What is Dynamic Analytics? To answer this question, let’s take one step back and first ask ourselves, what is Analytics?
Analytics in a nutshell is about solving a business problem through asking yourself lots of questions that will allow you to better understand the business problem at hand.
Once the business problem is understood, it is for the analyst to work with the domain expert in gathering the relevant data and then to summarise the data numerically and visually to better understand the data at the aggregate level. Further, many hypotheses will be tested through comparing different groups and thereby gaining insights as to where statistical differences exist between various groups, customers and products.
Some correlation analysis tests between different variables will be made to understand the statistically significant relationships between the many business variables.In most cases, predictive analytics will be performed to allow businesses to plan their resources and strategy based on the predictions of whats likely to happen in the future. And the final step will be for the business to take the predictions made and to look at their resources to determine what is the best that the business can do to enable the prediction to take place.
Dynamic analytics is learning what customers want faster. Advances in Technology allow businesses to learn what customers want faster. Businesses also need to be aware that not all customers are the same. Customers differ on their demographics, their lifestyles, and their buying behaviour. Different groups of customers are interested in different products and services. Businesses therefore need to gather lots of data about their customers in almost real time to better understand when customers need, want and buy their products and services.
It is only with analysing customer data, can businesses better understand what customers buy, how often they buy, how much they buy, how they buy, what they buy together and when they buy. By using customer’s click stream on the web businesses can learn faster, almost in real time what customers want.
To learn what customers want faster, businesses need a social strategy, local strategy and a mobile strategy. Why do I say this? Well in today’s time, everyone is almost always on their mobile, so businesses need to analyse customer’s mobile usage and understand when are customers using their apps, how are customers using their apps, etc.
Research has also shown that customer’s research the products and services they are interested in, on their mobile while travelling on the bus, train, car and then share their knowledge with their friends, family, or colleagues through social media. Therefore businesses should have technology designed to listen to their customers when they interact socially and will then learn very quickly what customers want.
Lastly, research has also shown that most customers use their mobile to find products and services close by (local). Therefore, businesses should make sure that all their details, location, open and closing hours, information about their company, products and services are easily found when customer’s search for the nearest….restaurant, bank, petrol station, etc
Dynamic Analytics is ensuring that the business provides their customers with the right product at the right time, at the right place, with the right price & channel. Dynamic Analytics allows businesses to delight their customers by getting the next best offer right, that is , “offering your customer your product” before your customer even knows they need it!