It’s a fact: companies that embrace data-driven approaches perform much better than those who don’t.
A recent IDC whitepaper found that companies that utilise the power of their data reported a threefold increase in revenue growth and almost doubled the probability of enhanced customer satisfaction.
It should come as no surprise, then, that becoming data-driven is top of the agenda for multinational organisations today.
Despite this, many companies still struggle with collecting data in a compliant manner, successfully aggregating that data, and using it to generate insights that deliver on their organisational needs – which is why so many multinationals enlist big data science companies to assist them with their data strategies.
In this article, we investigate why multinationals trust big data science companies, and how enlisting the expertise of a specialist data agency can help you to make the most of your data and get ahead of the competition.
5 reasons why multinationals trust data science companies
1. They help them recognise and fix bad data
Before companies can use data science to make informed decisions, they must invest a significant amount of time and effort collecting and preparing their data to ensure it is trustworthy and of a good enough quality to deliver insights.
Even the best data analytics strategies can fail if the underlying data is bad – but when conducting business on a multinational level across many locations, solving data quality problems can be an incredibly difficult task.
Great data is constructed from regularly cleansed, well-managed first-party data sources and enriched with third-party insights – which is why data-driven multinationals utilise the help of data science companies to help them audit, cleanse, and manage their data.
The result? Access to super-charged information that fuels predictive insights and empowers organisations to make informed business decisions.
2. They help them make data-driven decisions to get ahead
Once a company’s data is audited and cleansed, only then can it be used to inform strategic thinking and make data-driven business decisions.
Over 80% of all information is unstructured and requires the use of clever analytic techniques to provide meaningful insights, which is why multinational organisations work with big data science companies to develop predictive models and extract insights.
At Edit, our systematic approach consists of traffic and audience attribution as well as customer journey analysis.
We also hypothesise, test, and rebuild through A/B testing, user feedback, competitor benchmarking, and design and development consultation, empowering you to unlock the data-driven insights you need to benefit your customers.
3. They help them to mitigate risk
Another important benefit of data analytics is that it can be used to explore and analyse data to mitigate risk.
Firstly, because multinationals deal with multiple huge data sets, it’s important to utilise data science tools to explore and analyse data without the risk of human error.
But that’s not all. Data science can also be used to help organisations to analyse short-term and long-term trends so they can respond to risks and disruption quickly.
By using data to gain a thorough understanding of consumer trends, companies can identify possible customer churn, pinpoint potential opportunities, respond to customer needs, and react quickly, ultimately maximising ROI and reducing losses.
4. They put a data strategy in place
No customer journey is the same, and no matter the size of the organisation, all customers want to feel special. To understand their customer journeys, forward-thinking multinational organisations are using their data to identify customer behaviours and plan powerful, data-driven strategies.
Customer-centric companies are 60% more profitable than those that aren’t. When working with specialist data science companies, organisations can create bespoke data strategies that bring together all the different elements of their data, combining data science and data analytics to deliver strategies that get results.
Doing so also enables them to unlock deeper customer profiling so they can connect with their customers in a more holistic way.
Understanding customer behaviour and scientifically defining usability enables data science companies to help brands to deliver tailored customer experiences that result in increased loyalty and keep their audience coming back for more.
5. They use data to measure performance
Finally, big data science companies also allow multinationals to measure performance and make more educated decisions by using empirical evidence, developing projections and predictions, and measuring what works and what doesn’t hit the mark.
Doing so enables companies to keep improving their customer journeys and plan for the future by tailoring their marketing strategies to target specific groups, or adjusting campaigns based on what’s going on in the market.
How Edit can help you get the most out of your data
Here at Edit, there’s nothing we don’t know about data. In fact, we’ve got a proven track record delivering data solutions for some of the world’s most recognised brands, such as Jaguar Land Rover, Shell, Tesco Bank, and the British Heart Foundation.
Our team of expert Editors includes data scientists, engineers, technology strategists, and planners who focus on delivering attributable growth for businesses across any sector through our Intelligent Data offering.
We bring together data auditing and cleansing, customer data platform implementation, data science, digital analytics and more to support you on your data journey, whatever stage you’re at and whatever the size of your organisation.
To find out more about how we can help you, contact us today to learn about our data-driven solutions.