5 strong reasons why your organization should use data analytics
Clive Humby, a British mathematician and data science entrepreneur once said, “Data is the new oil. It’s valuable, but if unrefined, it cannot really be used… So must data be broken down, analyzed for it to have value.” In the 21st century, data has become an immensely, untapped valuable asset. From governments to companies across the world are finding ways to optimally utilize it. Here is when data analytics and business analytics software solutions come into the picture.
What is data analytics?
Data analytics is a process of drawing conclusions from the examination of available datasets. Various data analytic techniques can help you extract valuable insights from the raw data. These techniques integrate cutting edge technologies such as Machine Learning algorithms, automation to deliver the best results.
If you want to propel your business growth to the next level, you should explore customized analytics software development solutions. Data is your valuable corporate asset, and if rightly employed, these solutions can turn your data infrastructure into a profit centre from a cost centre.
How does data analytics help you grow your business?
Data can add great value to your business. However, analytics is the prerequisite. As mentioned above, just like oil, unrefined data has no value. Data analytics can provide you with insights that can help you improve internal processes and performance. What type of ad campaigns should you run? How much budget should you pump in a growing segment? What response did your last ad campaign get? These data can provide you with a great advantage in the densely competitive marketplace.
Have a look at some of the benefits your business can garner from data analytics:
- Informed decision-making:
When you have statistics and reports in front of your eyes, it is easier to make the right decision. Data analytics eliminates the need for assumptions by providing a 360-degree view of the service or product performance. It opens gates for improvement by accentuating the gap between expectations and delivery. An advanced analytics software development company can help you develop customized software that can continuously collect and analyse data and keep you updated about the latest trends.
2. Targeted marketing:
Marketing is an expensive, yet very important activity for your business growth. A lot of money can go in vain if it is not aimed towards the right audience. Data analytics help you understand your audience better like the age group, gender, geographical location etc. Based on that, you can prepare an effective marketing strategy that can deliver the best results.
With data analytics, you can meticulously predict the appeal of your marketing campaign on the targeted group of audience. This ensures a better conversion rate and great ROI on marketing efforts.
3. Client satisfaction:
You may receive thousands of messages from your customers or clients, but can you read and analyse them all? When done manually, it is an arduous task. Data analytics can help you understand and cater to your clients’ needs. You can customize your services to suit their requirements. This will help you build a stronger bond and relationship with your clients.
Advanced data analytics also gives you insight into customers’ preferences, spending capacity, interests, concerns etc. This can help you in designing product strategy and pricing. As a result, you can deliver a product or service that can match your customer’s budget and expectations just right.
4. Identify opportunities:
Data analytics not just help you improvise existing processes but also identify emerging business opportunities by giving you a glimpse of incipient market needs. In business, those who venture into untapped fields are likely to benefit the most. Data analytics software can provide you with insights that can help you make decisions that are lucrative for your business.
With data analytics, you can know about the short-term trends that can be overlooked and rewarding areas where you should make your next move. You can actually see the shift in consumers’ buying behaviour. All these, when clubbed together can present you with a great business opportunity.
5. Streamline internal processes:
The people working behind the product or service are as much crucial for success as the product itself. Data analytics can help you overcome human resource challenges by transforming the hiring process and helping you find the right candidates. In addition to that, it helps you evaluate the performance of your employees and find ways to raise their existing performance bar.
