With the sudden and unprecedented COVID-19 coronavirus outbreak in the start of 2020, no one could have predicted what the market trends will be like for the coming future. The last six months alone have produced more digital transformation than the entire last decade, with every transformation effort already underway finding itself accelerated. The modern business marketplace is a data-driven environment where data empowers business leaders to make decisions based on accurate facts, trends and statistical numbers.
Current market leaders predict that by 2021, companies that are digitally trustworthy are more likely to generate 20% more online profit than those that are not. In the coming years, with businesses moving towards a remote-working scenario, they will require robust planning and execution in the crucial areas of security, privacy, and identity management. This guarantees that the three non-negotiable goals of data privacy, safety, and reliability are achieved.
Importance of Data
Data, especially Big Data, is at the core of nearly every business decision made. By using data effectively, an enterprise can streamline the processes of planning and actualizing its services and products and finally presenting them to the customers. The organization’s marketing department can greatly benefit from implicitly managing the changing market segmentation, which will ultimately allow them to determine potential consumers during these stressful times, thereby speeding up the sale-closing process. Similarly business executives must manage their data to effectively study trends in the market, such as changes in pricing of resources, shipping, or manufacturing.
Through appropriate data collection and after further analysis, study, and research; an enterprise can procure quality information that can be used to make well-informed decisions. Efficient means of data collection and management allows organizations to tide over fickle market trends, provide suitable solutions to challenging issues, and analyze new insights to greater effect. Overall businesses can harness this data to make fruitful decisions about:
- Finding new customers
- Increasing customer retention
- Improving customer service
- Better managing marketing efforts
- Tracking social media interaction
- Predicting sales trends
Also read: Data Management in Salesforce: All about it’s Challenges & Solutions
Enhancing the overall customer experience is another priority for a majority of the companies, where data and data management again play a pivotal role. Market leaders predict that by 2021, more than 40% of all data analytics projects will relate to an aspect of customer experience. With customers expecting personalized, in-the-moment online experiences, companies are recognizing the importance of real-time data insights which leads to the actualization of a new level of personalization. By 2021, over 50% of consumer mobile interactions are predicted to be contextualized and ‘hyperpersonal’ experiences, based on the past as well as and current real-time behavior.
More than mere possession of data, what matters is what the enterprises do with this data. It isn’t enough to simply have the data, but using the data effectively to make decisions is more important. Helping enterprises efficiently and effectively manage their data is the #1 AppExchange data archival application, DataArchiva. DataArchiva is a flawless digital application that archives unused Salesforce data intelligently within the platform itself, at a native level in Salesforce’s big data based storage system called Big Objects.
By using DataArchiva, you can save more than 85% of your data storage costs as well as secure your data inside the Salesforce platform while allowing your compliance team to search any data at any time. It also ensures top-notch security, seamless accessibility, better CRM performance along with data governance. For more information, you can get in touch with us or get the app here.
If you are looking to archive your data outside of Salesforce, then DataArchiva External Archiving offers you an option to integrate any external database (Redshift, Postgres, Oracle, SQL server) with your Salesforce app for seamless archival. Check the app here.
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