Top Benefits of Data Analytics!!!
As the process of analyzing raw data to find trends and answer questions, the definition of data analytics captures its broad scope of the field. However, it includes many techniques with many different goals.
The data analytics process has some components that can help a variety of initiatives. By combining these components, a successful data analytics initiative will provide a clear picture of where you are, where you have been, and where you should go.
According to a recent study by MicroStrategy, companies worldwide are using data to:
- Boost process and cost efficiency (60 percent)
- Drive strategy and change (57 percent)
- Monitor and improve financial performance (52 percent)
The research also shows that, over the next three years and beyond, 71 percent of global enterprises predict their investments in analytics will accelerate.
Better Decision-Making
The main benefit of data analytics is that it improves decision-making more precisely and more effectively. Because it’s based on data rather than relying on assumptions alone, companies are increasingly looking toward data before making a decision.
Automation
A report by EY estimates that automated data processing can support around 65% of HR tasks, including payroll processing, candidate screening, and data cleansing.
We create a Dashboard/report and add all KPI in that dashboard then we don’t have to make it again every time every month once we make it that set we just extract data to update next month’s visualization. It saves a lot of costs
Boost Customer Acquisition and Retention
Whether we’re talking about e-commerce, insurance, or SaaS companies, organizations now compete on customer satisfaction. As a result, organizations leveraging data analytics to optimize Customer Acquisition and Retention.
We can easily find out our repeated customers, when we acquire them what is the mode of acquisition and using all that data we can choose an effective mode of advertisement and reduce the cost of acquiring new customers.
Real-time Or Reactive Interactions
Taylor Barstow writes in his article that real-time analytics is “shifting the paradigm to a place where businesses can proactively drive their destiny, rather than just reflect on it”. A company could stop further production of a product that is unpopular, for instance. With small businesses, this is crucial because it can help eliminate ballooning costs, ineffective solutions and boost the overall security of the business’ future.
Improved personalization
Consumers want more personalized and relevant experiences, which is incredibly difficult for any small business to provide. A company like Amazon or Walmart has access to the necessary resources and a huge collection of data to make this happen.
Small businesses can unlock this opportunity through the real-time insights and structured data extraction that analysis systems provide. They can build interactions and engagements based on previous interactions with a customer.
Lots of benefits of Data Analysis
- Ability to make faster, more informed business decisions, backed up by facts.
- A deeper understanding of customer requirements which, in turn, builds better business relationships.
- Increased awareness of risk, enabling the implementation of preventative measures.
- Improved flexibility and greater capability to react to change — both within the business and the market.
- Better insight into the financial performance of the business.
- Proven to reduce costs and therefore increase profit.
