The Keys to Unlock your Competitive Edge
Written by Marc Jaffrey
With every credit card transaction or click of the mouse, your customers are telling you something. Through their behavior, they’re showing insight into their thoughts, wants and needs. Is your business set-up to harness this powerful data?
Maybe you already know about the hidden value in your corporate data and you are trying to identify ways to reap the benefits of this information? If you aren’t, you could be missing out on valuable opportunities that maximize revenue and decrease business uncertainty.
By knowing exactly what your customers want, it’s easier to just give it to them.
Effective companies across the world know how to use their data for driving power behind revenue growth, expense reductions and innovations. Their corporate data gives them an advantage over their peers.
What’s your competitive edge?
Understanding the 3M’s of information helps you unlock this edge: missed information, misused information and misinformation.
Key #1: Missed Information
To find the value from missed information, you need to do two things: 1) locate data you’ve overlooked and 2) re-examine ignored data with advanced analytics through the lens of your business. For example, looking for specific ways to improve your business processes or products.
Identifying missed information provides opportunities to boost or protect your revenue while decreasing expenses. One prime example is combating fraud. When you use consumer data to find patterns of fraudulent behaviors, you’ll be able to reduce those interactions in real-time.
Key #2: Misused Information
Misused information erodes your corporate value from fraud to missed opportunities. For example, are you sending specific offers to customers based on their unique spending patterns? Or is it based upon aggregate, impersonal information?
Unlock the true potential of your information by using your data’s information in the right way.
Key #3: Misinformation
When you rely on the wrong information, you’re easily led astray into bad decisions. Or you could deliver the wrong products and services, driving away potential customers.
By ensuring the information’s integrity used to make business decisions, you’ll see improvements to your bottom line.
Don’t let your misinformation lead your company into extinction. Instead, use the right data to fuel your business decisions.
Find out why you should analyze data and what you can do to transform your business and outperform competitors. Watch our recorded webinar, Know the Value of Your Data, featuring expert market analysts from Roubini Global Economics (RGE).