them more efficiently (finding the right means, time and place to market your product/service) and create a flawless marketing strategy.
- Data needed to optimize the firm’s budget:
Customer data gives you a unique possibility to plan your budget accordingly to the current and predicted buyers’ assumptions.
You have unlimited access to data about your client’s potential spendings, as well as preferences, which can help you identify where to save and where to invest in order to generate better financial results
- Excellent customer service:
In-depth information about an individual client can place your customer service at an outstanding level in terms of personalization.
You know exactly what your customers expect from you and what their current problems and interests are which is worth consideration while maintaining a solid relationship.
What is performance tracking? Why is it important?
Performance tracking (business performance management) is used to track relevant business metrics (KPIs- Key Performance Indicators). The tracking is a vital part of every business, since it helps monitor and grow the progress according to clearly defined set of goals.
Which business activities require measuring?
Essentially, all relevant factors need to be measured, but considering a small character of the business, as well as its early stage of development, the focus should be directed specifically towards:
- Customer service improvement
- Increasing efficiency
- Capturing bigger market share
- Increasing profit margin
- Improving production costs/inventory
All mentioned KPIs require a company to have an in-depth and updated set of customer data. Therefore, Customer Data Platform should play a crucial role in tracking the company’s performance.
As mentioned above, CDP is able to present real-time data about a single customer to everyone involved in the KPIs measurement.
Thanks to the software, your company would not stay behind competitors and will be able to capture all digitally existing data about clients, making your service super-efficient and customer-oriented.
Why do you need to track performance of a company?
Capturing data sounds like a great idea for a small business or a start-up which does not know their customers well enough, but are there actually any more specific benefits of it?
Yes, plenty of them! That is why, even larger enterprises and industry’s leaders measue KPIs on a daily basis.
Examples of the most significant KPIs benefits
- Increasing employee engagement:
It is widely known and proved that working on a common goal boosts productivity. Your staff needs an objective to work on. Besides that, clearly defined KPIs can also help integrate employees together.
Measuring goals while at the same time assessing competitors’ moves would help your company at its early stage of development stay competitive on the market and discover how other firms are performing so that you are able to determine your strategy at an improved level.
Tracking KPIs regularly would help you react faster once the results turn negative, preventing a company from making any major mistake that would influence its market presence.
On the other hand, you are able to discover which activities bring desirable effects, and as a result, continue performing them.
The best way to minimize time spent on data analysis and performance tracking is to invest into a reliable AI solution which would gather all necessary information by itself.
Besides that, AI softwares have one more extra advantage; they provide an actual and explicit data, qhile information gathered by marketers using traditional methods are very imprecise and faulty.
The Customer Data Platform significantly lowers the amount of time which needs to be spent on analyzing data by presenting all detailed information about a customer with real-time precision.
Your staff do not need to spend hours on reading and translating data- they have it delivered right on time for an affordable price!