Good Sense Living

The advances of technology and the way we access information have suffered immeasurable changes since the popularization of the internet and the way we do business has completely changed over this same period of time. As data collection and analysis becomes a vital part of business, how can we expect business to grow in the following years?

The first noticeable change that we can expect to see is the amount and quality of customer intelligence that business can use to identify its customer base. Data collection yields answers that can be beneficial to business owners and it examines a broad range of sources that includes valuable data such as preferred products, purchase history, CRM and other useful analytics that can be used to promote better products and services. Keep in mind though, that this is just one of many trends currently making its way into our everyday business practices.

Another important aspect of this evolution we are witnessing is the fact that the data we have access to helps companies build immense databases that can be used to forge the last links of the value chain that will help customers get access to more functional services in the future. These huge databases combined with software interaction and analytics are forming a new wave of predictive analysis that can be used to improve pretty much every single aspect of the customer relationships program.

The fact that this data can be collected through the use of mobile applications represents a huge benefit for companies who have put their own apps out. By having a dedicated user base of customers who are already using their product, companies can push new offers, business opportunities and even use this user base as a potential market for beta testing and quality control.

Adding mobility to data means enabling consultants and marketing specialists to get an insight into the mindset of their expected and current customer base. These insights will inevitably come from mixing data in motion with data at rest, which will also add to the current pool of data that can be analyzed by companies who specialize in services and who put a large emphasis into customer relationship management.

Finally, perhaps the biggest impact this data will have in the future is the avalanche of input from social media and other social platforms that businesses will have access to. This is truly were data and analytics being offered as a specialized service will really thrive; companies of pretty much any size can employ these services by sharing a pool of customers and their spending habits as well as the feedback they get from these customers. The volume, velocity and variety of data that will be analyzed, will open the market for data analysts and data scientist to really thrive in a fairly new market that is ready to share its knowledge and passion with the highest bidder as companies battle it out in the field to get access to this information.