Organisations across the world are embracing data analytics to inform their daily operating activities. Now more than ever, data is the most valuable resource a business can leverage if done correctly. It would be unreasonable to ignore the fact that analysing your business’s data isn’t as easy as it may sound. To ensure you’re getting the most out of your data, you will need the help of intelligent business automation solutions. In a previous post, I discussed 3 ways DotModus helped our customers leverage data analytics. In this post, I’ll present some of the many benefits of embracing data analytics in marketing. Some of which include ensuring your business gets the best ROI from marketing activities and that activities cater to your customers’ needs and wants.
But before we dive into that, it may be beneficial to know the 4 main types of data analytics as well as what technology makes up intelligent business automation solutions.
What are the 4 main types of data analytics?
- Descriptive analytics explains what has already happened at a high level.
- Diagnostic analytics explains why something happened.
- Predictive analytics explains what could happen in the future.
- Prescriptive analytics explains the best course of action by finding patterns in datasets and estimating the likelihood of several outcomes.
What is “intelligent business automation” and what technologies are involved?
Firstly, intelligent business automation refers to the process of incorporating automation solutions to accelerate digital transformation. The main components are:
- Machine Learning: ML is a branch of artificial intelligence and computer science that, once trained correctly, allows software applications to make more accurate predictions compared to humans by identifying trends and patterns in datasets.
- Data Mining: Similar to ML, data mining refers to the process of extracting and unveiling patterns and trends from large datasets. Importantly, data mining is the point where ML, statistics, and database systems meet.
- Data Management: Data management answers the question “what do we do with our data?” - it is the practice of collecting and storing data. Furthermore, it also involves maintaining the quality and security of the datasets.
What are the Benefits and Applications of Data Analytics?
As I’ve previously discussed real-life applications of data analytics such as fleet management, as well as improving operational efficiencies and decision-making processes. However, it doesn’t stop there.
Many companies are taking advantage of software applications - such as DotModus Audience Insights - that provide insights into their marketing activities using 1st party audience tracking information.
DotModus Audience Insights creates intelligent audience segments based on predicted behaviour, interests and product preferences. This is done by analysing the data that’s automatically gathered and combined from your social media, CRM and advertising platforms using custom data connectors. This allows your organisation to track the performance of marketing activities as well as ensure that these activities are personalised to your customers’ needs and wants. Thereby mitigating risks and ensuring the best ROI from marketing activities.
DotModus Audience Insights leverages Google Cloud products such as AutoML, Pub/Sub, Google Kubernetes Engine, as well as BigQuery.
We have repeatedly proven to provide customers with the ability to analyse data efficiently using these Google Cloud products. You don’t have to take our word (or our many success stories) for it - we have a Google Cloud Specialisation in Data Analytics. This specialisation indicates that our employees possess the skills and expertise to deliver this service.
One example of a success story is that from MediaCom’s Project Signal.
DotModus built and added a custom module to MediaCom’s Google Cloud environment that automatically performs predetermined queries. Each morning, queries would run across the various client-specific datasets and present MediaCom analysts with the data they needed each morning to start their day. By giving them a single source of truth, MediaCom’s analysts are free to focus on delivering better results to their clients. You can find the full story by clicking here.
In this post, I discussed the types of data analytics as well as the technologies involved. Also discussed were a few of the many benefits of data analytics as well as an example of how DotModus has applied data analytics. By using software applications like DotModus Audience Insights and Google Cloud products:
- Data can be automatically collected and analysed.
- Analysts can glean information relating to trends and patterns of activities at a faster rate than if done without these tools.
- These trends will provide decision-makers with the opportunity to make more informed decisions to ensure that activities are personalised to their customers.
- Because better decisions will be made, marketing activities will yield a better ROI.
If you want to know more about DotModus Audience Insights or how we can help your organisation leverage your data, contact us here.