The more sophisticated our digital footprint, the more appealing our data is to businesses whose goal oftentimes is to discover ways to improve their customer experience and generate more revenue. This data is gathered in multiple ways - via web browsers, app usage, social media, loyalty cards and many other digital incentives. Extracting the most valuable insights from these sources can help these businesses better understand what consumers want, meaning better products and services for the customer and ultimately, a higher return on investment.
This blog will offer you an introduction to what data value is, it’s benefits and tools that allow you to visualise data with ease.
What is data-value?
Put simply, data value is the value that is derived from processing data using different analytics. This data can be used to help an organisation streamline their decision-making process as well as their sales and marketing activities.
Of course, not all data is made equal! In its rawest form, data is of low value to businesses as it lacks a structure from which conclusions can be drawn. Only once data has been processed can it be interpreted and used to generate valuable insights. These insights are then used to make data-driven business decisions.
What are the benefits of data visualisation?
While numbers and percentages are important, they can’t give you the full picture – that's what makes data visualisation so appealing. Through its ability to turn granular data into easy-to-follow, digestible visualisations such as graphs, charts, cluster analysis and maps, data value reveals the bigger picture - meaning better clarity over performance, the ability to spot emerging trends and more accurate forecasting.
A data visualisation tool that can help businesses extract this information is Power BI (Business Intelligence) – an interactive, customisable business intelligence dashboard that allows businesses to visualise a variety of data sets all in one place and make reports. This intuitive one-stop solution makes it easier for everyone at every level of your organisation to make data-driven decisions, such as where to allocate your resources based on performance insights.
We’ve created our very own three-step Power BI Dashboard called Novicell insights, made up of several panels that contain data pulled from sources like Google Analytics, Facebook Insights, email newsletters, Google Ads, SEMrush, and your CRM (Customer Relationship Management) platform, all of which are seamlessly compiled into one interactive report. This overview gives businesses instant access to important metrics, making it easier to review digital performance, detect areas of improvement, set new targets and track existing KPIs. On top of this, our business intelligence tool is scalable which allows you to adjust your Power BI business according to your digital channels.
Power BI & Customer Journey Mapping
With access to multiple data sources in one place, Power BI is a great tool for mapping customer journey to gain better insights. Power BI eliminates one common issue among organisations of having an isolated view of customer data due to managing multiple data streams, helping business personalise their customer experience at scale while avoiding the costly process of collecting and combining data across multiple systems. Read our blog post on customer journey here.
The importance of data value and how businesses can use platforms like Power BI and Novicell Insights to optimise their digital performance. We also covered how the one-stop solution can inform the customer journey process by combining important metrics.