Analytics

BobL · ‎10-03-2013

In my previous blog in the Customer Analytics series, I discussed people’s perspectives about the future of Customer Analytics based on where they are spending their budget. In this final installment I’ll offer some recommendations about what you can do immediately to overcome the challenges I’ve outlined earlier, and turn your customer data into one of your most powerful assets.

Don’t let your tools dictate the data you analyze
Data captured from every customer interaction has the potential to provide insight into behavior, attitudes, and opinions—insight that can be leveraged to improve customer relationships and gain a competitive edge. But many users have to ignore valuable data because it is either in a format their existing tools cannot read (such as unstructured social media data), or is too large to be processed efficiently. The data you have should drive the tools you use, not the other way around.
Become a Data Artisan and do your own analytics
Traditional analytics tools require complex coding and have steep learning curves, which is why these tools rarely make it out of the IT department where most users have an advanced degree in mathematics or statistics. Today, a new breed of graphical, workflow-based tools makes analytics more accessible for line-of-business users without sacrificing any of the power of traditional tools. This allows users with the business problems and industry knowledge to focus on getting the insight they need, quickly and without having to rely on others.
Focus on future outcomes instead of past results
Traditional questions, such as “which region sold the most last quarter?”, or “what are my inventory levels?” can be answered with many business intelligence tools. But, analytics tools provide the added insight to answer the most actionable questions, such as “what will our sales be for the next four quarters?” or “will I run out of critical components in the plant?” By predicting outcomes, instead of just reporting information, you can capitalize on opportunities while they are still in front of you.
Leverage available third-party data
Analyzing data from existing customers is an important first step to really understanding behavior, but it only goes so far. To truly unlock its potential, the data must be put in context with third-party firmographic and spatial data so you can find similar customers who will be most receptive to new offers or products, and most likely to purchase from you in the future.
Share insight with others
In today’s highly competitive environment, enhanced customer understanding can benefit everyone in an organization. Cloud-based technologies allow analytic workflows, plus the resulting insight, to be easily shared between employees, partners, and even customers. By putting the power of analytics into the hands of more users, you can create a culture characterized by data-driven, customer-focused decision making.

To find out more about how Alteryx can drive a measurable improvement in sales, customer retention, efficiency, and brand loyalty, please visit our customer analytics page. You can also hear what our customers had to say about how Alteryx helped them become more efficient and predict customer behavior in this short, two-minute video. And, if you found this series helpful, please let me know at blaurent@alteryx.com.