With businesses generating scores of data, the ability to analyze and extract true meaning from them is key to accurate digital business insights. This is an important differentiator among competition as a primary driver of success. Despite the colossal volume of data that is gathered by businesses daily, the presence of the right tools that help discover and analyze such data remains minimal. Combine that with a changing business environment and little time to adapt to it. Now exactly knowing how to collect, curate, organize and make sense of all of it holds great potential to accelerate growth. A valid statement is it not?
What is Data analysis and why is it relevant?
“..Businesses should make decisions based on reliable data sources and take a genuinely buyer-first approach to sales to succeed in 2021 and beyond”-Forbes.
The above article goes on to discuss some of the most important sales and marketing trends that successful and resilient organizations the world over are adapting to. The author urges that businesses should make decisions based on reliable data sources and choose a genuine buyer-first approach to sales to succeed in 2021 and beyond.
To take this a step further, let us discuss customers, arguably the most crucial element in any business. Using data analysis helps obtain a 360° vision of all aspects related to your customers, right from the channels they use to communicate with you, their demographics, interests, habits, purchasing behaviors, and more. Further, data analysis attaches meaning to your marketing strategies, allows you to identify potential customers, avoid wasting resources on the wrong target audience or sending the wrong message. To top that, businesses can also track customer satisfaction by analyzing client’s reviews as well as the service department’s performance.
For the management –data analysis helps business owners make business decisions based on facts and not using just intuition especially for core functions such as sales and marketing.
What is data analysis?
Data analysis is the process of gathering and organizing data using analytical and logical reasoning to gain meaningful insights from it. Data analytics uses business intelligence tools to analyze data that helps organizations make better business decisions. Particularly in activities such as market research, product research, positioning, customer reviews, service queries, or any related function for which data exists, data analysis will provide the right inputs that influence critical business decisions.
Why Salesforce Einstein Analytics and how does it help data analysis?
Salesforce is the world’s #1 customer relationship management (CRM) platform designed to bring together marketing, sales, commerce, service, and IT teams and help them work in a unified manner-from anywhere.
Over years, Salesforce users have leveraged out-of-the-box operational reports, and dashboards to monitor their data, assess performance, and share results. To handle the exponential growth of customer data with every passing day, Salesforce introduced its AI (Artificial intelligence) powered advanced analytics solution i.e. Salesforce Einstein Analytics.
Salesforce Einstein Analytics is a cloud-based analytics tool that helps visualize activities carried out in the Salesforce environment. Be it sales, marketing, or service the tool provides insights into crucial customer data such as accounts and campaigns entered by users of the CRM. This data gets stored on its platform and gets integrated with the main Salesforce CRM data. With Einstein Analytics, data manipulation and visualization capabilities help explore large and complex datasets quickly and easily and the output is in the form of reports and dashboards, graphs, and other data visualization opportunities. For instance, a sales team can generate visual graphs that represent potential sales opportunities, win rates, average sales cycle, and more.
Einstein Analytics connects directly with CRM data to generate dashboards and reports with the provision connecting to other CRMs and use it for overall business intelligence. The objective intended is to ensure that users have easy access to all areas of growth that help organizations thrive. Einstein Analytics allows you to:
- Connect to your CRM directly and obtain insights directly
- Analyze millions of rows of data automatically & get predictive analytics.
- Explore data & automates action with prebuilt apps.
- Functions effectively on mobile, be it Android or iOS.
Let us understand this better with an example.
A certain residential solar services brand provides a solar-as-a-service model as well as solar battery services that lend backup power to deliver clean energy to households at affordable rates. Catering to a large clientele via multiple channels including direct and partner channels, the business primarily relies on Salesforce to track all its sales-related activities. They at one point needed to organize and present the amount of customer data gathered and obtain actionable insights from it to provide inputs for their sales team.
The business approached our team at AppShark to review their needs and help them with a suitable solution. Implementation of Salesforce’s Einstein Analytics was proposed to handle their data and create custom dashboards that met the brand’s objectives.
To help the company monitor and analyze the performance of its various sales activities, AppShark created two dashboards- one which analyzes different lead stages and conversion percentages. The next one provides the leadership team with complete visibility on weekly sales reports and other important direct sales operating metrics. Our team designed these dashboards based on current data visualization techniques while making them user-friendly, information-rich as well as help draw meaningful insights. You may read more about this client case study here.
Salesforce Einstein Analytics gives businesses the power to harness raw data for tangible business solutions that make a marked difference. Einstein Analytics can boost individual and team productivity levels, saving businesses substantial man-hours and costs spent on IT/operational resources. If you wish to implement Einstein Analytics and turn around your business decisions such that it enhances revenues, get in touch with the right Salesforce implementation partner.
AppShark is both a Gold Consulting Partner and a Product Development Partner based in Dallas, Texas. Our implementation process which includes customization, set up, and configuration – has been perfected through the many years served in the Salesforce industry. We also provide software integration services including strategy, development, and management to enable a continual flow of information from the cloud, premise to premise, or from cloud to premise platforms.