Information has become extremely valuable to business operations. The story and the analysis of data in the digital transformation era constitute a position of competitive advantage for the business. It is precisely the data produced by consumers that assume the role of feedback and deepen knowledge to make more targeted strategic decisions. Without data, the digital transformation process you are trying to bring to the company is limited. And if you have not yet foreseen a digital development of your business, now is the time to start.
The truth is that companies that don’t reinvent their businesses by keeping up with technological developments will end up being sidelined. Digital is not just a trend, but it represents a real upheaval in the ways of doing business. Technology meets customer expectations and allows you to keep up with their renewed needs. But data analysis allows you even more! It offers you a window into consumer behavior, their purchasing choices, and their interests. You can use this information to decide the products and experiences to attract users and bring them closer to your brand.
A business transformation digitally means having a greater understanding of your potential customers and an overview of improving and delivering even more value. This leads to a broader consensus which, consequently results in more customers and more sales. Companies interested in digital transformation must first evaluate the quality of their data and know how to use it to benefit the business.
The Role Of Data Analytics In Digital Transformation
Your business data is a raw resource. To turn it into a trustworthy source of wealth, you need to know how to sort, process, and analyze it. In short, you have to understand the meaning behind that mass of information. At that point, you can use them to make strategic decisions for your business that will give you a competitive advantage over your competitors and increase your growth opportunities.
The more advanced the analyzes are, the more precise and systematic your sales process will be. Furthermore, the information generated will be more and more accurate. It will allow you to evaluate better what to invest in and what to aim for to obtain the most significant returns. It seems easy, but where do we start? First, it is good to be clear about the role and importance of data and their analysis in the digital transformation process. It’s easy to repeat how precious they are just because you hear it said around, but what you need to do is to grasp the concept deeply.
You need to understand what information you need and how you can use it to your advantage to connect with consumers. The goal for all brands is to understand how to align growing data coming from all platforms. Because? In the following few paragraphs, we see commonly used cases that businesses of all sizes find helpful. If you want to get help immediately to adopt data analysis for your company, click the button, find out how I can help you, and book your personalized consultation.
Consumer Behavior Prediction
Data analytics has a variety of uses in digital transformation, such as predicting consumer behavior. Growing digitization has not only affected companies but also people’s daily lives. Today’s consumers can be called digital because they rely on technology and the internet for much of their business. Every action that consumers take online is logged and produces volumes of data. The challenge of companies is to make that information “talking,” that is, able to shed light on consumption habits.
The power of digital transformation tools for data analysis is that they get better and better over time. Starting from the fundamental studies, more advanced ones add further knowledge to those already acquired. Furthermore, as machine learning models absorb more data, they will return increasingly precise scenarios and better anticipate results. This will allow you to make your sales process more and more efficient, as we see in the next paragraph.
Sales Pipeline Optimization
The close of business is the primary goal of any entrepreneur. Sales are the nourishment of the business that could not survive and grow without them. Data analysis allows you to make each sales pipeline a productive flow. In general, the sales pipeline contains this information:
- Number of offers in their processing stages;
- Size and value of offers;
- Conversion rates;
- Conversion time.
This makes it the tool for controlling and measuring sales, productivity and performance. To improve sales performance, however, it is not enough to have a vision of the processes. Still, it is necessary to understand what actions must be taken to accelerate the flows and arrive at the moment of conversion. How does the data make it possible to optimize the sales pipeline? Some tools help monitor each stage of the sales process and offer estimates on the likelihood of converting leads to customers.
Having this information in the company, it is possible to shorten sales cycles and increase the volume of concluded transactions. If sellers prioritize “hot” leads – those closest to making the purchase decision – they’ll be able to make more sales in less time. This is a great way to stem inefficiencies and know where to go for successful results. But even the data are not all the same. Keep reading because now I’m talking to you about Fast Data and Big Data in digital transformation.
Fast Data And Big Data In Digital Transformation
Business needs may require different types of data. Fast Data joins the well-known Big Data, but what is the difference between these two? To understand what Big Data is, think about the daily actions you and all other people do—from interactions on social networks, clicking on a website, always interconnected smartphones, and intelligent city detectors. Every activity related to the internet generates a constant flow of data whose amount has become incredibly higher than a few years ago.
They are data of all kinds that provide a well-rounded knowledge of users and situations. But generic data analysis may no longer be sufficient to help companies grow and achieve the desired results. What is required is one more change involving an even broader digital transformation. Fast Data must also be added to Big Data, considered the answer to new business needs, to be indeed in step with innovation. In addition to the completeness of information, speed of information becomes increasingly necessary. The market is running fast, and the challenge is to keep up by developing responses to changes promptly.
Fast Data, therefore, allows you to immediately have the essential information extrapolated from the general and complete picture. These are data sets that are always available and updated because they are processed in real-time. Put real-time data collection allows your business greater flexibility and improved user and customer experience. Having a close view of the presence of both products and consumer needs, you can make business decisions according to the moment’s needs. Furthermore, you can optimize your choices by reducing waste and costs. The time has come to bring data analytics within your company walls.
Start With Analyzing The Data In Your Company
Digital transformation is an ongoing process that companies must undertake to be competitive. But for digitization to occur, it is necessary to introduce data analysis and understanding into your strategic process. Only you can take advantage of the wealth of information to benefit your business’s performance and productivity.
Furthermore, all this data must be integrated into the technological tools and systems to allow your business to manage its operational sales processes more efficiently. Do you want to make sure you know the status of your company at any time? Then click the button below and find out how I can concretely help you to collect data on your consumers and, above all, to translate them into profits.
Also Read: What Is Augmented Reality?