These are all myths. Any company, regardless of size and segment, can benefit from the correct application of data in its operations. Not only that, but companies that are not using information effectively run a serious risk of being swallowed up by their competitors. To break this barrier, we have listed below the main reasons for you to start applying data (and its analysis).
1. Reduce costs
Virtually all companies have processes that involve manually entering or confirming information. Whether it's registering customers and suppliers, filling out CRM fields, checking information to issue an invoice, updating contacts, or dozens of other situations, chances are good that someone is copying information from one place (a website, a form, a spreadsheet, or any other source) to another, or manually searching for information on the internet.
Manual processes generate two types of costs: the time people spend executing them and the large number of errors in input. The good news is that 90% or more of these manual processes can be automated with the correct application of data in your company. Whether through integration between systems, a screen query with data export, or a file exchange, BigDataCorp's data APIs can bring all the data you need to fill in the most different records and flows with a simple call, eliminating hundreds of hours of work and reducing errors, which directly translates into cost reduction for companies.
2. Increase sales
If you carry out any type of digital marketing action, you are already using data to increase your company's sales. A campaign on Google AdWords or Facebook is nothing more than segmentation, based on your consumer's search behavior or social profile. The big point is that, in these conventional campaigns, you are using data from a single third party (from Google or Facebook, in our example) to generate more sales. It is better than not using any type of information, but it is an approach that can be further optimized.
Combining data from these platforms with your kuwait whatsapp number code own internal data, such as the type of customer that results in more conversions or a better financial result, for example, tends to significantly improve campaign results, whether by generating more leads or reducing the cost per lead. And you can always use other data, such as that which we make available within our data platform, to further segment your target audience, directing your message only to the companies or people you really want to speak to. This way, you optimize your sales process, selling more at a lower cost.
Not to mention reducing friction in the sales or service contracting process, using data to simplify registration forms, providing a better experience for your customer and, consequently, increasing conversions.
3. Make better decisions
One of the main applications of data is, as we outlined above, process optimization. And the main processes of companies are related to decision-making. At any given moment, a company needs to decide how it will replenish its inventory; what price it will charge for its products and services; whether or not it will accept a company as a customer or supplier; whether it will focus on finding more customers or making the most of the customers it already has; and so on.
Obviously, all of these processes can be supported (or automated) by applying data, especially data from the company's external environment. Data on the prices of products and services practiced by competitors can support pricing decisions, socioeconomic data can support strategic direction decisions, individual data can be applied to the risk analysis of individuals and companies, and so on. All of this at low cost, replacing personal opinions and biases of manual processes.
4. Improve your reputation
Considered one of the most valuable assets in the corporate world, a company's reputation – the way the market sees it – has a direct impact on its sales. Not to mention that companies with a degraded reputation spend more on customer service, have higher legal costs, have to invest more in marketing and end up paying more for any type of media exposure.
The good news is that the damage caused by a bad reputation is completely avoidable. With the right data, you can improve your customer’s experience when interacting with your company, simplify forms and registration to reduce frustration, and even understand the reputational risk associated with each customer: how big is the risk of a given customer suing your company if they are dissatisfied, or the social reach of a complaint made by a given person. All of these applications reduce your reputational risk, bringing a more positive perception of your brand to the market and to customers.
5. Predict the future
One of the greatest “superpowers” of data is its ability to predict the future. The world is not as unpredictable as most people like to believe, and with the right data, it is perfectly possible for any business to make predictions about things that will happen in the future, from revenue and profit projections to how the opinions of their target audience will develop.
This predictive capacity is perhaps the most valuable element in data, especially in the operational data of each company. The information that your operation generates – which leads close or fail a contract, which customers are better or worse, how equipment behaves, which products sell more or less – allows you to evolve your business in response to future trends, optimizing different characteristics of the organization based on what the data indicates.