Data analytics is set to generate almost 190 billion US dollars in 2019, and that number is rising every year. Big data, which is at the core of business analytics, can provide valuable insights and important information that can guide business owners in the decision-making process.
The practice of analysing huge sets of information in order to identify trends isn’t only left to huge enterprises anymore. Thanks to the widespread of smartphones, social media platforms, and other technologies, the ability to assess data and get valuable information is more available than ever before.
Below, we’ll discuss the importance of business analytics and provide a few examples of how companies of all sizes can use this information to their advantage.
Thousands of companies across the world are already using data analytics to improve different parts of their operations. Collecting and parsing information is important because it can help:
The main goal of all companies is to stay profitable, but once that becomes a reality, the next natural step is to keep growing. Instead of uncontrolled growth, you can use big data to identify the best opportunities in your current industry. You can even use this information to create your yearly schedule or build new partnerships that will ultimately benefit your venture.
Although collecting information from the source is effective, there are some shortcomings that your clients may not know how to explain. In these cases, you can use data analytics to help improve your products or services according to the different trends you identify.
Data analytics is all about your current and future customers, which allows you to keep a customer-centric mentality throughout your organisation. This will result in better customer support and may even improve communication as all of your team members will be working towards the same goal.
From small startups and local stores to huge conglomerates, all companies can benefit from data analytics. Here are some examples of how you can use big data to your advantage.
The most obvious way you can use data analytics is to learn more about your target audience. For instance, you can identify specific demographics, best times to post, and your most popular products and use this information to your advantage. This, in turn, can help you create better processes and develop additional tools that improve customer experience.
Before the digital revolution, marketing campaigns were hard to track and impossible to optimise. Today, you can create intricate campaigns that only target specific users and can be adjusted after they are launched. Data analytics is critical during the optimisation process because it helps you see the performance of your current efforts and give you an idea of the changes you need to implement.
All business owners want to reduce costs whenever possible. Business analytics can help you identify inefficiencies that lead to additional expenses throughout your organisation. You’ll also have to tools to find a viable solution that won’t compromise the quality of your product or your employee satisfaction.
If you have enough information, the concept of big data can be applied to a number of different processes. This includes human resources, internal operations, and even suppliers depending on the industry you’re in. By evaluating the information you have available, you’ll make better decisions that are based on numbers instead of simply following a hunch.
Implementing data analytics into your website and other platforms can help improve different aspects of your business. That said, you need to take the time and find a reliable company that can help you set up and monitor your data in order to make the right decisions.
If you want to learn more about our services, get in touch with us today and our team will be glad to help.
Kym Wallis, the founding director of Higher Ranking has over 15 years of advertising sales, digital strategy, and business development experience. He is currently working as Digital Adviser for Acclaim Rewards.
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