Is Data Analytics Good for Business?
In the age of big data, it is almost effortless to obtain information and data sets that can be helpful in improving our strategies and making a decision. But the amount of data available can also be overwhelming and confusing. Examining, analyzing, and presenting the data, with only a minimal understanding of the right methods and tools, can result in misleading presentations and futile strategies. As we progress in this Digital Economy, everyone should be able to effectively collect and structure applicable meaning from data and translate it into a compelling presentation. Let’s take a look at five benefits of using data analytics for business:
- Personalize the customer experience.
Businesses collect customer data from many different channels, including physical retail, e-commerce, and social media. Through data analytics, a comprehensive customer profile is created and businesses are able to provide a personalized experience for a particular client. Take a retail clothing business that has an online and physical presence. The company could analyze its sales data together with data from its social media pages and then create targeted social media campaigns to promote their e-commerce sales for product categories that the customers are already interested in.
Inform business decision-making.
Companies can use data analytics to guide business decisions and minimize financial losses. By using predictive analytics, a company is able to create a forecast of what could happen if certain changes are made and prescriptive analytics can indicate how the business should react to these changes.
Organizations can improve operational efficiency through data analytics. Through gathering and analyzing data about the process in a certain company, it can help indicate where bottlenecks originate and help predict where future problems may arise. Data analytics can help an organization save more time and energy making it more cost-efficient and smooth-running.
Alleviate Risk and Handle Setbacks.
Data analytics can help an organization understand risks and take preventive measures. Businesses can also use data analytics to limit losses after a setback occurs. Risks are everywhere in business. They include customer or employee theft, uncollected receivables, employee safety, and legal liability.
All businesses face data security threats. Data analytics can help diagnose the causes of past data breaches by processing and visualizing relevant data.
Setting a clear objective is an important step in the data analysis process. It is essential that you recognize the business problem that you want to solve and set well-defined goals for you to be able to know exactly what data you need.
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