It is evident that COVID – 19 has been the tipping point for businesses across the world that has driven the uptake of digital centric commercial models. More eminent than ever before, companies and workers alike have seen the necessity of having a digital economy and the need to acquire critical analytical and digital skills which have proven to weather through the tough times induced by the pandemic.
Digital data has since the pandemic been used in fields such as journalism to drive news reporting, in HR Management and chief of all; virtual learning, such as our Data Science course program, has become the most engaged field during this pandemic. Since the pandemic, business leaders have undisputedly shifted their budgets and management focus towards digital channels to gain access to buyers, support virtual selling, and replace traffic which had previously been restricted to face-to-face trade interactions.
A recent research from Forbes on the strategies and spending patterns of different companies confirmed the pandemic being a major contributor into accelerating efforts to make go-to-market strategies more digital, data-driven, analytical and measurable. It became a big opportunity to reach and engage customers differently – a matter made possible only by the pandemic.
According to the research, over 80% of companies are now investing more in digital channels which are playing huge roles in terms of mitigating the impact of the downturn and shaping the response of most organizations. Overall, digital – first businesses have weathered the pandemic better than businesses that rely on field sales, third party and omnichannel distribution.
“Traditional businesses have lost the foot traffic and access to customers in retail, trade show, and face-to face-sales channels and are pivoting to digital channels and selling models to regain that access,”Forbes Magazine
Predictive Analytics Lab has developed a Business Intelligent App that provides impact to businesses and organization’s towards three pillars of Data to Discovery, Data to Decisions and Data to Dividends . In this article, we shall examine the App and how it is helping businesses to improve their sales during this tough economic times.
Predictive Analytics Business Intelligent Software focuses on where your business meets the customer since we believe that customer negotiation is a crucial skill that every organization’s sales department should foster. Sometimes it can be hard to move leads along the pipeline and convince potential clients to buy your product or service. Through the applications of business analytics and intelligence, this process is becoming smoother and more predictable.
Business Intelligent collects data on specific KPIs like customer demographics, conversion rates, sales metrics, etc. Then it organizes this data into structured visualizations like graphs, pie charts and scattergrams. Businesses can then identify trends from this data that provide insights into customer behavior and business operations. Knowing the customer means you can serve them in a better way.
The reports and dashboards generated by this system is useful for backing up claims with easy-to-interpret data for potential clients. Business managers can utilize the information gleaned from this system to make data-driven decisions based on hard data and forecasting. To add on that, the data collected helps these managers to stay informed about where their business is in relation to different KPIs so they’re never caught unaware.
The hidden catch in the business App
But while digital solutions present a breather to business owners, there is a catch that must be noticed and skillfully handled – the unforeseen challenge digital data may present.Senior business leaders are needed to be more digitally savvy, but at the same time need to re-shape their marketing analytics and data-driven selling strategies as the shift to capitalize on digital channels, the use of advanced analytics, and Artificial Intelligence. They will need to approach tactfully, the massive engagement sources of customer engagement data.
Scenarios such as organizations with mature analytics operations being forced to take a step back will be witnessed, to allow them to revisit the models, algorithms and data management policies they have relied upon to allocate, optimize and target growth resources. This is because the behavior and assumptions they had initially built on, has drastically changed. The events succeeding the pandemic led to fundamental changes in the buying behavior across every industry. This means past behavior is less likely to predict future behavior. The sales and marketing response curves that underlie models and algorithms that drive modern selling will be less accurate or predictive.
Surviving the test of time
Predictive Lab Business App allows you to revisit current models and create a better structure to test and learn. It helps businesses to understand to what degree their customer behavior has changed and explore the potential of new data sources. It also enables businesses to create new tests and new data sources like conversational intelligence to improve selling performance.
Predictive Analytics Business Intelligent Software puts in place more integrated approaches to collect, analyze, manage and protect data. As customer engagement data continues to pile up, so does the need to manage protect that customer data arise. This includes sets of protection laws .At Predictive Lab, we believe that businesses should proactively put in place more agile and robust system for collecting, analyzing, protecting, and stewarding all that data. The App allows the use of analytics to support Emotional Quotient (EQ) applications. The rapid growth of virtual selling is creating a need for AI and analytics that inform the EQ of selling to help sales reps better understand customer sentiment, response, and relationships in the absence of face-to-face conversations.
The App enables businesses to understand the true cost and value of their data to direct and prioritize investment. The digital transformation of the commercial model is going to require large investments in systems to better manage, distribute, monetize, and protect investment. The Predictive Analytics Lab App also helps business to understand what that data costs and how it creates financial returns in terms of profitable growth, customer lifetime value, and risk mitigation. This understanding of how data creates value is essential to guide their efforts to knit together the many pieces of their legacy growth technology stacks into highly productive ecosystems that create value through data driven algorithmic selling
Undoubtedly, the landscape of doing business has changed especially with the nature of the pandemic. But in like manner, there exists myriads of platforms to not only self-learn but also re-morph your business to respond to the digital trends. Check out our business intelligence app that allows you to make more informed choices on how to use digital data to make wise business decisions.
Your Business should not be left out! Download our Business Intelligent App that allows you to , take photos, enter the details, then post and wait for it to reflect on the Location Intelligence Software.