moving your business forward in ever changing times
by mike smith
monday 5 november 2018
Whether we realise it or not, analytics plays a massive part in our lives. It doesn’t matter if we actively know about it or not given that they are the result of a computational analysis of your online data within a digital platform. Take Netflix as an example. Based on what you have watched on the platform in the past and your declared interests etc., Netflix is actively learning about you and will regularly provide you with recommended viewing based on your interactions. It is able to do so through the power of using dedicated algorithms to analyse the past and present to predict your future habits.
Amazon is another prime example of data analytics in motion. If you think about your own customer journey, you can simply load up your app to explore the range that Amazon has to offer and buy something. Utilising existing data stored on their systems along with their other networked services, Amazon is able to suggest products you might be interested in, pricing and alternative products to you from just one previous or current purchase.
A visual example of this occurs when you decide to purchase an item from their online store. Before you finalise your purchase, Amazon will ask if you want to look at other products several times before you confirm what you are buying. They will also show you the other products that people looking at when purchasing the same item as you would currently be doing. It is able to do this because It has been acquiring data from previous purchases and product histories and translating it into analytics through bespoke algorithms which are then fed into its background deep learning software.
For you as a customer, it does mean a smoother service for an online retail experience that is tailored specifically to you without being overly intrusive to you. A fully customised service for it's specific users/consumers while Amazon is able to collect your data. These are just a few examples of how collecting data and translating it into analytics are helping to shape some of the bigger businesses that are now entrenched in our daily lives. What did we do 10 years ago before Netflix and Amazon became a pivotal part of our lives? The key to the success of these two companies is how they use data analytics to improve their service experience and strategize accordingly by predicting customer habits and trends. They were able to forecast and anticipate the shift towards 24hrs on-demand culture and are still actively employing this strategy in their business model.
In the not too distant future, there will be other changes that businesses will employ and customers will want to use such as AI, machine learning, VR, AR, chatbots and more. You may be already looking into these things and experimenting with development kits to see how it can work for you. The question is, how are you going to integrate these into your business model and customer offering?
In order to move with the times and be able to incorporate some of the next waves of business strategy innovations and operations, you need to be thinking about both your past and present business performance before pursuing the future. Analysis of your existing and current data allows for a better understanding of your business and its operations.
This is where analytics comes in as it is used to translate and refine your raw data materials into something that can be measured effectively. Think of it this way, you could see the mistakes of the past and the present in order not to repeat them in the future.
Understanding all of this is vital in developing companies further and is why tracking services and companies are more important than ever before. They haven’t simply gone away as some might have anticipated, they have simply evolved. If you want to implement forward-thinking technologies to keep up with the competition and consumer trends, then you need a solid foundation to build upon. One that can read all the source signals coming into your business and turn them into actionable insights. This can provide better direction to your business and enable the use of further new technologies and innovations within your operational strategy.
astutemetrics was built upon the same principle of progressing with the times and it’s something we actively help others do. We are not promising that we could turn you into the next Amazon or Netflix, but we could certainly help you push forward the innovations you want to implement. Through using and implementing astutemetrics’ services and bespoke tools we can help with taking your existing data or collecting new data and bridge the gap by translating it into strategies that can work for your business.