Analyzing and understanding available data will help businesses understand past mistakes and find solutions, and discover new opportunities for business development. And instead of just making decisions based on feelings or judgment, businesses will have a very intuitive and scientific basis for making better decisions.
This article analyzes 9 specific benefits that your business can benefit from data analytics.
Have an overview of the customer
Data Analytics provides tools, software, algorithms, to help businesses analyze demographic data (age, gender, income), purchase behavior, transaction history. With the help of the top data analytics companies in India, businesses get a complete picture of their customers, thereby building customer relationships with not only old customers but potential customers.
Access to potential business opportunities
Data can be potential customers’ behaviors including social media interactions, feedback, messages, website visits. Data requires the methodology, thereby helping businesses grasp new market trends, discover new, ideal potential markets to penetrate.
Orientation to improve product quality
The amount of data collected from sources such as websites, social networks, and applications is very large, of course, analysis is also extremely necessary. However, that data analytics also provides personal information along with information about the market that is extremely useful for determining the needs and suggesting suitable products and services for each customer.
Build strong customer relationships
Talking data analysis helps businesses build sustainable relationships because data analysis helps businesses predict and prevent problems from customers before they happen, thereby building customer relationships and sustainable goods.
Build a digital marketing campaign
Analyze data on customer behavior on channels (demographics, industries, products of regular interest,) to help businesses deploy digital marketing campaigns on communication channels suitable to each audience and customer.
Change, improve products or services provided
In the process of analyzing customer opinion, the company can detect product defect, change, repair or recall the product in a timely manner, and can see poor customer assessment of service and confirmation. Defect from any part, thereby improving and repairing.
Eliminate data security concerns
When it comes to data in the 4.0 era, it is impossible not to mention Big Data. Big Data is a tool that assists a lot for data security.
Currently, with the rapid development of technology, many businesses are stepping up to build Big Data systems, actively exploiting the benefits that Big Data brings, not usually just about implementing data analysis but also comprehensively improve the Data Analytics process, including information security.
Support and increase employee productivity
Data analysis is not only useful for marketing campaigns, but also the HR department can also use employee data analysis related to productivity, working time, KPI, salary to be able to bring policies to improve working environment, salary and bonus in accordance with capacity. Data analysis is increasingly being applied in the human resources field because of the tendency to focus on developing employee experience to increase work efficiency and build reputable employers.
Competitors are considered an important determinant of business success, therefore, competitor research is considered a great benefit that Data Analytics brings to businesses. Thanks to competitor data analysis, the company can capture information about competitors’ products, prices, customers, etc., thereby predicting future moves and changing business strategies accordingly.