Real-time reporting allows organisations to understand the impact of their actions by accessing data that is timely and will be displayed in a way that allows for actionable steps based on the data that is reported. 92% of businesses across the likes of retail, tech, banking, healthcare and life sciences, are investing in real-time analytics technology, tapping into what is being dubbed as ‘fast data’. Real-time technology that is based on Business Intelligence and analytical information tends to allow for better actionable data which in turn can help improve overall customer care and experience and strategic business decisions.
Marketing can be a complex area. It can be overwhelming deciding who to target and where to target them as well as allocating a budget. This is especially true when you don't even know if your chosen marketing strategy is actually effective or worth the budget spend.
Untargeted may be cheaper than targeted marketing, and it may bring you an upswing in new customers. Nevertheless, you then must identify how much that is a coincidence, other factors or the campaign. This can be timely and a waste of resources, although targeted marketing may cost more, it is effective, trackable and the individuals targeted share similar needs and characteristics to your current customers allowing you to have data-driven decision making. Meaning they are more likely to purchase your product.
Data-driven marketing strategies are formed from insights gained from analysing data either from the activities of your own business or wider market data to identify trends, patterns and details. From the data, you can create a baseline of information which allows you to establish actionable campaigns for your business. Essentially you are taking the information which is available and using it to create focused campaigns to reduce your spend and improve your ROI.
With the events unfolding around Brexit, a key indicator of the resilience of the UK economy will be the residential property market. The number of property sale transactions across the country and the property prices in the UK are a great heartbeat of the economy.
Big Data and Business Intelligence is no longer the preserve of large multi-nationals. Advances in technology and the emergence of cloud service providers mean that Small and Medium sized Enterprises can avail of the same arsenal of tools that have historically been out of reach due to the cost of implementation.