There is a growing trend for gathering massive amounts of data and analyzing it to derive solutions for business and IT problems. But analyzing any data won’t work, you need to be smart about what data you choose.
Today, businesses are usually defined by the software they run on; it enables them to conduct innovation and create new services in a faster manner. As the dependency on software increases for more and more companies, the demand for superior services, innovation, and high-end performance continues to increase too. As a result, the software continues to increase in its complexity to beat the competition.
This increase in the application complexity usually means more structured and unstructured data generated from our applications. These data may include log files, emails, alerts, infrastructure and network statistics, etc.
This requires companies to build effective monitoring strategies but the most common problem before the companies are lack of data archive. Due to the unavailability of the required information, they are not able to quickly diagnose and find solutions to the problems. The other scenario is where companies collect and store too much data that they are not able to make sense of it in a timely manner.
The answer to these problems is smart data.
Smart Data is actionable and intelligent information that is developed by performing correlation and deep analysis on data sets. For instance, the end user’s business transaction details are correlated with current status, response timings, and other related data parameters from time to time. This data can be analyzed to derive information and extract conclusions to take appropriate action. This information is nothing but Smart Data.
Being smart about what data to store for monitoring purposes, enables you to get solutions much faster, and at a lowered cost.
With smart data and actionable analytics, it has become quite easy to overstate the changes happening in the marketing field and measure marketing performance. This involves gathering historical and real-time data from mobile, web and in-store resources that were not possible before.
This definitely gives us an insight into the performance of our marketing campaigns. In fact, it has provided a way to see the marketing business from an all-new and powerful perspective. Through actionable models and analytics, it’s now possible to understand the real marketing game even before the campaign starts. It tells us exactly the set of rules to play efficiently.
The marketing campaign is based on three areas of understanding that are critical to beat the competition:
Segmentation: With growing competition, the segmentation of marketing is becoming more and more complex. This usually means that the right people engage with the right messages at the right time.
Customer Behavior: It is important to understand the tendency of customers to spend or react to a particular offer. Marketers need to understand customer behaviour as to why customers regret and react to social media promotions and the like.
Test and learn: Analyzing the impact of running campaigns on a particular segment of the audience helps to understand customer behaviour and improve marketing strategies.
In a sense, you can predict future events and behaviours through advanced analytics. This enables businesses to conduct what-if analysis to better forecast the future effects of changes in business strategies. This can transform poor business decisions, made using random guesswork, into powerful and successful business decisions. These decisions can greatly improve operational efficiencies, drive revenue, and provide a competitive advantage in the market.
Advancing business leaders are proposing that their companies combine their existing enterprise resource planning (ERP) and customer relationship management (CRM) systems with external resources. The end aim is to provide cost-effective and quick actionable insights leveraging advanced analytics.
These trends clearly illustrate that advanced analytics is not just a nice-to-eat cupcake. It opens up a whole range of opportunities that can revolutionize the business and marketing world. It can be utilized to fight competition and build brand loyalty, retain customers and advocate the brand in a powerful manner.