Digital Transformation And The Concept Of 360 Analytics

Digital transformation processes are covering the day-to-day of all types of companies, empowering their businesses, and helping them to go further effectively. The concept of analytics 360 is one of those that is spreading as a norm and as a way to progress in this type of current situation.

But although the idea of ​​the importance of its adoption is clear, what must be understood is what this concept implies, how to apply it, and in which cases it is more advisable to introduce it.

Understanding The Value Of Digital Transformation

In recent years, the client has become more the target of companies and this has been derived in part from the digital transformation processes. All kinds of sectors are seeing how their businesses evolve, from banking institutions to entities related to health and companies from multiple markets. 

Clients are transformed into such a valuable asset that it should be taken care of in its entirety and adopting digital transformation is necessary to achieve it. Great changes are seen with respect to the techniques of the past, partly because the clients have changed a lot and are not at all similar to those of decades ago because they have other needs.

By embracing digital transformation, what businesses do is take advantage of new avenues of expansion, additional marketing models, and a way to get closer to their customers, both today and in the future. Organizations adopt their technology, supplement it with new resources, and make sure they have everything it takes for new trends to allow them to get a good kick start. And to achieve this they have to benefit from the techniques of analytics 360 and how this opens new paths.

Also Read: Top 5 Digital Transformation Trends For Businesses In 2020

What Is The Analytics 360 Concept?

With the use of analytics 360 what we are doing is taking advantage of the ability of a business to unify the relevant information of our customers through different systems and files and then create a new record in which all this is combined.

It is about making information from various sources make sense within the same data ecosystem and so that it can be used to generate more business opportunities.

An example that professionals like to use and that shows very well what the idea that conveys the use of a concept such as 360-degree analytics is related to the banking sector. Let’s say that a client has a bank account that he shares with his wife.

In this bank account, you have several financial products linked, such as a mortgage and insurance for your home, in addition to a credit card. This is, according to statistics, a good customer and is part of that group of people who could help the bank to generate more profits. 

One of the last things this client has been doing has been surfing the web and doing research on credit and personal loans. About this, he has asked some questions online and also commented on details on social networks…

Each of the interactions carried out by that user in different digital media is analyzed by tools and these data are recorded independently. The problem is that although this information gathered can be very useful, as a general rule each data remains separately in its own system.

This changes through the use of 360-degree analytics since what this concept does are unify all this data in a joint client-by-client way and cross them to obtain more complete and in-depth information. 

What the company ends up having in this way is a very solid and useful information package, which allows knowing the client easily thanks to deep and trustworthy information. From there, the approach that the company can make to dealing with that customer will change significantly. In the case of the example,

It is true that it is a complicated process since the data is stored in different sources that sometimes do not have any type of relationship with each other. But the exhaustive and hard work that 360 analytics requires is very beneficial and its results satisfactory to the point of allowing businesses to face new challenges in a more dynamic way.

Why Do Companies Need Analytics 360?

That is a question that many businesses ask themselves and that still needs to be tackled to solve the mystery that in some cases occurs. We are talking about adopting digital transformation to the last of its consequences and doing so involves taking advantage of the best tools on the market for this. 

Without a doubt, 360 analytics is one of these tools to recommend. The client, as we said before, is placed in the foreground, and one of the ways that we can use to reach him in the best possible way is knowing every last detail of his interests crossed with our business. But to do so, companies require reliable, quality data they can trust, data like that provided by this type of analytics. 

Once this information enters the computers of an ordered company and in a convenient way for its analysis, it can begin to generate complete feedback in all the departments involved in this work process. Combined with previous records and historical data, it can provide an excellent way to make decisions and meet new challenges.

The information provided by the analytics 360 concept allows companies to know what transactions their customers are making, how their customers communicate and face their presence on social networks, what customers are looking for when browsing the web or how customers use mobile apps and omnichannel environments. 

In addition, we will know what the previous activity of the clients is and we will cross it with the current one and we will also discover the needs and the type of personality of the clients when they have made contact with the customer service. Any customer activity will be unified in one place with ease and precision.

Also Read: What Is Driving Digital Transformation?