In a world driven by technology disruption and incredible power in the hands of consumers, businesses need to regularly understand changing consumer behaviours to make the right decisions. The Business environment today is more complex than ever before. Businesses are expected to be diligently responsive to the increasing demands of customers, various stakeholders and even regulators.
Organizations have been turning to the use of analytics and consumer insights. According to a 2016 PWC report, more than 92% of surveyed Global companies consider themselves data-driven.
In most cases the primary objective of an organization that seeks to turn to analytics is:
- Revenue/Profit growth
- Cost optimization
- Survey Development and Administration
- Consolidation of data collected from client’s data environment, public data sources,
internal environment, product and service review websites and social media platforms
- Building competitive strategy
- Exploring additional revenue lines
- Addressing customer wants and needs
- Fully optimizing organizational resources
- Providing investment directions
Uncovering insights from the data through robust examination of various factors to gain understanding of how these factors interact to show a future direction