Businesses collect a rich variety of data in terms of opinions, reviews, and surveys, etc. The data they gather or generate contains tons of information, and data analytics is the way to turn them into actionable insights. This post will elaborate on the five most significant benefits of data analytics services for your business.
Data analytics helps businesses with valuable insights from data. Leveraging advanced technologies like BIG Data, Machine Learning, and Artificial Intelligence, Data Analytics recognizes a pattern in the mass of information. It extracts the most actionable insights based on business requirements.
Enterprises can use these insights to redefine their business in different ways. They can personalize their marketing pitch for the most valuable customers or identify the potential risks in the market. There are a few ways how data analytics can benefit your business.
Let’s take a look at the five benefits of data analytics services:
1. Personalize Customer Experience
A survey of 1,000 US adults by Epsilon and GBH Insights found that 80% of online consumers want personalization from retailers. Businesses collect consumer data from various channels, including physical, retail, e-commerce, and social media. Data analytics can create a unique customer profile using this data that businesses can use to get insights into customer behavior and provide a more personalized experience.
Along with personalizing the customer experience, businesses can analyze & compare sales data and customer data and create more targeted marketing campaigns. Organizations can also run behavioral analytic models to optimize the customer experience—this is one of the biggest benefits of Data Analytics Services.
2. Promotes Effective Decision Making
Businesses are nothing but the implementation of ideas, and revenue is what comes after making significant decisions. However, the ever-emerging competitive world is badly affecting the decision-making skills of business leaders.
Twenty-two percent of decision-makers do not consider a single financial implication when formulating a business strategy. It hits the company back with a huge loss as poor operational decision-making compromises upward of 3% of profits.
With data analytics services, you can improve decision-making and minimize financial losses. One of the biggest benefits of Data Analytics Services is that it allows you to effectively visualize the outcomes of changes and how you should react to these changes.
3. Streamline Operations
According to a report by the Entrepreneur, 18% of 1 Million small to mid-sized businesses lose a third of their total revenue due to operational inefficiencies. When it comes to improving operational efficiency, the benefits of data analytics services are innumerable.
Organizations can simply gather data about the supply chain, sales, marketing, and data analytics can show where the production is slow and what problems may arise. In addition to this, the benefits of data analytics services for businesses—particularly in retail—can be about optimizing their inventory level and managing productions based on the insights.
4. Better Risk Prediction
Be it a restaurant, ice-cream parlor, or a high-end IT & software company, the risk is everywhere. However, the level and context of risks can be different. They might include customer or employee theft, uncollected receivables, employee safety, and sort of legal liabilities.
One of the biggest benefits of Data Analytics Services is that it allows organizations to understand risks and take preventive measures to tackle them before they become huge and result in financial losses.
Enterprises can also use data analytics to minimize or limit damage after a setback takes place. In case a business overestimates the production demand, it can use data analytics to determine the optimal price or benefit of organizing a clearance sale.
5. Enhanced Security
As per the latest report of Business 2 Community, 1 in 8 Businesses is destroyed by Data Breaches. Other than this, 60% of small and mid-sized businesses that encounter cyber attacks had to shut the door within six months.
Nearly every business has to face data security threats. With data analytics services, organizations can diagnose the causes of past cyberattacks by visualizing relevant data. For instance, an IT company can leverage data analytics to parse, process, and visualize their audit logins to determine the potential origins of the attack.
Start Leveraging the Benefits of Data Analytics Services Today!
To obtain the maximum benefits of data analytics services, organizations need professional assistance. A professional data analytics company can help you actualize a strong vision and accomplish organizational goals through actionable insights leveraging data analytics services. These insights can help you get all the benefits mentioned above and transform your business.
