Big data is the present-day fever among business people and marketers.
Big data is considered to be the spoke-and-wheel in the current business landscape. It’s widely held that collecting and leveraging big data will lead your business towards the true north.
Among all the agog for big data, you could quite possibly end-up forgetting the due limitations of data. Even as the big data could fuel and give extra mileage to your business, having to interpret it wrongly will lead to wrong decisions.
It’s not data, but insights gleaned from data that will guide your business in the forward direction.
Ideally, your goal should be to leverage big data to form insights that could be applied directly to the present business scenarios.
In this article, we will try to discuss about distilling your cumulated data into great insights. These collective insights can give you better competitor edge and significantly improve the understanding of your business dynamics.
Differentiating between Efficiency and Improvement
Most businesses mainly utilize data to find their point of inefficiencies. For example, you can directly draw comparison between the highest performing and the lowest performing employee.
Although being obsessed with individual efficiency is great, it can also be a great stress builder among the concerned employees and colleagues.
The CRM platform lets you collect information from different operations. It also helps you evaluate the impact of each ongoing process.
Based on this data, you can promptly change or modify the existing procedures.
Don’t confuse between Intuition and Insights
It’s commonly seen that most business people usually end-up confused between insight and intuition.
First, let’s understand the basis of intuition.
Intuition is commonly an internal conviction that comes as a result of accumulating the right information and wisdom. Usually, the person will fail to point out the source of insight.
An intuition would become an insight when you have time to collect all the available information that forms the ground work for your business. This will also help you take well-informed decisions.
Insights are formed by considering all the ingrained factors that lead to more accurate viewpoints. You can even say that intuitions are just milestones in your journey towards forming insights.
In this sense, you can see data and insights as separate entities, but data is necessary for both of them.
The CRM software helps you collect all the micro data points that give a better understanding of your business. It will also prevent you taking wrong decisions based on incomplete data.
Structuring and Segmenting of your Business Data
Even the most in-depth data may turn docile if it isn’t properly structured and segmented. The segmented data allows you to compare different business indicators to form accurate insights.
Later, you can strategically compare the key metrics and easily form insights that would help you improve the various business aspects.
It also allows you to add tickets, enquiries and orders. This way, you can reach the most versatile way of accurately managing the available data.
Utilizing Data Reports and Analytics
As hinted earlier, a one-dimensional data report will allow you to learn only so much from your available dataset. This will also prevent you from forming useful correlation within your available dataset.
In order to tackle this problem, you need a report generation engine that lets you consider multiple aspects of your business operations.
For example, a sales pipeline will help you garner how many prospects are moving towards closure and how many are stagnant in the sales funnel.
In the same way, you can analyze different aspects of your business operations such as sales procedures, closures, business management etc.
In the present business scenario, big data is currently occupying the brightest spotlight.
Every touch point gets monitored, every action is recorded and every operation is clocked. But even the most stringent data cumulating process could be useful only when it leads to the right insights.
The CRM platform collects your business data and more importantly, it helps you form formidable insights for the collected data.