Big data analytics seems to be buzzword now a days and all the businesspersons right from marketers to CXOs are going crazy in collecting information from multiple data points in order to analyze and take business decisions based on the same. However, the business organization has multiple data points internally which have not been exploited optimally. Let’s demonstrate this with examples of the customer’s data points already available with the business organization
- Customer’s buying patterns in terms of volume in a specific month of the year
- Specific Customer’s preferences over style or color of the product
- Repeat order frequency
- Weekday wise buying patterns of the customers (especially applicable for retail)
- Customer demographics like age and size of the customer organization, geographical area of operations, proactiveness in adopting technologies etc.
These are some of the examples.
This data can be compiled from
- Existing accounting software like Tally / SAP
- Existing CRM Software
- Existing POS Software
- Any Excel based data maintained internally
This is just one example of the internally available data within the organization. Once the SMEs start analyzing internal data available with them, they can derive huge benefits in terms of increased sales and better customer relationships.
Have you started analyzing internal data available with in your organization? Do let us know.