More data means more opportunity, but only if it’s tracked, captured and studied in ways that result in actionable insights for your company. To this end, Salesforce’s new report, the 2015 State of Analytics, delves into how successful companies make the most of every interaction, tracking and studying insights gathered across the Internet of Things (IoT), then using this knowledge to drive more informed business decisions, profitable bottom lines, and stronger partnerships.
In a survey of more than 2,000 business leaders, directors, and executives worldwide, Salesforce uncovered key trends that separate top performing companies from the rest, all dealing with the priority and strategy they placed on data analytics. The good news is that by leveraging your proven CRM system, the primary steps are already in place to capture and retain the information that’s the most valuable to your company. Take a look at these next tips to uncover ways to ensure you’re maximizing your potential to turn data into deliverables:
Put Analytics First, and Make the Investments Needed to Support It
Customer data is rich with observations—past purchase history helps marketing teams deliver the content customers want, account updates keep sales teams in the loop on strategic client engagements, digital and mobile interactions reveal shopper communication preference, and the list goes on. Salesforce found that 90 percent of high performers say analytics is “absolutely critical” or “very important” to their overall business strategy and to improving operational outcomes. In addition, these companies are also 6.4 times more likely than underperformers to increase their analytics spend by 50 percent or more over the next two years. The takeaway? Analytics is more than a nice-to-have feature. It’s emerging as a linchpin to growth, and an investment that pays in dividends.
Consider a Variety of Ways to Apply Analytics
While commonly associated with sales and marketing teams, analytics can be applied to a variety of company areas, helping every employee work smarter, faster, and more efficiently. Salesforce found that high performing companies are three times more likely than underperformers to use analytics heavily, finding ways to glean value from insights across 10 or more disciplines. In fact, the survey found that on average, high performers analyze more than 17 different types of data, which is almost twice the number analyzed by underperformers. In addition, top teams are twice as likely as underperformers to say that half of their workforce uses analytics tools.
Capture Insights Where You Are, When You Are There
Companies, and the audiences they cater to, are on the go these days, and capturing every important insight is virtually impossible without deploying mobile tools that allow users to store and track activity information at the exact moment it’s happening, then send this data back to a centralized CRM system for future retrieval. The Salesforce survey found that high performers are 5.1 times more likely to gain timely business insights from their current analytics tools and are 3.5 times more likely to extensively use mobile reporting tools to analyze data wherever they are, compared to underperformers.
While these are just a few ways companies are taking control of their analytics game and ensuring that every interaction is optimized to further their business goals, they all speak to the same point: the opportunity is out there to truly take control of the Big Data floating across the enterprise. The main difference separating top performers from underperformers? A commitment to taking analytics seriously, and ensuring the resources are available to do so.
Source:
Salesforce, “2015 State of Analytics,” October 28, 2015.
NOTE FROM THE PRESIDENT
