Big data insight begins with data collation. CRMs are making data collation a simple, automatic process, but if you don’t delve into the data, and gain insight from this data - the data is worthless. A report from Experian Data Quality found that “Understanding what consumers want through the data collected and knowing how to apply that data is what will differentiate laggards from leaders.”
Without the right systems and reporting tools in place, your CRM is basically a big expensive electronic address book. This is why you need to harness the power of reporting so you can integrate, analyze and put to work all the data you have collected.
Businesses with large banks of data with in-depth customer profiles should apply the three steps to putting data to work; collect, analyze and develop insight.
Some benefits for in-depth data analysis include:
Optimize your sales pipeline. You’ll be able to pinpoint leaks in the pipeline, and the stages that leads get bottlenecked. You can either focus on moving your leads along or assessing if this stage is necessary for your pipeline.
The best way to analyze results is to use your CRMs reporting functions. Every CRM differs slightly with their terminology and what they offer Out Of The Box (OOTB), but there are some general reporting features that most CRMs offer OOTB.
Every CRM will give you the choice between using one of their template reports or creating a custom report. Below are some OOTB reports that most CRMs have, that you can use to help analyze your collected data:
Another obvious feature that shouldn’t be ignored is your CRM dashboard. The dashboard functions as a quick overview of all the activity that is going on. Generally, you will be able to view the following;
These dashboard metrics are designed to help you monitor team activity, quickly identify problems, keep an eye on progress, and measure goals and successes.
The next question you may want to address is if your company needs to embrace big and fast data.With the half-life of social media and many companies using instantaneous data analysis systems, such as apps that offer customers real-time in-store promotions, the speed at which big data is processed is becoming increasingly important.
A recent report found that more than 54% of companies surveyed stated that they consider fast data to be more important than leveraging big data. But in order to leverage fast data, companies need to embrace digital channels. Experian Data Qualityhas found that organizations plan to dramatically increase their digital activity over the next five years, with organizations planning to leverage more digital channels such as websites, social media channels, and mobile apps.
Uber is an excellent example of a company that uses Big and Fast Data. Uber takes a user request from anywhere in the world and maps that request to available drivers in the user’s vicinity. It then calculates the route and the cost and links it back to the customer. Businesses are starting to pay attention. A recent report found that more than 54% of companies surveyed stated that they consider fast data to be more important than leveraging big data.
One Capgemini survey respondentsaid “The world of supermarket token offers and promotions is almost dead. It is being replaced by real-time in-store mobile offers, to be redeemed instantly. To run something like that you need to match up customer segmentation, the stock, the discounting policy, the offer in a digital context and the ability to then redeem via mobile in real time. That is a heavy data and analytics play. This is the way the world is going, and fast data is everything.”
With the exponential growth of technology and the likelihood that drones will one day deliver our groceries to our door, it’s imperative that businesses latch onto big and fast data and be able to garner a deep insight that puts that data to work.
If you’d like to read more about business innovation check out our blog post on Design Thinking for Business Innovation.
Click here to learn how you can improve CRM adoption in your team.