Helping business leaders answer the "why" questions.
Businesses generally use BI solutions and analytics to answer crucial questions, like what has occurred, what is occurring now, and what is likely to happen in the future. But the vital missing detail is often why.
Contextual analysis helps resolve the "why" questions. Contextual data is the background information that helps us with a more comprehensive understanding of an event, individual, or entity. This data can be employed to create a bigger picture. With it, companies are attaining a more profound understanding of the behavior of their consumers, employees, supplies, situations, and trends. Marketers can deliver the right messages and user experiences, and business managers can make data-driven and appropriate decisions. Although contextual analysis is not new, it is involved across varying cases to enhance bottom-line performance. Read more to learn about contextual data and how it can revolutionize your business.
How can contextual data give your business an edge?
A significant concern with big data is that often data without a context lacks actual value. However, mobility and IOTs are generating an appeal in contextual analysis. Now, sensors can gather added amounts of data that help describe an individual, establishment, item, or situation in more significant detail.
With increasing competition, the ability to win and keep customers, reduce costs, and drive more revenue has become imperative. Here's where the role of contextual data is becoming more crucial than ever. Contextual analysis can help businesses better comprehend why certain things are happening, not happening, or happening not in the way anticipated and help them stay a foot ahead of the competition. For example, companies can gain insights into traffic or weather conditions when examining their sales data to check whether either variable affects their bottom line. This contextual data helps companies to get strategic value. Adding contextual data helps unlock insights and leads to more informed and correct decisions on a managerial level.
How can AirQuery help you extract contextual data for your business?
Your company data is presumably expanding exponentially and stored in the cloud or data warehouses and lakes. AirQuery is an ideal solution for getting contextual analytics that helps narrow down this broad scope to uncover insights that apply to customers and employees and are available from anywhere. You gain the nuts-and-bolts details and the bird’s eye view. You can also define your Key Performance Indicators (KPIs), and monitor and trace them continuously in real-time. It also equips you with the power to capture data trends through a wide range of charts and interactive dashboards.
Digging beneath the surface with contextual data
Let's consider a retail sales example: a decline in sales at a particular store location may be tough to identify when the raw data is examined on its own. Adding contextual data about traffic patterns or similar stores in the location can help uncover the information you can use to understand consumer behavior. Peak hours, for instance, might witness greater foot traffic, while times, when fewer cars are around, could imply sales doldrums.
Integrating contextual analytics into the company's marketing dashboard via a BI solution like AirQuery can also generate new approaches to strategy that may not have been easy to locate. An unsuccessful strategy may have been targeting the incorrect audience or maybe the correct audience at a bad time. Adding data about when people browse the internet or how long people spend time on a particular website can indicate the most suitable times to upload social media posts. Similarly, understanding the audience's patterns can give marketers insights on how to represent products or services better.
This amalgamation of contextual data, business intelligence, and data analytics creates a strong tool for businesses to achieve insights into customer behavior and sales patterns and rev up their business strategies and models.
Don’t believe us? Get a free demo, and gather data and facts on your own before choosing AirQuery for your business. Learn more at https://www.airquery.com/