An advanced use of analytics can improve customer engagement – and more. This is revealed by the annual research from MIT Sloan Management Review: learn more with us!

«The 2018 Data & Analytics Global Executive Study and Research Project» is the annual research project conducted by MIT on the relationship between companies and the use of analytics. The study surveyed a sample of 1,919 professionals and managers from companies worldwide. Here are the key findings!

Transforming data into useful and relevant business information (or insights) is one of the greatest sources of competitive advantage currently available to companies. The world of analytics is constantly evolving.

Marketing is undoubtedly the area that most benefits from the support of analytics. The information, presented as insights, can have a positive impact both on measurement systems and on user engagement – the so-called customer engagement.

Thanks to the emergence of increasingly user-friendly platforms and tools, the world of analytics is becoming more and more focused on accessibility; however, the complexity of data management (and their related formats) requires a high level of professionalism.

After a decline between 2014 and 2015, the percentage of respondents who report gaining a competitive advantage from the adoption of analytics has been increasing for the third consecutive year.

From a business perspective, the competitive advantage that can be gained primarily concerns three factors:

• The ability to position itself in the market relative to competitors;

• The improvement of engagement and relationships with their customers;

• The improvement of engagement and relationships with their customers.

The picture that emerges from the report presents analytics as a vital component for businesses. Competitive advantage goes hand in hand with the level to which the “data culture” permeates the entire organization.

In-depth data analysis can positively influence the relationships between a company and its customers. The research reveals that those who use analytics advancedly gain a market advantage, becoming able to offer products and services tailored to the real and concrete needs of consumers.

A truly competitive organization must be able to combine data from customers with data from suppliers and competitors. The more the insights used combine different data sources, the greater their value.

Moreover, data can be drawn from mobile, social media, or public information. The ability to interpret analytics in an integrated manner is a primary source of competitive advantage.

Additionally, sharing the results of one’s analyses can be a winning strategy. Companies that are more inclined to share their information have seen an increase in their influence – not only with their customers – gaining authority and credibility.

Data-driven marketing is undoubtedly one of the most interesting opportunities for businesses aiming to adopt a future-oriented perspective. To discover all the new developments in the digital space… keep following us!