While companies collect a lot of data, they only use around 45% of it. The remaining 55% of information is considered ‘dark data’- it never sees the light of day.
As you can imagine, this profound amount of unusable information makes the task of data analysis trickier. Organizations like yours need to manually vet out usable business data and find trends and patterns in it.
Smart Data makes data analysis much simpler by extracting relevant information from a much larger pool. Read on to learn more about Smart Data and how you can use it to boost your business.
What is Smart Data?
Smart Data is a relatively new tool that businesses are using to boost their performance. This tool is data that intelligent algorithms have analyzed to find patterns and signals.
While traditional data analysis requires the manual acquisition of information and schedule-based processing, Smart Data analyzes this information instantly by using artificial intelligence and related digital solutions. It, therefore, is more relevant to the present since time-consuming manual analysis means that data is old by the time it is amassed and able to be looked into.
Generally speaking, there are two varieties of Smart Data:
- Data sourced from the Internet of Things (IoT) by being picked up by a sensor, sent to a collection point, instantly acted upon, and immediately being sent to an Analytics application or platform such as Google Analytics
- Big Data that was previously processed and turned into information that companies can then act upon via collection, optimization, and consideration of your organization’s specific needs
Both of these are essential when boosting your business.
While Big Data offers a higher volume of information, Smart Data only identifies and showcases helpful information to your analysis. It is screened and vetted before being presented to teams that utilize it. This will increase the value and accuracy of the information given to your business.
How can Smart Data boost customer experience?
Smart Data can help your business to gain more relevant information. However, you likely are wondering how this can boost your B2B traffic and visibility.
You can use this data to manage your SEO campaign. You will have better information on which search queries are relevant and how to use them as keywords. You also will understand your target demographic better and can tailor advertisements to them.
Additionally, Smart Data can give you real-time insight into where you have the most successful online presence. If one page on your website leads people to make a purchase or fill out a contact form, you will want to emulate this page’s content and structure in other areas.
Since the first step to boosting your client’s experience is to make yourself visible to them, using Smart Data insights as actionable growth strategies is critical to your success.
Customer journey mapping
Every B2B business is constantly asking itself how other companies learn about them. They also consider what obstacles these consumers might encounter between discovering you and investing in your products and solutions.
Answering these questions will give you greater insight into your customer journey. Smart Data allows you to analyze consumers’ behavior and understand what they’re looking for more effectively.
There are three stages to a customer journey: awareness, research, and decision. You need to get clients from the beginning of this process (in which they learn of your business and services) to the end (in which they take action and make a purchase). You can use Smart Data to see at what point consumers decide to commit or bounce.
Are other business owners heading to your contact page or making a purchase after seeing a specific video on your site? Are people bouncing when they attempt to use your navigation page?
Smart Data shows you the answers to these questions so that you can optimize more effectively.
Match up with consumer expectations
Modern consumers are knowledgeable and know what kinds of service to expect from reputable businesses. However, it can be challenging to keep up with these trends from the business end of things. By manually analyzing data about customer expectations, consumers will likely have moved on to the next trend.
Smart Data insights give you the knowledge and understanding necessary to improve customer experience. Analyze your customer service department’s trends by looking into the average call time, customer satisfaction scores, and call resolution statistics. You can then provide more robust customer service and ensure that your customer retention rate remains high.
Reach customers on preferred platforms
As of 2019, around half of global consumers accessed the internet primarily from their smartphones. By 2025, these numbers are projected to be at 73%. Additionally, users will exclusively, not primarily, by using mobile devices at this time.
However, as you may imagine, the number of customers using various devices will differ based on the industry that your business falls into. If your target B2B consumer is a middle-aged CEO, they are more likely to use a mobile phone than smaller, less lucrative B2B clients.
Even if all of your clients are using smartphones, some industries lend more towards iOS devices while others lean more towards Android use.
Smart Data can show you the exact percentages of devices that your target audience is using. The data will update in real-time so you can track shifts in usage and optimize your platform for the specific devices used by your consumers.
Grow your business with Kompass today
While ensuring your business success is a challenging task, Smart Data makes it significantly easier. It allows you to analyze relevant patterns better and track analytics within a short time frame.
If you value accuracy and time-based observations, Kompass can help you track and integrate your data. Contact our experts with any remaining questions that you have on how to use business data. Our team is happy to help you turn data into insights and insights into actionable plans, so we look forward to hearing from you soon.