Over the last 40 or so years, computers, technology, and the internet have transformed the way companies operate and do business. As the boundary between the digital and real worlds continues to blur, firms are increasingly looking to their digital assets to help shape their operations and aid in decision-making processes.
Data is now considered the world’s most valuable asset – more valuable even than the traditional heavyweights of gold and oil. By gathering, studying, and interpreting operational data, companies can gain a far better insight into their strengths, weaknesses, opportunities, and threats (traditionally referred to as a SWOT analysis) at a level of detail never before possible.
Ways data analysis can be used to shape your company
The business world is transforming through technology – the so-called digitization of business – and as we continue to move more and more of our lives and business processes into the online and digital arena, innovative firms are capturing and interpreting more data than ever. This increased knowledge can give a better overhead view of everything from internal working practices to customer relations and business intelligence, in turn helping firms predict future trends and requirements more accurately.
Below are just a few of the more common ways firms at the cutting edge are using data to gain a competitive edge over their rivals:
Better, more intuitive customer relations: By studying the patterns of customers, firms can improve their entire customer service from first contact through to after-sales care. Customer Relationship Management (CRM) software can monitor and handle the whole customer journey – and can even be used to encourage future sales – for example, the ‘you might also like’ suggestions made on the huge Amazon retail platform.
Search Engine Optimization (SEO): The term Search Engine Optimization (SEO) refers to a series of involved and detailed processes used by web marketing experts to push websites further up the Search Engine Results Pages (SERPs) to escalate the exposure of site pages under specific keywords and increase web traffic. By studying a site’s performance in popular search engines like Google – plus gathering user data of websites using analytics tools – web marketers and SEO specialists can vastly improve your web use stats, attract users and expose your site to bigger markets.
Improved business intelligence: These days, it’s almost impossible to think of any company that doesn’t rely on the web, computers, and tech to some degree in its day-to-day operations — and as soon as you introduce digital resources into a firm, it automatically starts producing data. This data can then be gathered and interpreted to isolate potential or existing problem areas or sectors that could streamline to increase productivity. Data gathering and analysis on this scale can be used across an entire business, from the shop floor to the boardroom, to improve performance and give firms an advantage over their competitors. It can also be used to find better or more efficient ways to deliver products and services – again, giving a competitive edge.