If you're anything like the typical business operating in the digital age, you probably have more data than you know what to do with. Parsing data is a common problem among small businesses especially. It can cause headaches and become incredibly challenging depending on the data quantity. Automated tools are an ideal way to get the most out of your data and take your operations to the next level.
We've put together a quick guide to automated software that can help you go from basic insights to worthy marketing strategies in no time.
What is automated data analysis?
The short answer is it's a method of analyzing data that uses artificial intelligence techniques to compile and decipher data. It can be cloud-based or on-site and it finds insights fast. It doesn't replace a human analyst; it merely supports them. It also works uninterrupted, assessing massive amounts of data to assist organizations with problems or opportunities that may arise from their data. Like many other business processes that can be automated, it increases productivity and reduces costs while making data processing/analytics much easier.
How does it work?
Automated analysis tools accumulate and examine data using a combination of artificial intelligence and machine learning to analyze data across numerous sources. Users can upload data into the cloud (or into an on-site version), effectively obtaining unique insights in a shorter period than with standard analysis tools. Strong business analysis tools can lead to significantly better insights and suggestions. They can merge data across multiple platforms to provide the most effective insights. They also monitor changes outside your normal dataset to help with getting the most accurate information possible.
Gain Immediate insight into spikes and drops in metrics
Spiking and dropping in customer engagement and conversion is an essential element in understanding the effectiveness of your marketing strategy. This kind of tool can tell you if people are engaging with your ads or how well the ads are performing across various platforms. It's also useful for tracking operational or financial changes based on available data.
Gain insight into milestones
Turning unique insights into data milestones can be useful for preparing a new marketing strategy. But what is a data milestone? It's any data that charts consistently high or low. In simpler terms, it's a way to track important factors like product performance, marketing effectiveness, and financials. Sometimes, milestone stories may even expose a previously overlooked or new metric you should be measuring. With milestones, you get a good overview of how you're doing, where action must be taken, and how to operate effectively as you move forward.
Understand customer conversion changes
Customer conversion is a deeply valuable metric. In simple terms, it refers to the percentage of customers who take a specific action. For example, it could mean the number of people who buy something or click a certain link while visiting your website. It could also be the simple act of the customer buying the product or subscribing to a service. Conversion rates have a tendency to change. There is actually a formula you can use to determine your customer conversion changes, but understanding them is another story entirely. Thankfully, automated analysis covers this eventuality as well as through a funnel. It gives insights into where customer conversions change and ways to track engagement. Using this tool in conjunction with the others, you can reassess your marketing plan or take appropriate action to optimize future customer conversions.