Last updated on March 29th, 2024 at 11:06 am
Data Analytics: The Secret to Growing Your Business Using Data
In today’s world, where every aspect of human life relies on technology to function better, the amount of data generated is unimaginable. Now, companies are using this information to their advantage. They are using it to develop their products, market them, and target customers better.
Some of the biggest companies, who are pioneers or market leaders, have been able to make it big by being data-driven in taking business decisions. That is why it makes perfect sense to have a career in business analytics.
What exactly do we mean by data analytics for business?
By taking raw data and by uncovering patterns with the help of insights that are given within the data, the business finds and deploys the best strategies to engage the customers. In addition, as mentioned above, the information they unearth goes into their new product development and other improving other areas of the business.
To implement this process, companies employ data scientists and analyst who uses specialised tools to find relevant information from the raw data. But successful operations necessarily require a data analytics-based foundation which also has an inclusive data strategy.
Is a strategy backed by data analysis good for business?
Of course, it is good for business, as it will ensure you make a more informed decision rather than going ahead with your instinct. This way, as a business owner, you will make the correct decision regarding products, investments, and company operations. Now, this is true for businesses of every scale. Big corporations have spent billions on big data and AI to improve their customer experience and deliver the exact product per market requirements.
For instance, Netflix was able to deliver House of Cards and Arrested Development after studying the data insights. Likewise, Coca-Cola used data analytics to understand their consumer demography and how and why its target ads were performing.
What else does data analysis do?
Apart from helping measure the key performance indicators, data analytics helps in many other ways possible. Some of the main ones are given below:
- Help to mitigate fraud and other risks: Data analytics help reduce fraud and theft, unused receivables, staff safety, and legal responsibility.
- Improve security: Data analytics allow organisations to recognise potential fraudulent behaviour and trace perpetrators after identifying them.
- Streamline the organisation’s operational behaviour: Data analytics can help in designing operations and controlling them effectively so as to reduce the wastage of human effort and achieve operational excellence.
- Provide quick customised service: Companies have started using advanced analytics instead of excel sheets and SQL databases to handle quantitative data. This helps organisations to attend to their customers in real-time. In addition, this helps to build a loyal fan base.
How to implement data analytics in business?
If you want to become a data analyst in India, then you need to enrol in a good data analytics course with placement. After registering for the course, you will learn techniques that will help you leverage data analytics for business insights and help your company grow. Here’s how you will implement data analytics to help in the advancement of your business.
- You need to decide which key metrics to use: As business analysts conducting business intelligence projects, you need to understand the conversion of prospective leads into customers and their conversion rates. You must also understand the customer spending data, review your advertising strategy, and avoid common revenue model development mistakes.
- Create relevant dashboards for data visualisation: Dashboards are required for explaining statistics to your non-tech personnel so that they can understand all the essential points in a conference or meeting and comprehend what the key areas of focus are. This will help the workforce plan in a better way.
- Picking the correct tool for data analytics: Apart from understanding the metrics, you also need to understand which data analytics tool provides deeper insights and a better perspective of tracking customer data.
Imarticus data analytics course, Post Graduate Program in Data Analytics & Machine Learning trains you to handle every aspect of data analytics and take advantage of the best analytics and big data analytics tool. It is one of the few data analytics courses with placement that can accentuate a person’s career and help them grow and prosper in their jobs.
To sum up, as time progresses and the inclusion of technology in human lives increases, the need for data analysis and management will amplify. Therefore, it is almost certain that a career in business analytics is feasible and has the prospect of growth in the coming decades.
