How to turn data into business decisions

Artificial Intelligence and Big Data have transformed the data in one of the most relevant assets for companies. The huge accumulation of data that companies store about their businesses, their customers, the market, partners and suppliers led companies to need to answer questions such as; How can I manage my data to be more efficient?, or; Can I extract from my data information that helps me make better business decisions based on real data? How can I monetize the huge amount of data I have?

In this context, Deyde Datacentric has prepared a manual with three tips to help companies understand that they can extract value from their data that contributes to making better business decisions.

1. Take into account geolocation, profiling and segmentation

For companies of very diverse niches; know the profile of your customers and potentials, their behavior, lifestyle, consumption habits, purchasing patterns The sociodemographic profile is something key that -to a large extent- can be extracted from consumption data, market studies and external databases.

Implementing solutions to extract this knowledge will allow them to make sound business decisions to respond quickly to market conditions through an understanding of the needs of their customers. In 2023, it will be essential for companies to have a Allied Expert Treatment Solution Provider, enrichment and management of quality data, which help them undertake geographic analyzes of areas where there are already customers, establish a ranking of areas with the greatest potential for profitability, even being able to carry out studies on the sensitivity of customers and potential customers to the different channels of interaction between users and brands in order to improve the relationship with the customer and sales.

2. Having quality data is necessary, but it will not be enough for companies in 2023

A company that has a single source of data, no matter how good it may be, does not provide a real vision of its business or of the environment in which the company navigates. That is why it is key to have the ability to combine different sources of consolidated and enriched bases to be able to have a real and constantly evolving vision of the business needs and the preferences of those to whom it provides its services in order to be able to anticipate the trends that are drawn on the professional horizon.

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If, for example, a company only has the data provided by a customer loyalty card, it will be able to make fewer business decisions than if it compares said data with other enriched and contextualized external data that provide multi-layer information about the different aspects that can define their customers: socioeconomic level, type of home, type of family/household to which their customers belong, will allow companies to design different recruitment and loyalty strategies, establish new approach processes taking into account different product preferences, including personalizing your offer based on ecommerce data.

3. Transform data analytics into business growth options

Data analysis allows knowing how customers act within a business, which favors the personalization of services and products, so that companies will be able to offer exactly what the customer needs, adjusting the business strategy to adapt it to the expected changes. It helps companies to be more efficient and productive.

Business intelligence and digital analytics They also make it possible to find out which parts of the manufacturing process of a product are slower and which are faster, and expose processes that are not efficient, making it easier for a management team to be able to correct any negative trend immediately.

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