Data is the fuel that powers your business – whether it’s customer, financial, or product data, every aspect of your business operations relies on it. It’s what helps you make better decisions and helps you understand your customers better than ever before. But the actual value of data isn’t just in numbers—it’s in the deep, actionable insights it can provide to help you make those decisions.
Many companies still struggle to extract deep insights from their data. In this article, we’ll explain why extracting deep insights is so important and how insights can move the needle for business.
What it means
Data is just information —it’s meaningless unless you know how to analyze it and draw conclusions from it. This is what “extracting deep insights" means: taking raw data, structured and unstructured (which could include information about website traffic, sales figures, or call center reports) and turning it into something actionable.
For example, if your company sells shoes online, then you might have information about how many people visit your site every month. That would be considered “raw data." But if you were able to look at the number of visitors each day for a month and find out that there are certain days when more people are visiting than others—and if those days correspond with times when your marketing campaigns were running—then you’d have an insight. You could then use this information to decide when to run future campaigns or alter them in some way to maximize returns on investment (ROI).
This kind of analysis takes time and effort—but when done correctly, it can result in valuable benefits for your company’s bottom line and its reputation among potential customers.
Data is the foundation of any business, and it’s only becoming more critical. As your company collects more data from customers and markets, you’ll gain more significant insights into your customers’ needs, behaviors, and preferences. This information will help you make better decisions about how to market your company, which will increase revenue. Further, it helps you build products or services tailored to individual customers’ needs and wants, increasing customer satisfaction and loyalty towards your brand or company’s products/services.
Making accurate predictions about future events is one of the most valuable benefits of extracting deep insights from data. By understanding what will happen in the future, you can better plan for those events and ensure that your company is prepared for them.
Another benefit of extracting deep insights from data is to obtain a 360-degree view of your company’s performance. A complete picture of your company’s performance allows you to Identify gaps and opportunities. For instance, when you see how much time is spent on specific activities and tasks, you might discover opportunities to reduce costs or improve efficiency. You might also identify ways to increase revenue through growth or new business development.
The first thing you need to do is find people who can help you get started. The ideal person has experience working with data and knows how it can be used to help an organization grow. They should also be familiar with the challenges that come up when working with data and how to overcome them.
Once you’ve found someone, sit down with them and discuss what you’re hoping to achieve. Make sure they understand your vision and goals for the project before moving forward—this will help ensure smooth execution once you start getting into the details of implementing things like training programs or setting up new processes within the company itself!
Once everyone is on board with what needs doing (and why), it’s time to get started! Here are some tips on how to get started:
- Start with a clear goal in mind. If you don’t know what you’re trying to accomplish, it will be hard (if not impossible) to figure out which information is useful and which isn’t.
- Ensure your data is organized in a way that makes sense to achieve your objective. There are two types of data: structured and unstructured. Structured data is what you’d expect: it has a clear structure and meaning, like a spreadsheet or database with rows and columns of information that computers can easily manipulate. Unstructured data is less well-defined—it includes text messages, emails, web pages, video clips—and often needs to be processed with algorithms before it can be analyzed or used as part of an algorithm.
- Once you have everything in place, look at the numbers and ask: Does this make sense? Are there any outliers or anomalies? Maybe someone accidentally entered a decimal point in the wrong spot, or maybe there was some kind of error when entering data into the system (either way, this will help inform how we proceed).
- If there are any outliers or anomalies, go back through steps 1-3 until they’re resolved! This will give you a clearer picture of what you’re dealing with here, and once you know, you can get to work solving it.
- Make sure you have the right technology in place. A common mistake businesses make when trying to extract deep insights from their data is not having the right tools for the job. While there are many options, some are better suited for specific tasks than others. For example, if you’re looking for a tool to help you build predictive models based on historical data, then SAS or R might be better suited than Python because they’re built with statistics in mind. But suppose your goal is to create an interactive dashboard where users can explore and manipulate data using visualizations like charts and graphs. In that case, a data engineering and visualization platform may be better suited because it has a drag-and-drop interface that allows users to easily create custom reports without having to write code or learn formulas.
So, what does all this mean for your business?
It means that data can move the needle for your businesses in a big way. Whether you’re a marketer looking to better understand your customers or a CEO trying to predict how many new customers will be coming in tomorrow, data can help you make better decisions and get ahead of the competition. So if you have yet to leverage your data to its fullest extent, now is the time!
If you are interested in data strategy consultation, email us at firstname.lastname@example.org. Intellect Data, Inc. is a software solutions company incorporating data science and artificial intelligence into modern digital products with Intellect2TM. IntellectDataTM develops and implements software, software components, and software as a service (SaaS) for enterprise, desktop, web, mobile, cloud, IoT, wearables, and AR/VR environments. Locate us on the web at www.intellectdata.com.