Here’s our Quick 5 Step Guide to Turn Data into Revenue
Data today is more important than ever and companies are using it to improve their business decisions and executing actions that have been found to work. Considering data is virtually everywhere accessing it is important to make the most of it in growing a company. Turning big data into actionable information is critical. Data offers diverse revenue opportunities but most businesses have no idea how data can be harnessed to meet financial targets and exceed revenue projections. To Turn Data into Revenue follow these easy steps:
1. Maximise Customer Management
With big data you can make the most of all customer engagement forms to increase revenue. This means understanding customers and prospects behaviour in virtually all the offline and online channels. It requires managing the data in a manner that blends purchase history, for instance, and interactions. As a result you’ll end up with a strong buyer profile showing the service history, engagement channels and items bought.
2. Allow access to comprehensive data information and insights across the board
Data volume keeps growing in all types of formats and sources. Leveraging on the information is important. Sometimes, only analysts access customer data but this shouldn’t be the case. The entire organisation need to access these comprehensive insights drawn from big data in real-time. Where teams have bridged gaps between insights, tools and data there’s a faster implementation of insights from data to execution. This means critical data understanding and analysis skills need to be taught across the workforce. As such, every employee will access information and insights most relevant to their line of work.
3. Proactive data analysis
Of course with analytics you can be sure data there will be a vast amount of data and sometimes this can be overwhelming. However, if you make sure you understand it fully you’ll be able to comprehend your leads or customers and their actions. A good example is learning where users or visitors who browse your website are coming from, whether they’re from social media or organic search, are they existing customers, how much do they normally spend etc etc. If you’re able to proactively go through data the insights required to make accurate and factual decisions will be possible. For example by monitoring bounce rates and ascertaining where most users are dropping off you can then learn what you need to do to keep them longer and satisfy them, in the process monetising data.
4. Personalise Data Further
If analytics and insights delivered are personalised and specified as much as possible the better and easier it is to monetise. Essentially, do this by blending other data sources such as geodata, demographic, address enhancement, business and weather data to the data currently in your hands.
5. Small but Scalable
As you start big data projects and analysis with the aim of gaining insights and solutions, starting small is wiser. 55% of big data projects have been found to fail. You don’t want that to happen to your critical project. Most importantly, ensure the solutions are scalable to deliver the highest performance and support redundancy. All the data collected has to serve a specific strategic purpose.
TrustedBI have tried and tested methodology for these types of projects and would happily talk you through getting the best out of your data. With our agnostic approach to software you will be in a safe pair of hands with over 20 years’ worth of experience within Business Intelligence, call us today: 01628 421512 or drop us an email: enquiries@trustedbi.co.uk