What is digital transformation analytics? And what is its impact on digital transformation?
Read on to learn more about the topic.
Digital Transformation Analytics
Digital transformation enhances a business. It makes them become innovative. Also, DX helps them compete with others.
Moreover, even big names such as Google and Facebook invest in digital technologies. Google uses artificial intelligence. On the other hand, Facebook offers money transactions.
Additionally, smaller companies apply a digital transformation, too. They can do it without breaking the bank.
For example, coffee shops can stay competitive. They install guest Wi-Fi connections.
As a result, customers love to visit the coffee shop. Also, it can collect data analytics. And even find out what a customer searches for.
So, coffee shops will be able to know customer behavior. Like knowing how long a customer stays.
This insight helps owners make accurate decisions. About making new products or providing new services. And that is just one advantage of digital transformation analytics.
Let’s dive deeper into the topic.
The Impact of Digital Transformation Analytics
The most important part of digital transformation is data. It will help businesses make smart decisions. Just like our coffee shop example.
But, these data have to be sorted and analyzed. Also, advanced digital transformation analytics is more accurate.
Gone are the days where we use manual tools. Like logbooks and physical sheets to get information.
Now, we have digital technologies. It includes:
- Spreadsheets
- R programming language
- Python programming language
- Apache Spark
- IBM SPSS Modeler
Moreover, here are the three common advantages of digital transformation analytics.
Predicts the behavior of your customer
One example is the credit card issuer American Express. They use data tools and machine learning. It analyzes the transaction history of a user.
Also, it even detects customer loyalty. AmEx can figure out 24% of accounts that are likely to be closed within four months.
This data analytics helps them make better marketing decisions. And the decisions they make will affect how they keep a customer.
Increase your sales and value
Any salesperson would want to close a deal. In fact, a shorter sales cycle helps them increase the volume of their sales.
But sometimes, some deals take some time to close. But it can be worth more money. Now, here’s where digital transformation analytics enters.
There are digital tools that help increase your sales and value at once. This tool is called the CRMS. Or Customer Relationship Management Systems.
This tool will track past data. Also, it analyzes each step of the sales process.
Then, it will help sales teams know whether the conversation leads to closed deals. Thus, they can prioritize those who are likely to buy from them.
Keep you on track with the supply chain process
Digital transformation analytics helps businesses track stock levels. And not just that. This data can be accessed in real-time.
Moreover, there are digital tools that solve issues. Especially about not enough manufacturing cycles and high inventory costs.
Thus, companies can determine if they underproduced or overproduce. It also helps them reduce the costs of inventory.
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