The Importance of Actionable Data
How awesome would it be to know for sure exactly what your customers want to see from your business? Imagine being armed with enough actionable data to be able to segregate your target markets down to the tiniest demographic details that normally don’t matter.
Imagine having a business culture that leaves your employees hustling, yet still being happy chaps.
That’s a lot of imagination in use…
The crazy thing is that for almost 99.9-percent of businesses out there, these “dream” business points are far from out of reach. Non-action is the only reason why many businesses fail to convert their actionable data into improved operations and happier employees.
The good news is through this article, we will go through everything you need to know from Machine Learning to create actionable data. From knowing what valuable insights are to actually using the data to benefit your business growth and sustainability.
Fundamentals: What Is Actionable Data?
In essence, actionable data is simply insights into your particular market segment. There are five important characteristics of actionable data:
- It’s accurate, data point driven information from reliable sources.
- The data is easy and affordable for businesses to access.
- Data can be traded to the benefit of the business through machine learning for greater insights.
- The data encompasses the core challenges that your business faces on a daily basis.
- The data is organized and easy to siphon.
Three Tips To Creating Actionable Data
If you are still new to implementing machine learning for actionable data – don’t feel bad. It’s scary but almost 80-percent of actionable data is under-used despite the advantages it poses for businesses that know how to make the most out of it.
There are three important tips for evolving simple data collection resources into actionable data-driven dream machines.
Your IT Is Important:
Living in the digital age, this may seem pretty obvious. But the first part of gathering actionable data is having the infrastructure in place to create a data-driven ecosystem to manage the processing of all your data.
It’s A Big Business With A Ton Of Tools – Know What’s Right For Your Business
The main problem with big data segmentation is that it can be overwhelming for SMB’s. There are too many tools, processes, and procedures to sift through to find what works for you. This is why it’s important to first make sure you have the talent and eco-system for dealing with gathered data from machine learning.
Knowing what to integrate, what API’s to use and all those smaller but significant details is something that your IT and data-bank departments should be able to handle.
Change Management Is One Of Your Best Tools Right Now
Businesses looking to become data-driven enterprises have a lot of work ahead of them. Oftentimes, it involves a straight up change in the hierarchy and infrastructure of the business. From adapting goals, changing infrastructure, KPI’s and more.
The Value Of Machine Learning & AI For Businesses
Now that we know a bit more about what actionable data is, it’s time to contemplate the impact that it has on your business. Is it really worth all of the work to become a data-driven business?
You Can Use Business Intelligence & Machine Learning To Get A Competitive Edge
The ideology right now of business marketing is to communicate with customers where they are most comfortable. But where is that? How do you know what will grab their attention in the world jam-packed with constant distractions?
That’s where having actionable data, and insights will help you develop an efficient marketing strategy to capture the attention of both old customers, and potential leads. This insight can give you a huge advantage over your competitors, which is one of the main advantages of utilizing machine-learning in your business. (And monitoring it).
Using Data-Driven Strategies To Determine The Growth Of Your Business
One huge area of machine learning, AI development, and big data is automation. Machine learning can develop the algorithms to take the data gathered on consumer markets, competitors and analytical activities.
From this, you will be able to make more on-hand strategies when it comes to customer-based marketing, improving your customer service, and even predictive modeling to see the growth of your business.
Improve Your Customer Experience To Develop Brand Power
When it comes to customer-driven operations, there is no “one size fits all solution”. What might be working for your top competitor is not necessarily something that would be efficient for your business to implement.
Not to mention, big shifts in paradigm thinking and strategic planning can be costly to your business. Once again, machine learning and big data can help you determine small details, which can make a huge difference in customer-based operations.
For example, did you know that most customers prefer to talk to the companies they invested their money in on social media? Did you know that emailing a customer is probably one of the worst ways to communicate?
All of this information was gathered by broad-based machine learning. Imagine data-driven, segmented machine learning capturing this kind of information for your business. Need I say more?
By Tom English