6 use cases where data adds visibility for your business

The first thing data can do for your business is drive visibility in key areas. Visibility is the precursor for improvement and with better visibility come better questions.

The first thing data can do for your business is drive visibility in key areas. Visibility is the precursor for improvement and with better visibility come better questions.

We learn by asking questions. Visibility allows us to ask questions that help us build a mental model of the input and output levers of your business. A critical key step in allowing for optimization.

Data science, predictive analytics, recommendations are predicated upon having the right visibility and a comprehensive understanding of what’s actually happening. Rushing into these areas first without the prerequisites is a big no no.

  1. Visibility Into Your Go To Market Strategy. Some of the important questions we want to answer are – where are your sales coming from?, what are the most successful sales channels? What’s your lead conversion time per channel? Is the LTV of users from one channel better than another?
  2. How Are Customers Using Your Product? Page views, clicks, average time spent are basic metrics. Setting up client side tracking correctly allows us to get granular with feature adoption, A/B test different UI/UX flows, segmentation based on usage.
  3. Sales Team Optimization. One level deeper than how each sales rep is progressing towards their quota. Adding light on which industry or segment each sales rep specializes in or different deal closing times per rep allows us to better assign qualified leads to each rep to maximize deal flow.
  4. Customer Segments. What are your different customer segments based on time spent, purchasing patterns, product selection, engagement inside the app? Getting granular with the different personas of users allows us to better target each segment. A one size fits all in reality doesn’t fit for anyone.
  5. Marketing Attribution. How do we quantify the influence each advertising impression has on a consumer’s decision to make a purchase decision, or convert? Marketing attribution allows us to maximize our ROI on dollars spent in order to drive user action.
  6. Supply Chain Optimization. Too much or too little inventory both have negative consequences in consumer goods or ecommerce businesses. Therefore understanding distribution, inventory and manufacturing processes are critical in being able to predict demand and match that with supply.
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“We can now make decisions from analytics based on data from all our sources. That's a game changer for a company like us.”

Anthony M. Jerkovic

Head of Risk and Data at Bank Novo

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