Of all of the benefits data analytics can provide businesses, consumer intelligence is one of the most valuable. From revealing previously hidden market insights, driving new business opportunities, and confirming investment decisions, consumer intelligence enables investors and businesses to understand trends and shifts in the marketplace so they can make better strategic decisions across the board of their operations.
What Is Consumer Intelligence?
Consumer intelligence is information gathered through data analytics solutions about customers’ intelligence and spending behaviors that can be used to help improve business and investment decision making.
If there is a business or investment decision to be made, consumer intelligence adds a deeper layer of understanding into market activity with better informed research.
Companies and investors leverage consumer intelligence so they receive real time insights into spending behaviors in their competitive markets, or get the latest information from a new market they’re looking to expand into. The consumer insights waiting to be discovered can help make tough business and investment decisions more data driven while eliminating guesswork and human biases.
Using Consumer Data Intelligence in Investing
For investment firms to take full advantage of consumer intelligence, they must leverage investor data analytics solutions so they are capable of deciphering the information hidden across datasets and turn them into actionable insights.
With the right data analytics program and data in place, investors can extract behavioral data such as consumer spending and income information to gain competitive market advantages.
Using the behavioral data, estimated revenues for a growing set of companies can be predicted using real-time transaction data instead of waiting for quarterly reports to be made publicly available. They can also get a deeper understanding of economic behavior from payroll data for added detail into a market’s activity.
As increasing amounts of companies make the jump to more digital strategies after 2020, having access to digital payment information across markets will be essential for investors to consider for their investment decisions in the future. Consumer intelligence gives them the power to do that.
Consumer Intelligence for Companies & Corporations
Businesses can leverage corporate data analytics solutions to analyze consumer intelligence and spending behavior to uncover market trends and identify growth opportunities. Whether businesses need to identify opportunities for new and improved products and services to increase customer satisfaction, or use payroll data analytics to understand seasonal trends and economic behavior, consumer intelligence data makes it possible.
It’s also useful for confirming internal investment decisions, and highlighting new strategic initiatives to undertake so the best approach for addressing changes in the market can be made. Having that real-time insight into market activity puts businesses ahead of the curve when conducting their market research and making strategic decisions no longer having to be reliant on outdated data.
Protecting Consumer Privacy in Transaction Data
Any business or asset manager looking to tap into the benefits of data analytics solutions must understand the need to be committed to protecting consumer privacy. When looking for a data provider, it’s important to confirm the data you’re looking for comes from a trusted source like Envestnet | Yodlee.
Envestnet | Yodlee is the leading data aggregation and data analytics platform that provides ready to use transaction data to companies and investors to use for business intelligence. The data is aggregated from 17,000 global data sources and de-identified to protect consumers’ privacy following stringent security compliance regulations through Envestnet | Yodlee’s data promise.
Additionally, Envestnet | Yodlee transaction data is enriched to ensure the data is normalized and standardized, and easy to integrate data that’s consistently accurate.
By protecting the identity of individuals that some financial data can reveal, businesses and investors can be rest assured that the data they’re working with is the highest quality that enables them to take full advantage of valuable consumer intelligence information.