At its core, data drives businesses forward -- providing the necessary backing and reference points for new objectives, projects and innovation. Data has become such an incredibly powerful resource that companies like LinkedIn earned approximately 3 billion dollars in 2020 selling data to advertisers, with YouTube hitting nearly $7 billion. Whether it's user data, business data or market data, capturing data allows companies to better target consumers, optimize their key services and improve tailored workflows through a data driven intelligence strategy.
What is Data Driven Intelligence?
A Data Driven Intelligence (DDI) strategy is when an organization utilizes specialized digital tools, tactics and SMART strategies to capture real time market, demographic, industry and engagement data -- which the organization then uses to make informed business decisions. For example, a company can gather targeted consumer data to alter product pricing or reposition their company’s directives based on consumer demand or feedback. To do so, companies may target specific keyword searches, gather data through cookies or browsing history, or dig into social media engagement through focused impressions or clicks.
Companies like Amazon are premiere believers in DDI, as these hyperscalers capture large-scale consumer data, interpret the data using AI, and apply the data to their product marketing, targeting and consumer outreach. This way, they ensure each consumer is shown more accurate corresponding products and suggestions based on price, past searches and demographics.
Amazon also tracks how long items remain in their consumers’ carts while continuing to gather data on price points and check out times. As a result, Amazon is then able to interpret that data to drive targeted sales based on more suitable prices and add-ins for their virtual carts. Not only does this have a positive impact on ROI, the integration of more tailored suggestions and desirable prices ultimately influences greater customer satisfaction – with a greater potential for repeat sales.
How Does Data Driven Intelligence Influence Success?
Data Capture – Data capture empowers a more focused business strategy, while providing actionable insights for change. Capturing data allows businesses to better assess performance, implement more advanced outreach strategies, optimize procedures and integrate programs or critical IT systems needed to ensure success. For instance, if a business intended to double down on pushing a product that isn’t selling enough units, leadership can collect data from customers that have purchased the product to see exactly who bought it, when they bought the product, and where it was bought. Using this data, businesses can use the data to then pivot on the selling plan; which can mean taking necessary actions such as lowering the price point, marketing to a different demographic, or suggesting the product to a more ideal customer based on locale.
Management & Decisions – Implementing a DDI strategy establishes a company-wide culture built on hard numbers and targeted causations. Doing so allows for more informed business decisions, more specialized strategies – and most importantly, a detailed measurement of success or failure. Data capture empowers the how, what, and why, which allows executives and IT leaders to see exactly what works, what needs work, and how to make it work.
Business data capture can help determine where resources need to be driven to empower team productivity and efficiency throughout the organization. Similarly, market data capture allows you to make informed decisions on how the market is shifting, and how your teams can shift with it -- allowing for a more dynamic business model that is flexible to your customer's needs without losing sight of critical business priorities.
Growth – By continuing to collect, assess and apply data, businesses make more informed decisions on new ventures, rework ongoing strategies and become more in-tune with their markets. Internal DDI initiatives allow companies to better tailor the user experience to match critical consumer needs, while ensuring satisfaction. These are critical building blocks for external growth, as consumers are more likely to return and drive others towards your business based on the quality of the overall buying processes.
Resolvit Helps Empower Data Driven Intelligence Strategies
Resolvit helps companies assess and extract actionable meaning from their critical data that allow them to implement cutting-edge applications that analyze, simulate, model and forecast business-specific outcomes. Our teams have partnered with clients across all the major industries to build solutions that help them study consumer behaviors, uncover new explanations and predict future trends. Based on this data, our dedicated project teams utilize the power of machine learning and artificial intelligence to sift through big data, develop tailored applications, implement industry-specific cybersecurity initiatives, and improve consumer satisfaction through modern IT management solutions.
Looking to empower your DDI strategy? Contact us today to start putting your business data to better use.