Today’s businesses having the ability to amass more data than ever before, but many companies aren’t sure what to do with said data. Big data analytics – examining a substantial amount of information in order to expose hidden patterns, trends, connections, and preferences – helps businesses make informed strategic business decisions that are both efficient and accurate. A data-driven strategy can yield benefits such as improved revenue generation, cost reduction, enhanced process efficiencies, and increase business agility. Here are just a couple of the areas in which businesses can make big data analytics work for them.
Big Data Analytics Help Enhance Product Development
One goal that businesses constantly strive for is the ability to give their customers exactly what they want. But reaching this goal has involved a lot of guess work in the past, leading to either faulty conclusions or success that was mainly due to luck. Developing products and services should be based not on what a company thinks the customers want, but on actual feedback from the customers, themselves. Companies that utilize big data analytics can more easily access this feedback and make choices based on it, especially those who use a call mining analytics tool like speech analytics. Compared to the data acquired from other sources such as website clicks, speech analytics is far more accurate and useful, since it is coming straight from the customer’s mouth. By scanning phone conversations for specific words and phrases, speech analytics makes it easy for companies to cut the mire and find exactly what they are looking for.
Big data analytics can save businesses both time and money, as they won’t be wasted on making erroneous decisions. Nearly half of those who use a data-driven strategy can more accurately predict their customers’ requirements, and ensure their satisfaction both in the present and the future .
Deliver Personalized Customer Experience With Analytics
Recent studies show 77.5% of companies view the customer experience as their most crucial strategic performance measure , and the modern customer expects a more personalized experience when they interact with businesses. Data analytics can provide businesses with the information needed to provide these experiences, and having access to this information is critical, especially for the decision makers of a business. But 52% of companies say their data is centrally located (usually in the contact center) , making it difficult for other departments to obtain it. This is a mistake, as every decision made by each business faction impacts every other faction and, ultimately, the customer experience. If every department does not have access to the same data and a means of analyzing it, then they will come up short in creating a customer experience that is truly personalized.
That’s why it is so important to have a data analytics system in place that can be easily utilized by anyone. 57% of businesses who do so report enhanced capabilities to provide more personal customer experiences , and 56% say it can help provide a more consistently superior experience across channels .
Businesses that use big data analytics have a decided advantage over the competition, with 47% seeing a rise in sales revenue , and 77% referencing cost savings with regard to the customer experience . And the affordability and ease-of-use of today’s solutions such as speech analytics allow businesses of all sizes to reap these benefits. So the only question is: What can big data analytics do for you?