Dec. 8, 2022

This paid piece is sponsored by Eide Bailly LLP.

By Nathan McMurtrey, principal/data analytics practice leader

A version of this article appeared on eidebailly.com.

Once accessible only to large Fortune 500 enterprises, the technology powering data analytics not only has become affordable and accessible to small and medium-sized organizations, but also it’s become a near imperative.

The competitive landscape demands organizations of all sizes find new ways to run lean and do more with less while still putting an emphasis on quality of service and customer experience. What many organizations don’t realize is that they already have the data they need to do those things — they just need the understanding and tools to access and utilize it.

What is dark data?

The term “dark data” refers to the data that an organization collects, stores and either underutilizes or does not use at all. Contrary to what the name may imply, there is nothing threatening or sinister about dark data; it  simply refers to information that organizations collect, process or store but fail to utilize.

Shining a light on dark data

One example of an organization shining a light on its dark data is by using the data from customer support cases to see which medium a customer used to initiate contact and how long the interaction lasted. Bringing this dark data to the surface allows an organization to determine a customer’s preferred method of contact so it can deliver a better experience in the future.

4 ways organizations can better use data

What exactly does a data analytics practice look like for a small or midsized organization? Here are four ways you can infuse data analytics into your team right now.

1. Track customers throughout different stages of the lifecycle. Use your data to identify a particular segment of customers that are ready to buy – and more importantly, when.
2. Improve customer service. Integrating multiple data sources into a single source of truth can have huge immediate gains for your team. Additionally, machine learning tools can analyze conversations between sales representatives and customers on channels like email, chat and social media thus providing a greater level of insight into common issues customers are having. This data can be leveraged to enhance the customer experience with a product, service or brand.
3. Identify overarching patterns and trends. For example, if numerous customers are contacting a business and asking the same questions, it might make sense to create a dedicated page that addresses these questions in depth. In effect, this new website page could increase sales as it addresses common questions that potential buyers face or help strengthen a brand’s unique selling point, all made possible through data visibility and analytics.
4. Gain insight into all aspects of your operations. Data analytics provides a detailed analysis of customer behavior and, in turn, allows leadership to learn what motivates consumers to buy their products or services. This is incredibly valuable because your team can use this information to identify which marketing channels to focus on in the future – i.e., save on marketing spend while increasing revenue at the same time.

The insights from data initiatives help to reduce how much an organization spends on areas that are not driving growth – be it certain marketing activities or product development in the wrong areas. Rather than funneling big money into multiple growth strategies that are getting only minimal results, by using data analytics, organizations can concentrate on just a few proven ones that are generating high-quality leads.

Mike Lichtie, CEO of Black Clover, has this advice for organizations: “If you want to scale your business, you’ve got to be able to see it.” Click here to learn more about Black Clover’s data journey.

Data has the power to transform multiple aspects of an organization. Whether it’s mimicking the knowledge acquisition of the human brain through machine learning or capitalizing on unused dark data to gain a competitive edge, the new era of data analytics has opened the door for organizations of all sizes and in nearly every industry — private and public — to dive deeper into their data so they can run leaner, make more strategic decisions and enhance the customer experience.

Are you ready to shine a light on your dark data? Eide Bailly professionals have the expertise to help you no matter where you are in your data journey.