Data Analytics is a collection of techniques that deal with scrutinizing data collected primarily from B2C (business to customer) applications. It combines concepts of statistical analysis and computer science to derive information. Businesses use this information to improve their business process by modifying strategies or eliminating obsolete ones.
You probably have heard of tons of success stories about businesses that integrated Data Analytics to their Business Intelligence. But if you’re not yet sold with all that, we have listed the top five most popular means on how Data Analytics benefit you as a business owner.
Technological advancements in Data Analytics allows for restructured data to be processed by Artificial Intelligence to provide not only diagnostic analysis but also preemptive insights. And all this is done in record time. Years back when Data Analytics was still in its infancy, it took data analysts weeks, if not months pouring onto reams of datasheets to glean a sliver of workable insight. With today’s automation and machine learning, the time for analysts to get results and forward them for implementation have been cut to mere days or even hours.
3/5 companies report that thier use of Big Data returned measureable results
Augmented Data Analytics even allow for information that can give trend predictions and better yet, long term projections. These value-driven forecasts allow businesses to plan in advance. Problem areas in the business process can be patched as soon as they arise. This gives them the definitive advantage of being the trend-setter, the first-in-class to implement innovative solutions. The best part of it all is that you’re not walking in blind. Each proactive decision that you make are backed up by your own data.
Humans are naturally resistant to change. This rings true when it comes to customers who are suddenly faced with an app or feature they’ve used many times before change due to an update. This update was deployed to benefit customer experience, and yet a select part of users will grumble and some would even rate your app lower on the platform’s app store. They would probably notice in the data that engagements are decreasing; that is normal. Data Analytics could even forecast this and recommend that you maintain your course because there are better results waiting for you in the future. This is Prescriptive Data Analytics working two steps ahead. It is not just predicting what will happen, but actually giving you a better pathway to pursue.
The most valuable insights come with changing things up, whether it be the algorithms or the variables. Formulating inferences, what-if statements, implementing them and then analyzing the results can yield valuable baselines on how to move forward. This is especially true for new businesses such as start-ups.
Over 90% of industry leaders, from finance to healthcare, cite Data Analytics as a driving force for business transformation and competitiveness
Happy accidents are common as well, with more established companies. Implementing these inferences can also be scaled down to smaller sample sizes, like in selective cases. This way, it doesn’t feel like you are experimenting with your whole customer base.
In the past, Business strategies, and even the first B2C software were made and modified using many labor-intensive methods. From field surveys to ubiquitous market studies, these traditional techniques took up a lot of resources: time, people, and money. When Data Analytics came, especially with the onset of automated analytics, companies did away with these. Customer-facing businesses realized that having the data that is collected instantaneously and applying working solutions taken from that data quickly is a win-win.
Today, the quality of customer experience is the thin line between failure and success for businesses. Apps and services that offer mediocre experience fall out of favor quickly. Customers are more keen on choosing to buy from businesses that offer more comfortable or streamlined transactions. Outdated UI designs and especially faulty transaction elements are quick turn-offs.
As much as 96% of Americans buy online, and 65% of their budget is dedicated for online purchase. User experience is key in getting a better share of that market
Data Analytics allows businesses to come up with improvements that are directly derived from your existing customer base. Offers could be generated from actual customer purchases. It follows that when current customers love the experience, they start to become agents for organic growth.
We know there are a lot more to gain from applying Data Analytics to your company, but we hope that these five gave you a brief yet convincing argument for doing just that. If you are searching for Data Analytics experts for support, tell us your story so that we can help you find the best analytics solution, tailor-made just for you.