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Four Ways to Leverage AI and Data Analytics to Monetize Data
Many B2B companies recognize that employing AI and data analytics to monetize data can result in higher returns on investment and more efficient operations. They are, nonetheless, unable to maximize results despite their will and knowledge.
Fremont, CA: The economic value of data for businesses is difficult to conceive and quantify. Many CEOs misunderstand data monetization. To them, the only way to make money off data is to sell it to other businesses. As a result, they fail to recognize the enormous untapped value it provides. Companies may monetize data produced directly or indirectly using big data analytics and AI by improving client experiences, lowering expenses, finding new consumers, and much more. Here are four ways AI and data analytics can help monetize data:
Upselling used to be thought of as a technique to sell more things, but it's now seen as a way to market more relevant products. Businesses can propose goods that complement their customers' purchases and add value to their customers when data analytics is used to drive decision-making. Customer satisfaction rises as the value of the product increases, which aids in customer retention.
This innovative selling style demonstrates how organizations can increase sales and revenue by using a data-driven strategy to optimize their operations without selling the data to a third party.
Improving Customer Experience
Chatbots play a critical and beneficial role in resolving minor client difficulties, freeing up valuable time for customer service representatives to focus on more complex issues. In addition, customers prefer to communicate with organizations that can respond in real-time when making a purchase, similar to how they would interact with a sales representative in a physical store. As a result, when your consumers place a purchase, an AI-driven chatbot can assist them in finding solutions to their questions. Furthermore, AI may combine disparate data sources to gather all relevant information about the client experience, resulting in a customer-centric strategy.
Optimizing the Time of Sales Representatives
An AI-based data-driven business model can provide considerable benefits to salespeople. They will have access to all critical statistics and figures regarding each product, vendor, volume, and sales.
Not only that, but they may also know about the products of competitors. Salespeople can utilize this information to keep track of the products they're in charge of and make informed judgments. They can also make better use of their time if they know when and who to see or phone. This type of management can boost productivity, save waste, and save time.
Streamlining Supply Chain and Logistics
Maintaining the supply chain, particularly for large companies, necessitates meticulous planning. Any difficulties further down the chain can generate a cascade of problems. Even minor reductions in lead times and procurement cycles can have significant benefits in today's competitive corporate climate.
Having data on your side might give you a significant advantage. AI and data analytics are excellent tools for analyzing the supply chain and identifying areas for improvement. This will have a significant impact on how customers interact with their vendors.