65% of Organizations Will Make Fully Data-driven Decisions By 2026. Here Are 3 Key Reasons to Join Them
By Natália Mrázová
| 7. October 2023 |
By N. MrázováNatália Mrázová
| 7 Oct 2023 |
    By N. MrázováNatália Mrázová
    | 7 Oct 2023

    65% of Organizations Will Be Fully Data-driven By 2026. Here Are 3 Key Reasons to Join Them

    Photo cover SIB data

    Are you struggling to keep up with market trends? You are not alone. According to Gartner, only 29% of organizations can evaluate data fast enough to stay on top of their game. That’s a pretty low number, especially considering that 84% of CX leaders included customer analytics as the main source of insights for achieving their goals this year. 

    Gartner’s research shows that companies that can dynamically react to changes have one thing in common: their leaders are highly engaged in strategic planning. In other words, they’re swimming in high-impact data.

    In order to lead, not follow, you need real-time reports on your performance. 

    And we will prove it. Our case is build on 3 strong arguments ⬇️

    Real-time Data Can Skyrocket Your Revenue

    “Where there is data smoke, there is business fire.”

    Those are the words of Thomas Redman, founder and President of Data Quality Solutions, also known as “Data Doc”.

    The numbers back him up: 

    A recent study made by a “Centre for Economics and Business” revealed that 80% of businesses grew their revenue by leveraging real-time data. 

    The study featured 1,200 companies across 12 countries in 4 key industries → telecommunications, finance and insurance, manufacturing, and automotive

    All of the key industries together (in 6 participating countries) marked a potential $2.6 trillion total revenue uplift and were estimated to save more than $300 billion on non-personnel-related cost reduction. 

    A great example of boosting revenue with real-time data comes from one of the biggest hospitality companies in the world – Marriott hotels chain.  

    Starwood Hotels Increased Revenue Per Room By 5% With Dynamic Pricing

    Marriott’s sub-brand, Starwood Hotels, uses dynamic pricing to accommodate room fees based on various external factors. It can be something as significant as local and global economic situations or something as minor as a weather forecast, room availability, the way customers interact with their website, and more. 

    But Starwood Hotels took dynamic pricing one step further. For example, if a popular musician is performing in the vicinity of one of their hotels on a certain date, they increase the price of rooms to match increased interest in bookings. This tactic actually resulted in a 5% revenue increase per room. 

    Real-time Data Increased Positive Customer Feedback For 90% Of Telco Companies

    “Data are just summaries of thousands of stories – tell a few of those stories to help make the data meaningful,”

    said Dan Heath, the bestselling author of books like “Made to Stick” and “The Power of Moments”.

    It’s essential to understand that data is more than just numbers. Think of them as a gold mine of customer stories. Each one offers a unique opportunity to improve customer experience — and with it your business. Follow metrics like real-time behavior, satisfaction levels, or demand forecasting and use them to make the right decisions at the right time.

    The relationship between real-time data and high customer satisfaction is made clear by the experiences of those in the Telecommunications industry. Based on the Centre for Economics and Business Research’s report, real-time data significantly boosted the quality of their CX. As much as 39% of all respondents experienced significant growth of positive feedback, and 52% described the growth as moderate. 

    Amazon Earns 35% of Annual Revenue Only With Personalized Offers

    Amazon always seems to know what customers want. How? It doesn’t matter if they buy a product, put it into their card or simply take a look at it. The online shopping platform will use this data to make customers happier (and to shop more, obviously). 

    Amazon learns their needs, likes, and wants to recommend a same or similar product once customers return.
    It’s not an uncommon practice, but you may be surprised how effective it is. This tactic alone is how the company earns 35% of their annual sales.

    Over 80% Of Businesses Achieved Quicker Product Rollouts With Real-time Data

    “With data collection, ‘the sooner the better’ is always the best answer.”

    That’s a very accurate quote from Marissa Mayer, former President and CEO of Yahoo. 

    Marissa Mayer’s statement hints at a very important premise – timely decisions require extracting data within minutes because they lose value quickly. 

    Here’s what data’s life-cycle typically looks like:

    Graph SIB data life-cycle

    With real-time data, you can see the future more clearly. It leads to decisions that get products launched faster and help you resolve customer issues on the first try. 

    It’s not our assumption – we have data to back it up.

    Using real-time analytics, 86% of businesses in the UK Telecommunication sector significantly sped up rollout processes for new products and services. 

    Land O’ Lakes Improved Sales Calls’ Success Rate By 40% With Propensity Modeling  

    Land O’ Lakes, an American member-owned agricultural cooperative, launched a “Data to Value” program using propensity modeling to adjust sales and marketing efforts. Propensity modeling identifies which sales prospects are most likely to buy at the highest volumes, allowing sales teams to target the right leads and make acquisition processes more efficient. 

    Land O’ Lakes uses real-time analytics tools to get a better overview of sales calls’ success rates, commodity markets, etc. 

    They can predict future sales outcomes much easier and risk management teams can make the right decisions around hedging, inventory strategy, and spending.

    The payoff? A staggering 40% increase in successful sales calls. No more shooting in the dark.

    Wrapping up: Measuring Real-time Data May Triple Your YoY

    Do you think your gut instinct is good? Data-driven strategies are set to outperform gut-feelings in 65% of B2B sales organizations by 2026.

    Moreover, businesses using customer data analytics platforms experienced over 9x greater annual growth.

    Quite impressive, but that’s not all:

    Graph SIB customer data analytics platform results

    What’s the takeaway? A platform for measuring real-time data is an investment, but it will pay off. Big time!

    Just as famous American businessman Artur C. Nielsen said:

    “The price of light is lower than the cost of darkness.”