This year has been a pivotal point in many companies’ digital journeys. Through our Insights posts we have done a deeper dive into the trends shaping the digital landscape, and we have shared with you our analysis and forecasts for the upcoming year. Here is a look at our top posts from 2017.
Of course, there are all sorts of qualifications to that statement. It’s estimated that bad data cost the US over 3 trillion USD last year alone. On a more micro-scale, the figures are just as astonishing. Individual companies lose on average 10-25% of an organisation’s revenue every year due to bad data, and that’s without mentioning all the wasted resources spent on postal mail that never reaches intended recipients. Adding salt into an already gaping wound is the fact that as corporate data grows by about 40% per year, business are spending even more time and resources dealing with information scrap and rework.
It’s not all doom and gloom, however. The success stories are numerous and inspiring. There are rich opportunities for companies to clear up information, gather actionable insights, and ultimately see the forest for the trees. Marketing analytics can assist companies in achieving various business outcomes, especially when it comes to increasing sales, customer satisfaction, and improving current products or services.
They say that happy customers are repeat customers. Provide a rich customer experience and establish a good brand image, and you’ll enjoy higher lead conversions and better customer lifetime values. Your customers will talk with rapture about how your products and services totally rock, and soon you’ll be king of your industry. If only there was a simple way to measure how likely a customer is to refer you to their friend, colleague, or obliging neighbour you borrowed milk from that one time…
Good news – there is! The Net Promoter Score® (NPS®) can help you assess how likely individual customers (and segments of customers) are to recommend your product, service, or brand. Companies that enjoy a higher NPS® usually are those that offer great customer experience.
Put yourself in the place of a CEO for a fashion brand’s group of retail stores two decades ago. You are faced with the daunting task of collecting daily sales figures. Even if you did succeed, the sheer amount of data collected would have been overwhelming. Could you slice data into different dimensions? Could you use data in real-time? Likely not, which means that you’ll be struggling to make crucial business decisions based on outdated or incomplete information. Being a CEO during this time is a bit like flying an aeroplane with an altimeter that shows the height of the plane two minutes ago.
The main function of BI tools is to analyse, convert, and present data as interactive visuals. There are currently more than 150 different BI tools in the market. Most of them can consolidate and analyse data to produce graphs and charts (visuals), and can even offer insightful explanations of changes to users. Let’s do a deeper dive into three of today’s most relevant BI tools.
Find out the three BI tools in the market that we have chosen and compare them across three major areas: Data Preparation, Calculation Capability and Data Visualization. These tools have been selected because of their phenomenal performance in their respective areas.