As technology continues to advance and data becomes more accessible, companies are turning to analytics to gain an edge over competitors and improve business operations. Deloitte reports “from a mix of more than 100 online surveys and ‘deep dive’ interviews with senior executives at 35 companies in North America, the United Kingdom, and Asia”, 96% believe analytics will grow in importance in their companies, and 49% believe analytics is crucial in the decision making process. Data analytics is a powerful tool that can transform how companies make decisions and lead to success in today’s economy.
Why is analytics important to succeed in today’s world?
More data means more power, if used correctly. Performing analytics allows you to make order out of large amounts of data and uncover the underlying narrative explaining your company’s performance.
Analytics helps you understand and target your audience. Developing choice models or performing data analytics techniques such as cluster analysis enables you to understand the driving forces of your company and understand how your customers interact with your product. This allows you to give the customers what they want by taking the guesswork out and focusing more time and money into projects that are likely to have higher return.
Analytics helps you identify opportunities for growth. With the right techniques, you may discover patterns and drivers that would have remained unseen if it weren’t for analytics. This can put you at an advantage over your competitors and give you the ability to support business decisions that provide solutions to less obvious problems.
Analytics helps you predict what’s next to come. You can use your data to develop predictive models that will help you know what to expect in the future. This can help with product and business development as well as preparing for changes in operations, such as surges or dips in purchase.
Analytics helps you automate processes for faster operations. Time is money and even the slightest improvement in operations can make a big financial difference. Analyzing and understanding how processes work, from simple as data entry to image classification, can allow you to develop models or functions to automate processes. This will immensely speed up busy work and allow you to focus on what is important, all while saving time and money, and reducing entry or classification error the human eye may not see.
Ready or not, companies are using analytics to set themselves apart and stay ahead of their competitors, and without utilizing data, it will be difficult to remain competitive. Small businesses can leverage their data to take their companies to the next level, and big firms can provide personalized experiences based on user history. It is important, now more than ever, to leverage your data, understand trends, and identify opportunities in order to set up your business for success. E-Motion data analytics experts can help you get there.
References: Deloitte Analytics Report