Author: Jessica Anderson
The digital era calls for every business process, decision, and action to be fed with analytics. Data-spewing technological innovations have led to abundant availability of data and data analytics has become a staple process across business sizes and verticals. As businesses take every possible pain to collect this data to gain a competitive edge in the industry, data collection companies become an enabler in their quest – pooling, categorizing, and processing data to derive business-critical insights. They assist the organizations in leading successful data-driven initiatives by overcoming three challenges – accumulation, analysis, and action.
The Need for Data Collection Services
Consider the statistic sourced from PwC’s Global Data and Analytics Survey that states that data-driven organizations are three times more likely to report substantial improvement in decision-making. Unless the data is credible and strategically processed, any insight derived out of it will be flawed, costing resources and time. Data collection services enable businesses to obtain relevant data required for sound strategies and business decisions. Cost-efficient collection of accurate and domain-specific data has been a cornerstone of the knowledge economy, the bedrock of firms ranging from aggregator startups to global corporates. Data collection services offer the right approach towards the first step of business intelligence, assisting companies to ace their peers in the industry.
Data-Enabled Use Cases
The data collection companies have the potential to capitalize on what data has to offer. In other words, they have superior technical capabilities to collect, analyze, and visualize the data through automated processes, supported by a highly competent pool of data mining professionals. Cross-functional and agile data management structures allow them to assist client organizations in gaining the right insights, thereby pivoting them in the cut-throat competitive landscape. Three major ways through which data collection providers help client organizations to accentuate the business impact are:
1. Implementing New Business Model
Data-powered implementation of new business models aligns business objectives with the current and forecasted state of demand and supply. Professional data collection services help organizations to expand the company’s portfolio to a wider range, add more value, respect, and credibility supporting the value proposition. The provider can offer relevant data or actionable insights or any other valuable secondary information gauged from data.
2. Customer Experience Strategies
Space-and-shelf optimization, cross and upselling, stock and replenishment optimization, dynamic pricing strategies, and assortment optimization are some of the activities that require substantial customer data. Leveraging insights-driven results can help stakeholders effectively manage such customer-centric activities. Data collection companies provide the required data based on business objectives and processes. Essentially, they facilitate a company to effectively map out their customer experience and offer services accordingly.
3. Streamlining Internal Business Operations
Data-driven insights help in streamlining a company’s internal processes. Supply chain optimization, workforce planning, predictive maintenance, demand planning, and fraud prevention are some of the processes that can be enhanced with the benefit of data. Companies that themselves deal with the collection of massive amounts of data can outsource their primary collection to data collection services, essentially offloading the work for cost-optimization.
From Insights to Action: Converting Data into Business Value
The digital wave led by shifting consumer preferences has compelled companies to collect and analyze data to thrive. However, investing in data collection when consumers have real-time expectations from brands and companies is challenging.
Millions of pieces of data floating around in the form of applications, consumer feedback, advertising, attribution, etc make this task even tougher. So, the businesses that engage data collection services emerge as the front runners in the ever-evolving landscape. Besides, they gain advantages in terms of technology and infrastructure allowing access to insights derived from advanced analytics that deliver business impact.
Collaborating with experienced and accomplished outsourcing data collection companies can help businesses to tap the true potential of data. All the major online data collection services providing firms can easily integrate various data sources, leverage the most advanced technologies to deliver quicker and in-depth analyses, as well as extract insights that lead to better business performance. The insights derived from harnessing data assist the leaders in future-focused strategies that contribute to the growth of the organization.