Benefits of a Data Strategy for Professional Services Firms

[mouakter13]

Big data is the huge amount of data that floods large, medium and small businesses every day. This data enables small businesses in particular to gain a comprehensive insight into the preferences, habits and shopping preferences of their customers. Using this information, SMEs can see how they can adapt their products and services to give customers exactly what they want - and thus increase sales.

SMEs in the service sector can achieve the same benefits as larger japan code phone companies if they analyze the data they have correctly. The following goals can be achieved by using the data correctly:

acquiring new customers
increasing customer loyalty
improving customer service
Better control of marketing measures
tracking social media interaction
predicting sales trends
To reap these benefits, you need a good data strategy - a structured, systematic approach to determining what kind of data you need to achieve your business goals. Your data strategy should determine where the data will come from, where it will be stored, and what tools you will use to analyze the data and turn it into key business insights.

One study found that companies that use big data analytics generate 15% more revenue than companies that don't engage in this topic.

Data must not become a secondary issue
With so many demands placed on professional services today, it is often difficult to put data strategy at the top of the priority list. On the other hand, some companies are so eager to leverage their data that they invest in overly complicated technology that is not suited to their business needs.

For example, they buy overpriced customer relationship management (CRM) software that comes with an overwhelming number of features that a smaller professional services company does not need or even want. With so many tasks to do anyway, the business owner often chooses to put data strategy on hold until he or she "has more time to focus on it."