14 Nov 2022
Perfection Made Possible: The role of Insight and Strategy in attaining Excellence in Service Delivery.
'60% of new businesses fail in the first 3 years'
What makes more than 50% of new businesses fail in the first 3 years and others strive?
"Information is the oil of the 21st century, and analytics is the combustion engine."
It is often argued that data is as valuable as oil. This is a controversial topic; however, the accuracy is in the essence that, like oil, data without insight is useless, just like oil in the ground, not mined or drilled, is futile.
Data is everywhere, and a common drawback for many new businesses is that they need to acknowledge the value of data relating to their business, the market, and its customers, or in many cases, use that data without insights.
Customer data analytics provides more insights into customers, their preferences, needs, wants, concerns, and more, allowing tailored, precise, and personalized customer service, which results in successful businesses.
The Insight & Strategy departments at Empower use a Define, Design and Drive approach to provide quality solutions to sustain customer needs and customized solutions for businesses and clients. The quality of data collection methods and tools is essential to ensure that gathered data is accurate to be able to use it to produce meaningful insights on markets and customers' needs or preferences.
Providing meaningful data insights requires a deep understanding of the data collected through intentional and accurate data analysis, which enhances organizations to make informed and strategic decisions.
What makes some businesses grow fast while others remain stagnant for years?
According to Microsoft, Organizations that leverage their customers' behaviours to generate insights outperform their peers by 85% in sales growth.
'Customers know precisely what they want.' and 'Customers do not know what they want.'
There is much truth in both statements, and what determines the accuracy of both is quality assurance. Understanding what your customers want and need is essential for the success of any business.
When customers know what they want, they look for things that will satisfy their needs, and in this instance, quality assurance is not just about ensuring the standard but also sustaining the needs of customers.
When customers are uncertain about what they want, quality assurance envisions enlisting their needs and providing the most satisfying product/service for their needs. In both instances, knowingly and unknowingly, customers expect your services/products to sustain their needs.
Customer insights allow your business to understand how customers think and feel about your products and services and inform you on the best possible solution/ product to give. This will place your business at the top of the market because you can cater to the customers' needs.