Data is the New Oil – Have You Dug Your Well Yet?

by Data and Analytics Team on May 25, 2021
Precision Blog

As you know, data and analytics is the new oil. Data and analytics are the root of monetizing and enhancing business, offering many different positive attributes. To answer questions surrounding data and analytics, we recently conducted a panel discussion of data leaders across several industries. You can find the recording here to hear how this panel of experts moved their companies into a data driven culture. Along with this in-depth discussion, we wanted to reiterate the importance of data and analytics and list the benefits of incorporating it into your corporate strategy.

Are you a data-driven organization? Have you dug your data (oil) well yet? Read on for the benefits of implementing data and analytics to your organization.

Personalizing Customer Experience
One of first benefits of data and analytics is being able to personalize your customer service experience. With data analytics, you’re able to gain insights into your customers behaviors to provide a more personalized experience. A recent Salesforce report found that 52% of customers expect offers to be personalized. It was also found that 66% of customers expect companies to understand their unique needs and expectations rather than to be treated like numbers. With data analytics, not only are your actions more personalized, but they are also completed in real time so that the customer gets what they need, when they need it.

Making More Informed Decisions
Businesses are able to use data and analytics to make better informed decisions, minimizing financial losses. Making more informed decisions is done through predictive and prescriptive analytics. Predictive analytics suggest possible outcomes in response to changes in the business. Prescriptive analytics indicates how your business should react to these changes. These analytics improve the decision-making process significantly.

Mitigating Risks
With business comes risks. Although this is true, you are able to eliminate many of the risks that come with business though data and analytics. One of the greatest benefits that comes with the use of data and analytics is that it gives a better understanding of risks and the preventative measures you can take. Data and analytics capabilities include fraud protection and organizational security, allowing your business to detect fraudulent activity or other risks as well as identify and tracking those risks, whether they be an internal or external threat. Not only does this help mitigate risks, but it also limits possible financial losses if a setback occurs.

Delivering Relevant and Innovative Products
With its predictive capabilities, one of the benefits of data and analytics is always being in-the-know of what customers want. This allows for delivering relevant and innovative products that your customers are looking for. With data and analytics, you are able to track your customer’s feedback as well as your business’s and competitor’s product success. With this collected data, your business should be able to recognize new market trends and demands in real time.

Analytics Becoming More Accessible
With the use of artificial intelligence, data analytics is able to reach more of your employees through the generation of reports. Proper tools and training put into place will help your employees understand the findings and insights in analytic reports. This allows for the streamlining of operations in your business, keeping everyone in the loop and working together for success.

At Precision Technologies, we believe in the importance of data and analytics and giving you the necessary services to reach business success. For more information on data and analytics, please contact us!


About Precision
Precision Technologies Corp. (PTC) is a leading full stack IT Company with a diversified portfolio of agile transformation, application & mobile development, the PMO suite, automation, analytics, salesforce solutions and technology staffing services. Since 2010, our clients have leveraged our staffing and consulting experience to obtain escalated technical services across the industries. We often are told that our solutions are very precise, cost-effective and process driven, thereby delivering intended results.