Is Data Analysis the Yin or the Yang of your Business?

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Depending on how you use it, it can be either of the two. 

There has always been discord around data analytics and mind you, I can understand both points of view. Personally, I’m a great advocate of using data analytics for your business. If you’ve been struggling with your business then you are aware that solutions come from collecting the right type of info to improve upon your services. To business owners, data collection is a life-saviour as it presents various methods of identifying the solutions they need. 

They say the more data you have the more equipped you are to optimize your business, right?

Wrong.

More is not always better. In fact, while it is preferable you have access to a large amount of data, if you don’t have the necessary means to separate the good from the bad data, then the entire system shuts down. You need a data analytics provider that is intuitive, always improving and easy to use or else the info you acquire will only oversaturate your needs.

How can Data damage your business, you ask? 

We have identified some of the current pitfalls of data analytics as follows:

♢ Bad Data

You’d say there’s no such thing as “bad data” but in fact, it refers to faulty information you receive from your customers. Bad data can be of different types: incorrect or fake data, missing data or even outdated data. This is actually a pretty common issue given as there is no full control over customers and how they fill in their details. 

erroneous/fake data: this comes from people who are in a hurry or don’t pay attention to the online form and typos may appear. In other cases, customers are inclined to give out fake info to avoid handing in their personal details to a second party. 

missing data: this situation arises only when your analytics provider has not implemented mandatory and validate(2FA – 2 factor authentication)  fields into the customer form for the important info such as email address, phone number, age etc.

outdated info: it’s a fact that people change their info often which is why it’s important to keep an updated database in order to ensure that your messages always reach your targeted people. 

♢ Low-quality Data

As of the moment, the insight-driven businesses are leaders on the market. Companies such as Google, Tesla, Amazon, Netflix, Deloitte are growing at an average of more than 30% annually and expanding 8x faster than the global GDP. 

What do they do differently? To sum it up, they avoid low-quality data at all costs. Their experts know exactly what data to focus on and build their strategy on customer insight. Their analytics goal is to create, grow and learn from customer relationships while filtering the information better and separate it from the bulk. The opposite of these actions simply brings forwards bad data. 

Companies such as Wiacom help you use data effectively in order to gain a competitive edge. The aim for the future is to have a system that will tell you what to do without having to read through lengthy reports of data and at the same time, find solutions accordingly. 

A successful business is no longer about experience and instinct, it’s about experience and data: high-quality data. 

♢ The Data Falls On Flat Ears

Many companies pride themselves with being insight-driven businesses but in reality, they don’t apply even 20% of the system-based solutions. At times, no matter how many solutions you are faced with, some business owners are not willing to put in the work. CEOs are blindly following instinct and ignoring the numbers. It’s impractical to wish to revolutionize your business if you are not open to digitalization and due to cost reasons and a trivial understanding of how a business evolves, many companies will have no advantages out of data analytics. Without business owners truly making insights and customer interactions a priority, even the most advanced platform will deliver mediocre results. 

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♢ Data Solutions Are Not Applied At A Large Scale

It’s advisable to invest accordingly and apply the solutions offered by the analytics program even if at the beginning there appears to be no consistent ROI. Leading businesses understand that while cost savings are important, it’s a lot more practical to see a direct correlation in terms of revenue as well. 

The shortcut managers usually take that is only seemingly cost-effective is that of applying solutions only to certain sectors of activity and investing as little as possible, almost distrusting the data obtained. In that respect, any campaign started on reliable information brings even more insight and caters to the customer’s needs as intended. 

In Data We Trust?

Yes, in data we trust. Simply because data doesn’t lie if analyzed correctly. 

A strong analytics platform such as Wiacom, can help you filter through all the collected data and select only the relevant info while offering you plenty of solutions to improve your business. Campaigns, reviews, call-backs are the perfect marketing tools to stay relevant in today’s market and not become obsolete in front of digital disruptors. 

As long as there is data, there is progress and increasing progress. You just need to know where to look.

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