A lot of companies collect tons of data everyday, but this data is in its raw form and is useless without interpretation. This Data is known as ‘Big Data’. Data analytics is the process of analyzing & examining such raw data (Big Data) in order to get meaningful & actionable insights to come up with business intelligence strategies. Analyzing data helps to find trends & draw conclusions about the information to make better decisions. All this is done with the help of specialized systems, softwares & engineers. Data analytics is more popularly used in commercial industries to help organizations to make more-informed business decisions & minimize the risk of a loss. Scientists and researchers also use analytics tools to verify or disprove scientific models, theories and hypotheses.
Why is Data analytics important for business growth?
Companies look forward to providing the best customer experience through big data analytics. Apart from this, they also seek to cut costs, resort to swift inventory management, boost their sales and marketing initiatives, and raise the cash flow. All and all, improve all the key elements to business success.
Techniques used for data analysis include machine learning, predictive analytics, text analytics, data mining, statistics, etc. to name a few. These methods not only help the businesses study untapped data sources to gain insights, but also accelerates the quick decision-making processes. This allows the company to come up with better business intelligence strategies and get a first mover advantage in a crucial time crunch situation.
As per reports, the Data analytics sector is anticipated to cross USD 15 billion by 2025 only in India. In the Indian market, the volume of Big Data provides enormous opportunities to businesses to flourish. Traditional business models are now rapidly adapting to digital business models.
How is data analytics important for marketers?
Ideally, marketing teams should focus on these three types of data.
Customer Data – This data allows marketers to estimate & understand the target demographic. This goes past the names, email-ids, and previous purchases to behavior & what the audience likes on social platforms.
Financial Data – This data allows marketers to operate more efficiently simply by collecting data about the user’s finances. This contains extensive sales & marketing statistics, margins, accurate pricing, and cost of advertisements for any specific launches and targeted campaigns.
Operational Data – This data allows marketers to analyze all the processes related to the logistics, shipping, and other systems. Doing this helps in determining where a business can improve their procedures and reduce time to send out their product/service to the consumer more efficiently.
Data analysis is a crucial but painstaking job regardless of the size of the Data as it requires a lot of tools & techniques. Many organizations put their trust in professional analytics companies which help them with their company’s growth. Chimp&z is a one such thriving analytics company in India with a distinguished portfolio.
Author: Ankit Dadhich – I love to play board games & solve brainteasers. Apart from that, I also enjoy researching & analyzing new things to predict future trends.