26 Mar, 2018
Whether a business is small or big, it will always need data insights to decide its inventory, products, and plans. New age managers rely on data analytics for better decision-making. As per a survey, nearly 97% of companies using data analysis techniques, have reported many benefits such as increased profit, better customer satisfaction, improved risk management, etc.
Depending on the situation, the data can consist of historical records or new information that has been processed for real-time use. Data analytics can be further separated into qualitative data analysis and quantitative data analysis. While the later technique uses numerical data to draw a conclusion, the former one is focused on non-numerical data, such as images, videos, and texts. Here we have discussed how adopting data analytics can boost a company’s performance and growth:
Conversion marketing is the tactics that encourage a person visiting a company’s website to buy a product. Data analytics enables a company to measure its valuable matrices, such as the optimal season to launch a product or service, the best time to make a public announcement, and conversion ratio dynamics.
All these factors help in identifying customer’s behavior and streamlining the website or mobile app accordingly. As per a report, the Royal Bank of Scotland’s customer conversion ratio increased by 20% when it used this technique to improve its mobile app.
Analyzing data helps a customer to identify new business opportunities and scopes. For instance, analysis can reveal who can be the target customers or what would be the right time to launch a product in the market. Data analytics not just discerns short-term trends, but also helps in identifying long-term opportunities.
Moreover, it can also help to highlight key areas of concern that can impact a venture’s ability to make profit. Along with this, collecting data from many different sources allows companies to assess its employees’ skills and determine how they should be trained for future opportunities.
Identifying the potential buyers is an intricate task, and data analytics can make it simple. These days, companies analyze social media data to get a clear picture of the age, gender, and location of customers. In addition to demographic data, social media comments and behaviors can be used to identify emotional patterns. Comments can help in getting a deep insight into what customers feel about the product. With accurate information about the target customers, a company can tailor its advertisements effectively to create a psychological impact on the prospective buyers.
Data analytics helps a business to improve and regulate its internal operations effectively. When something hinders the internal operations, the data analyst can identify the cause of the problem and the best way to resolve it. One of the main benefits of data analytics is that it can help to find out the weaknesses and strengths of a company. On the basis of this, the firm can make strategies to eliminate the weaknesses and capitalize on the strengths.
For example, a low customer retention rate suggests the need to improve customer relationships. By accurately identifying this problem, the organization can make improvements where necessary, and cut back on the potential losses.
These were the most significant benefits of using data analytics within an organization. As a student of business studies, management, or commerce, it’s utterly important for you to learn the various techniques of data analysis. And, if you are not able to solve the intricate questions of this topic, then seek help from the data analysis assignment help experts working with us. Our academic writers can also help you in submitting the assignments on time.
How Can Data Analytics Boost a Company’s Performance?
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