Time to analyze your business – Intro to Data Analytics
What is Data Analytics – let’s start with two basic business fundamentals
- At the end, businesses exist to benefit people, both, the producers and the consumers
- Businesses succeed with intelligence, not intuitions.
So, there are two important aspects to businesses’ success, People, and Intelligence. The more a business knows about its people the greater is the probability of it to succeed. This is where data comes in. More importantly, Data Analytics. Data analysis, in short, is the analysis of the available data to enhance productivity and business gain.
Data is extracted and categorized to identify and analyze behavioral data and patterns, according to organizational requirements.
However, this is not it, analytics is about making good business decisions. Along with numbers, you have to tell a company where the problem is and how exactly can it be tackled.
Benefits: How Data Analytics Can Give You a Competitive Advantage
- Differentiate themselves
With deeper insights into customer’s behavior, you can place your product rightly in the market and develop much more accurate targeting strategy. This helps you stand out and ahead of your competitors, always.
- Trends in sales
Sales is all about numbers. One of the major areas where data analytics plays its role across verticals is to predict sales. Companies relying on Data-Driven Decisions for their sales remain highly profitable.
- Potential Gaps
Only the availability and proper analysis of data could give you the idea of your shortcomings. Not only this, you can learn exactly where you need to grind more.
- Marketing strategies
Data-Driven Decisions are making marketing campaigns much more effective everywhere. Customer data is your only friend when it comes to making your marketing efforts effective and efficient. Get a free marketing audit from BrandzGarage
- Product development
Many believe that data analytics also alters product development in the contemporary scenario. Though it plays a negligible role as of now but who knows what’s there in the folds of raw data.
- Better Team Results
Modern techniques drill deep in the data. Using this data efficiently and effectively will allow teams within the business to collaborate better, achieve better
Challenges: (what needs to improve)
“There are now enough reasons for us to prove beyond all doubt that what we’ve always done, based on intuition, isn’t the best way to go.”
Data Driven Decisions are the future of Business Processes. However, there are many things that need to improve. Some we think are very crucial, such as mapping out an analytics plan. Where and on what technique and technology to spend is the first and perhaps the most important question. We will discover more challenges and probable ways to overcome them as we go along.
Excited about how data analysis can help your business to grow? Contact BrandzGarage today.