{"id":10180,"date":"2024-04-09T15:45:12","date_gmt":"2024-04-09T15:45:12","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=10180"},"modified":"2024-04-09T15:45:13","modified_gmt":"2024-04-09T15:45:13","slug":"maximising-efficiency-data-analytics-learn-how","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/eu\/blog\/maximising-efficiency-data-analytics-learn-how\/","title":{"rendered":"Are You Maximising Efficiency in Data Analytics? Learn How"},"content":{"rendered":"\n

You could quickly scan a single datasheet showing how often people have clicked on your social media advertisements to see who seems most interested in your products. But imagine you\u2019ve multiple datasheets for different platforms, products, and locations. And you need to identify one thousand prospects, not one. Quickly, the challenge scales out of hand and carrying out the task no longer makes financial sense. You need a method of sorting through all the data efficiently.<\/p>\n\n\n\n

Enter data analytics. The Salesforce Data Culture Playbook 2023<\/a> shows that, globally, 75% of business leaders agreed that if more organisations consistently leveraged analytics to make data-driven decisions, they\u2019d achieve significant revenue gains.\u00a0<\/p>\n\n\n\n

Learn how data analytics can uncover valuable insights, explore different types of analytics, and enhance sales efficiency for improved effectiveness.<\/p>\n\n\n\n

How to Leverage Data Analytics for Informed Decision-Making?<\/strong><\/h2>\n\n\n\n

Data analytics might seem like rocket science, but it needn\u2019t be. You know what data is: facts and figures and information. And you know what analytics is: analysing facts and figures and coming to conclusions. So, put them together and data analytics is when you simplify or visualise raw data to understand it better, which helps with decision-making through data-led recommendations.\u00a0<\/p>\n\n\n\n

We call these data-driven insights. Essentially, that means using facts rather than opinions to guide business decisions \u2014 helping you avoid relying on the Highest Paid Person’s Opinion (the HIPPO). When you\u2019re objective instead of subjective, you get better outcomes. Our Untapped Data Research 2023<\/a> shows that, globally, 73% of business leaders agree that data helps make accurate decisions.<\/p>\n\n\n\n

If you use a CRM<\/a> (Customer Relationship Management) system, data analytics plays a key role. By analysing customer interactions, purchase history, and demographic data, for example, sales professionals can identify potential leads, forecast sales opportunities, and personalise their approach to each customer. If you were to do this manually, finding information for each customer using raw data, it\u2019d be an incredibly laborious, tedious, and time-consuming process.

Not only does it help with initial outreach, but data analytics helps you track your progress and make data-driven adjustments to improve sales outcomes. This is why our research shows 83% of CEOs want a data-driven organisation<\/a>. <\/p>\n\n\n\n

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Sell Smarter with Sales Analytics Built Directly into Your CRM<\/h2>\n\t\t\t\t\t\t\t

Want to accurately forecast and understand trends using contextual data and relevant insights from internal and external sources to take action on deals?<\/p>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t

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How Can Big Data Analysis Revolutionise Customer Understanding and Satisfaction?<\/strong><\/h2>\n\n\n\n

If you\u2019re exploring data analytics, you\u2019ve probably heard the term big data too. It\u2019s the countless amount of information circulating on computers and the internet. \u201cBig\u201d doesn\u2019t even begin to describe the petabytes of information our society is creating; \u201cenormous\u201d would be way<\/em> more fitting! And when you\u2019re looking for interesting conclusions and meaningful analyses, digging into big data is where you\u2019ll find what you need.<\/p>\n\n\n\n

Big data is \u201cbig\u201d for many reasons. One is its sheer\u00a0volume. The amount of data companies generate is increasing in leaps and bounds. The Salesforce State of Data and Analytics report<\/a> shows it\u2019s predicted to grow at an average of 22% just over the next 12 months. Getting your arms around that much data is a huge challenge!\u00a0<\/p>\n\n\n\n

Another reason it\u2019s \u201cbig\u201d is because it changes so rapidly and comes in so many different formats. Data like a banking transaction is relatively easy to analyse, but what if it\u2019s combined with the emails the bank receives, the likes the daily bank blog gets, and statistics about the companies the bank\u2019s customers do business with? Trying to analyse all of that data together is like trying to figure out the individual ingredients of a meal you just enjoyed. It\u2019s hard!\u00a0<\/p>\n\n\n\n

But while big data is tricky to analyse, the rewards of doing so are also much bigger. Analysing large sets of information can reveal previously invisible insights that are hidden in the chaos of company data. Take big data in CRM<\/a> as an example. The customer data analysis from calls, emails, social media, and past sales interactions can help you to properly understand your customers \u2014 and when you can do that, it\u2019s so much easier to keep them happy.\u00a0\u00a0<\/p>\n\n\n\n

Types of Data Analytics<\/strong><\/h2>\n\n\n\n

There isn\u2019t just one type of data analytics<\/a>, there are many. The most common four are: descriptive, diagnostic, predictive, and prescriptive analytics. The method you use depends on the questions you want to answer with your analysis. Descriptive and diagnostic analytics analyse the past, and predictive and prescriptive analytics look to the future<\/strong>. In short:<\/p>\n\n\n\n