Every business today has the capability and feasibility to store customer data. It is no longer a logistics issue of storing data, in fact, most businesses have data for the last few years stored even on their personal computers. The trouble that these business owners have is trying to understand what they need to do with this data. Data Analysis helps you make critical business decisions that help you grow your business in more ways than you imagine. We will now look at two ways Data Analytics can be used to make more effective strategies:
Big Data Analytics for Risk Management
Risk factors shouldn’t be news to anyone who owns a business because of risk and business work hand in hand. Over the years, this risk factor has grown to become more severe, causing bankruptcy and serious damages to the economic world. As a business owner, your ability to have a clear foresight about the risk in a particular business separates you from being profitable and accumulating losses.
So far, the use of big data analytics in this aspect of business management has been able to improve the ability of businesses to manage risk and get the most out of their business transactions and remain profitable. The use of big data analytics by businesses over a specific period has been able to develop certain tools that help businesses model and risk concerning their profit before going ahead with their daily activities. This allows them to stay conscious of what is at stake in their business and how to manage it efficiently. Also, it helps business managers make the right kind of decision that will help mitigate risk at all times.
A good example of a digital brand that has been able to take advantage of this when it comes to managing their risk is UOB bank located in Singapore. This financial institution has been able to develop a strategy based on big data analytics to help the risk factor in their day-to-day financial operations.
The Use Of Big Data Analytics to Boost Customer Acquisition and Retention
The major asset of every business out there is its customers. Losing your customers automatically renders other assets useless. This simply means that in whatever steps you take, they have to top the list of your priorities and should be given all they need to get satisfied. A business with a good customer base can neglect the heat it faces as a result of intense completion and still survives. But a company that is slow to act and learn what customers are out to look for will soon lose it all and become bankrupt.
For companies that make use of data analytics in managing their business, they will have been able to observe the behavior of customers, the new trends, and patterns. With this, they can develop new business plans that are in line with what the customers are hoping to get. This clear foresight allows the company to always acquire new customers and retain the old ones.
A good example of a business enterprise that was able to put data analytics to good use was Coca-Cola. Back in the year 2015, this company developed a digital-led loyalty program made of data analytics to strengthen its customer base and retain its position at the top in the industry.
To sum up, we at NextBee can help you understand how what seems like a lot of complex information will help you make the right moves. Not just that, we help you make them. Our team of experienced professionals will study your data, analyze it and use right techniques to derive appropriate solutions. Contact us and we’ll schedule a time to talk soon!
