Different sectors use data and analytics in different ways The pressure to become more insight-driven and customer-centric applies to almost every single sector — all leverage data and analytics to varying degrees in the current context. Company leaders all share a general desire to improve their use of data and analytics, drive innovation, and deliver better products and services to their customers.
Most sectors already make extensive use of data to analyze market trends; aside from that, how organizations leverage their data is largely determined by immediate business pressures. When it comes to plans for the next 12 months, there’s a general trend toward becoming more real-time focused and forward-looking.
According to a recent Forrester report, aside from analyzing market trends (61%), manufacturers mainly focus current analytics efforts on safety and security, as well as process optimization.
A look at manufacturers’ plans for data and analytics reveals continued emphasis on these areas, as well as a desire to become more proactive (e.g. through predictive maintenance of manufacturing equipment).
The desire to support and provide services after sale or lease of physical goods — whether it’s a car to a consumer or a machine tool to a business customer — also points to another trend: the move from selling a product to selling an outcome.
Twenty-five percent are currently using data analytics to predict the maintenance of manufacturing equipment. This is set to double over the next 12 months (52%).
Businesses are also using data and analytics to predict the maintenance after a sale or lease (25%), and this will also double over the next 12 months (49%). This, in turn, helps manufacturers differentiate and fight back against lower-cost competitors as well as third parties offering maintenance and other services.
Data and streamlining business processes
Industrial firms, like tire manufacturers, are challenged day in day out by their fragmented distribution channel which prevents them from gathering extremely valuable information about what’s going on in the sales pipeline and what current customer trends are. Using and crunching data effectively can provide a solution. Here's how:
Manufacturing companies can gather information about trends, tastes and needs from their various VARs, distributors, contractors and agents by incentivizing them to input lead and opportunity information into a centralized system as well as inputting information into an existing CRM.
Intelligent cloud-based architecture like Fielo, enables seamless integration between data-crunching technologies and the CRM, meaning direct access to the information you need, exactly when you need it. This data can be used to shape everything, from pricing to customer service, inventory and even the products themselves.
Data and driving real-time targeted and contextual marketing
Data can be used by manufacturers to run killer marketing campaigns. By collecting information on reseller and customer trends, manufacturing companies can create targeted ad contextual marketing materials for variety of different mediums.
More and more manufacturing companies are using data to create a significant social media presence and incentivize their channel partners to contribute their voices to the feed.
Fielo offers ways for your company to collect, store and analyze data on reseller behavior, as well as in-built automated reward and tier systems to incentivize them towards top class brand advocacy.