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Data Analytics to Drive Better Business Insights

Data Analytics to Drive Better Business Insights

Data Analytics to Drive Better Business Insights

It’s no secret that data analysis can prove extremely valuable for businesses of all shapes and sizes. 61% of marketing decision makers said they had trouble accessing or integrating the data they needed in the past year. Unfortunately, having the technology to analyze this large amount of data in a short amount of time is very difficult. 

Although many companies have the means to store large amounts of data, they are unable to properly organize and analyze this information. 

So what can organizations do with data analytics to gain better insights that engage customers and drive sales?

What can Big Data do?

The key to using Big Data is to understand what it can help your business achieve. Although big data is associated with marketing and e-commerce, it would be a mistake to believe that data is limited to these small areas. All businesses and industries can benefit from data in many ways and proper analysis makes a business stand out from its competitors. Such actions can also be used to detect potential errors before they occur or prevent fraud, especially in the financial sector.

Data Analytics to Drive Better Business Insights

What is Data Analytics ?

In short, the term is used to refer to the process of analyzing raw data and drawing insights and conclusions.

Obviously, it is difficult to get anything consistent from unstructured data. Data analysis, however, allows organizations to analyze large amounts of data to uncover important patterns and trends. Similarly, text analysis helps in uncovering useful information from unwritten text. Data analysts use analytical tools (with features such as machine learning and automation) to help them gain valuable insights. Open source data analysis tools such as Pandas, a tool built using the Python programming language, are often used.

Even everyday software such as Microsoft Excel also offers many data analysis features. There is also Hadoop, an open source programming framework written in Java, that can be used to process large amounts of data. 

Analytical data analysis can provide descriptions and summaries of key characteristics of datasets. Businesses can use methods like data visualization to show their exposed audience insights, including clients and customers, and then measure other strategies based on that insight. Armed with insights gained from business analytics, companies are able to meet the needs and desires of their customers (and win new ones).

What to do first ?

Before companies start collecting big data, it is important to develop long-term plans and goals. Storing data can be expensive, and analyzing information can be more expensive. Therefore, it makes sense to know your business goals for future data. Ask questions like: 

  • What do you want to get from the message? 
  • Do you intend to learn more about your customers or are you taking steps to prevent fraud?

Once you’ve defined the purpose of your data, these six steps should help you use the data to meet your business needs.

1. Data collection 

Now you need to decide exactly how your business collects customer data. These opportunities are almost endless. Some companies will rely on data from social networks such as Facebook and Twitter. It is also possible to collect information from RFID chip readings and GPS results. Another good idea is to collect business information. If you sell products and services online, collecting this information on your business will be very useful.

2. Assess the relevance and accuracy of the data 

Next, you need to determine what your data is really worth. How is the information collected? Information collected automatically may be inaccurate, incomplete, and invalid.

Therefore, it is important that you verify the accuracy of your information before you spend a lot of money to analyze the data in the first place. This will help you determine if the data will contain useful information. If not, collect the data properly before proceeding.

3. Get better information 

Most modern businesses store a lot of data all the time. To gain a better understanding, several questions must first be addressed: 

  • What do you know about your company’s data and collection systems?
  • How often is information updated and where is it stored? 
  • Is the information always checked?
  • Are there security or privacy concerns about stored information? 

Getting answers to these questions will give you an edge and ensure you have a better understanding of your company’s current practices, including compliance with local and international laws. Also, be sure to consult with your company’s team or data analyst. 

4. Ability to do 

Believe it or not, storing and analyzing big data can be a very expensive process. A great deal of skill and experience is required to properly navigate the information and use the associated software. Many companies have yet to add data analysts to their teams, putting them one step ahead of their competitors. At the same time, many people will not be able to maintain and manage their inner talent. While it may seem like a good idea to dedicate resources solely to data analysis programs, it can end up being a costly mistake. To get the most out of your data, it’s important to combine data analysis with computational technology. Avoid partitions! Instead, try to spread your resources in both areas. Investments in IT infrastructure must match data analytics technology and vice versa.

A study by McKinsey & Co has shown that 40% of companies have been able to increase their profits by applying additional and second-hand services.

5. Data Visualization

Once you’ve learned how to get the right data, it’s time to learn from the information. Visualization is an important part of this process because it gives you the ability to represent information in an understandable way. In all cases, your team will have a few members who are not good in numbers. To ensure that your data is used effectively, you need to present information in an attractive way. Using some tools like Google Charts or Datawrapper will convert the data into graphs and tables. This is highly recommended. Graphics are easy to understand and will help ensure that everyone on your team is engaged and engaged.

6. Turn insights into action 

Getting a lot of data and being able to analyze that data won’t do you any good if you can’t turn those efforts into successful actions. Of course, having tools to analyze data is just a step in the right direction. Whether the end goal is to increase safety or gain profit, it is important that you figure out how to turn the knowledge gained into an effective job.

The CEO must be willing to develop a marketing strategy based on information. If the president and other leaders aren’t on board, it’s critical that buy-in is done. Additionally, customer information must be incorporated into every decision-making process at all levels. Whether creating a new media strategy or planning elsewhere, it is important to ensure that information and measurement are added. Learn how to use this information correctly and your business will benefit greatly.

Why is Data Analytics so important ?

If you’re still wondering what all the fuss is about in data analytics, this might convince you: just look at what some of the biggest companies in the world are doing and how they’ve taken it. Companies like Amazon are enthusiastically using the opportunities offered by big data to help them understand their customers internally and externally.

Data analytics is used in marketing and healthcare today. The travel and hospitality industry has also enthusiastically embraced data analytics, as it allows them to develop a better understanding of what their customers want and how to solve potential problems. 

The hard truth is this: if your company isn’t using data science effectively, chances are your competitors are. This can leave you at a significant competitive disadvantage. But if you’re taking advantage of the opportunities that data analytics give you, your company could be the one stealing the show .

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