“We are surrounded by data, but starved for insights,” is a popular quote and is also quite true in the realm of data. A study has stated that businesses are missing out on $5.2 million in revenue due to untapped data.
It’s time organizations used the data available to make informed decisions. Data analytics techniques, when applied to analyze any data or information, give functional insights. It can recommend current and predict future trends from across the globe, which seems like an impossible task for humans. Based on this, businesses can plan and optimize their processes and get improved results. Data analysts use these 4 models—descriptive, diagnostic, predictive, and predictive—for informed decision-making and business growth.
Benefits of data analytics:
- Identify new market opportunities: Data analytics supports organizations by analyzing their current target customer’s behavior and shopping patterns, product or service gaps in the industry, competitor analysis, and existing product or service metrics. This will help in developing new categories to meet the gap and improve the customer experience.
- Plan marketing and business strategies: Data analytics can analyze real-time data and predict trends, giving businesses an opportunity to make informed decisions. Optimizing growth and marketing strategies delivers better results in terms of increased customer loyalty and profitable business decisions.
- Greater insights into the market: The more an organization knows about its customers and market, the easier it is for them to grow and make business decisions. Analyzing the data collected from target markets and competitors will give organizations an overview of the industry and help identify trends earlier than others. And acting swiftly based on these results will give us an edge over our competitors.
- Improve operational efficiency and minimize risk: Analytics help in streamlining the operations across various business process activities, identify problem areas, and optimize the operational processes for better business results. Analytics also help in better resource allocation, supply-chain management, and overall operational intelligence. This in turn does an overall risk assessment and helps minimize business risks.
- IT infrastructure and adaptability: Data analytics hugely depends on IT like servers, networks, and their infrastructure. Monitoring organizational infrastructure ensures response to issues proactively, preventing loss beforehand.
Data analytics is the centerpiece of business strategy, investment, and operational activity. In today’s scenario, the relationship between data and analytics is evolving the way businesses operate.
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