If you look around you, you will find that pretty much everything is generating data. Right from your mobile phone to the applications and even the appliances that you use. Everything in the world is designed in a way to collect your data and make sense of it. But, ever wondered why it is so? Why are the companies chasing data today, more than ever? And how all that data in turn is impacting your life as a customer?
From the Customer’s Viewpoint
Let us understand from the customer’s standpoint. You book a cap was to provide the details of your locations. Not only this, but you provide the company with the data of where you’re going and in case if you are booking the same cab service back then it accounts for more data.
For you as a customer, this means nothing. You’ve got your ride and you’ve paid for it. The motto of providing all this information was that you get to your destination well in time. That’s all. That’s where it ends for the customer.
But, intending to be accomplished, the customer also expects a few things, which the company is also entitled to provide. For example less waiting time, safe drive, clean car and professional driver. More to this, the option of an AC, music among others is which companies tend to provide as frills and fancies.
Businesses Making the Most of Data
Now, let’s take a look at what all goes at the backend with the companies. When an organization looks at the data that the customer entered, it is more for them. For example, they know where you live, where you’re commuting to and whether this pattern is frequent. In addition to this, if you’ve booked the cab back in the same place they know how much time you’ve spent in the store.
Based on the ratings you provide to the driver, they know how your travel was. Moreover, they know how much time you had to wait for the vehicle to come to your doorstep and the entire time and route that your journey took. All of this when combined can result in vital information for the brand.
And think about all the customers that are booking cabs daily and providing all this information to the companies. If you’re wondering what that will account for, it would certainly mean something more valuable for the business.
When the company analyzes all this data that you’re offering on a large scale they will come to derive several insights from it. We’ve tried to cover some of the basic ones-
- Whether the service of cabs is scarce or sufficient based on the needs in your locality
- That is the average behavior of drivers about the ratings they are receiving
- What are the most desirable vehicle sizes requested in a particular area?
- From which pickup location to which drop location is the requirement most frequent
- Is the level of current services adequate
- The peak hours when most cabs are required
- For what price or reason has cab cancellations taken place
- What is the most popular route taken to reach to a destination
- The level of traffic on a particular route during a particular time
All of these factors might seem like simple derivations of the known facts. However, when the business uses all this derived information for decision making that is where the precision reflects. So, next time, when you request for a cab, the cab arrives in 2 minutes and you receive a 5 star rated driver, don’t be surprised. The company has just used real-time data analytics based on the given data and made your life more bearable.
So, the question is does your business need these analytics? We are not saying that you have to be in a carpooling business if you want to use analytics. Whatever your current line of business is whether you’re selling cosmetics, apparel, handicrafts, food items, gadgets, furniture, or any other thing, real time analytics solutions will be useful to you.
When you use data analytics for your line of business, you certainly increase your business efficiency. You can know more about your customers. And the more you know about them, the better level of services you provide to them.
Level of Personalization
Customers today want personalized services. They want companies to address their needs instead of just selling off to everyone. With data analytics a distinguished level of personalization to the customer is offered.
Better Decision Making
Better decision making is a sure shot result of data analytics. You get to create visualizations of data as per your needs and take decisions that the data is pointing towards.
Your innovation capacity is what establishes you as a market leader. You need to get out there and set yourself apart from the competition. Data analytics is what helps you do and make the most of your business capabilities.
Increase in operational Efficiency
Data analytics can help you identify your slacking areas. This way you can deploy the best practices and improve your business efficiency.
Once your business performance improves, it is sure to land you a lucrative business opportunity and a loyal customer base. The key is to retain customers as you make progress in the market. And this is what data analytics does to your business.