Data Analytics

Social media has revolutionized the way businesses interact with their customers. It has opened up multiple avenues for customers to reach out to companies. While this is a wonderful development for customers, for companies it opens up a whole new set of challenges. Customer engagement became lot more complex than just publishing a 1-800 number and an email address and addressing the received calls and e-mails.

For one the volume and variety of data received from customer on different channels has grown multifold. Such customer data are an important source of information about client preferences and behavior. This information, if systematically analyzed and used can be used to improve customer engagement and hence the bottom line of companies.

In the competitive markets that we live in, companies cannot afford to focus on just one or two channels and ignore the rest. This is a multi-dimensional challenge to companies and new challenges require new tools – namely Data Analytics.

Data Analytics encompasses a set to tools and process which help us to extract useful actionable information from a mass of data. It is a disciplined process that involves collecting, cleaning, sorting, and processing raw data to extract relevant and valuable information to help businesses. At a high level it includes the following processes.

Understand what project/organization/agency/industry you are working on/with.

Data collection gathering informational resources from records of past transactions.

Data mining extracting information from the data collected and transforming it into an understandable format.

Statistical analysis analyzing the data set in order to enable its interpretation, presentation, and application.

Predictive modeling involves creation of a model using the refined data to make predictions.

Model deployment deployment of the predictive model to process the data coming in from customers to improve the customer engagement.

An in-depth understanding of data provides multiple benefits in terms of improve customer experience, retention, targeting, reducing operational costs, and problem-solving methods. These are factors that have a direct and almost immediate bearing on the bottom line.

Has this piqued your interest? Reach out to us and we can explore how this new tool can spice up your business!