How to Use Data Analytics to Drive Better Business Insights
Posted by Atulsharma424 on February 25th, 2019
According to a study, by the year 2020, nearly 1.7 megabytes of data will be created for every individual every second. And, this has lead to an exponential growth in the field of data analysis and the development of proper analytical tools for data analysis.
Businesses use this data to discover new market trends, a priority of prospects, composition, and other useful information to help them make well-informed decisions. After all, if you can get into the minds of your customer by studying their behavior through their data, you will have a much better chance of connecting with them.
Let's look at what is data analytics and how it can help your business.
What is Data Analytics?
Data Analytics is the process by which you examine and analyze data sets to draw conclusions about the information. Commercial industries widely use data analytics to enable organizations to make informed business decisions. Researchers and scientists also use data analytics to verify or disprove scientists theories, models, and hypotheses.
Why Does Your Business Need Data Analytics?
Regardless of which business you are running, whether it is a large scale or small scale, you will require valuable data to help you understand your target audience and their preferences. This is known as ‘big data’ and it plays a very important role in your business. You can outperform your competition by capturing and innovating through big data.
Companies use data analytics to discover flaws in their products and services, buyers and suppliers, consumer preferences and intent so that they can create better ones. It has created many growth opportunities ever since companies started using it in 1997, since then, it has given rise to a whole new category of business- including those responsible for aggregating and analyzing this data.
When you deal with large amounts of data, you need analytical tools for data analysis. Data analytics can be performed large scale, with the help of certain special software tools and applications that facilitate predictive analytics, forecasting, text mining, and data optimization.
Data Analytics also helps you improve your website traffic and maintain records of your online activity. This would help you find distinctive patterns in the day-to-day behavior and usage of customers.
There are several analytical tools for data analysis to help you properly utilize your data to make informed business decisions and drive better insights. These tools perform various functions like measurement, optimization, experiments, segmenting, sales lead generation software and storytelling.
The Competitive Advantage of Data Analytics
Companies gather information and data from across different departments in their organization and industry which gives them a competitive advantage to track the improvements required and find out the reason sales trends have increased or decreased. It enables companies to identify potential gaps in the market.
Data has become very accessible and can be used by everyone in a company to not only enhance decision making but also to increase productivity. It is not a surprise that data analytics has become a necessity in organizations. Companies get real-time data into sales, finance, marketing, product development, and other processes. These valuable insights enable teams within a company to collaborate better, outperform the competition, and achieve better results. Data analytics enables the employees of the organization to view data in context and accordingly make smarter business decisions and achieve improved products and services.
In today's competitive market, the one thing which is very important is to stand out from the crowd, which means that you have to do something everyone does not do in order to have something everyone does not have. Data analytics can give your business exactly what most businesses do not have, predictions and meaningful data. While analyzing data is a combination of logic and creativity; with the right tools, you can make informed and productive decisions that impact the future of your organization.
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