Invest in proven technology platforms
Technology platforms can help you analyze large volumes of data and deliver real-time insights. The preferred approach is to start small and build the business case, develop a roadmap and then make the technology investment.
Build and integrate the processes
Organizations are finding it difficult to act on even the simplest of insights delivered through information analysis because they have to deal with legacy processes, systems and complex teams. They must change their operating model so that the analytics process is not a singular function, but an integrated part of their business processes.
Don’t stop with the numbers
Most data available online is unstructured data, such as words and images. Scoring is an efficient way to analyze this data, but you can end up losing information when you reduce rich, qualitative data to a number. For example, when we analyze the views expressed by consumers on social platforms along with numeric data, the results can be used as guides for consumer problems, influences on buying behavior, and a host of other insights.
Keep digging for more insights
Dig deeper for more insights to metrics than the ones obtained from standard reporting tools. Understanding and analyzing all the variables involved gives you additional information and is critical for improving your market performance.