Seeing Business Analytics as Customer Experience
At its heart, business analytics reflect a customer’s experience with your company. Those endless lines of data can illustrate many things: Were they helped quickly and with efficiency? Was their problem solved? Most importantly, are they happy with their result? Looking at your company’s data and their accompanying practices as if they were a retail experience can show exactly how you gain and keep a client. Conversely, it can show how you lose them.
Real-time access to actionable data is crucial when making business decisions, said the website Retail TouchPoints. This is, obviously, easier said than done. As they stated, “[A]ccording to a recent study from ESG, 48% of organizations experience challenges managing data growth and database size.”
That means almost half of companies have data, but they don’t know what to do with it or how to manage it. There is no help in having a client’s information readily available if you don’t know how to manipulate it into a shape you can understand. That’s the equivalent of having an entire basement full of files thrown into boxes willy-nilly with no categorizing or alphabetizing. Business analytics is more than organizing columns in an Excel spreadsheet; it’s an art unto itself. That’s why there are specialists who focus in this field. That also explains why money is spent on beautiful, straightforward reports that outline where your money is going, what needs more attention, and so on.
Outsourcing data analytics to such a specialist (like us, for example) is a good idea. It’s not the type of job that can be done by someone in-house. You can’t hand it over to your paralegal in an effort to save money, saying, “Oh, when you’re done with those requests for document production, can you take a crack at analyzing this data?” Your employees have discrete tasks that require their attention. Having someone in-house try to ameliorate costs by tackling such a project is unwise and possibly dangerous. Someone unfamiliar with data analysis may be unable to make heads or tails of your firm’s information. Even worse, you might get results that lead you in the opposite direction of where your company should go.
Having data is important. Being able to understand it is even more critical. By hiring data analysts who specialize in legal business, your company will be able to take actionable steps and determine why your clients like X, but don’t like Y. Let specialists assign a value to those integers. You’ll be glad you made the investment.