Published on November 2nd, 2017 | by Guest0
3 Ways Data Insights Can Boost Business Growth
Used Right, Data Analytics Can Bring a Competitive Edge to Any Business
Today’s businesses have more data at their disposal than ever before. The challenge is in putting all that information to the best use.
Big data is a phrase being bandied around with increasing regularity, and some of the most influential companies in the world are ploughing massive investment into cutting edge data analytics.
Yet others are reluctant to join the fray. Perhaps it is because they are worried that it will turn out to be a mere fad, and will fail to generate any meaningful return. However, the truth is that the data insights at your fingertips can provide a crucial edge over the competition.
Here, we take a look at three reasons you simply cannot afford to underestimate the power of big data analytics and the insights it can bring to your business.
1) Business intelligence
The days when leading companies could fly by the seats of their pants and would make decisions on the basis of gut instinct are all but behind us. It’s a strategy that might work on occasion, but will inevitably lead to a fall.
Business intelligence software such as Microsoft Power BI draws together data from a diverse range of sources and allows you to make decisions on the basis of tangible market information. This might include buyer behaviour, sales patterns, financial trends, broader industry factors and a whole range of other indicators.
The point is that the data will be presented in clear reports, dashboards and scorecards, providing clear insights that allow you to make the right decision at the right time.
2) Marketing intelligence
Marketing managers are constantly striving to acquire better marketing intelligence, in order to understand which campaigns are the most successful and generating the best return on investment.
The latest machine learning techniques provide the opportunity to analyse vast quantities of granular data. This allows for more detailed customer segmentation and gives a close-up view of which customer groups should be the focus of your attention.
3) Predictive analytics
Every business leader would like to have a crystal ball, but the truth is, predictive analytics is more effective.There is no mysticism involved, just cutting edge technology. Such tools as product recommendation engines, content matrices and lead scoring can make solid recommendations by analysing a raft of historical data.
They take the guesswork out of deciding where to focus your time, energy and financial investment as you drive your business forward.
Growing faster and smarter
The big data age is upon us, and the world’s leading companies have been quick to see how better use of a broader range of information can lead to a competitive edge. Those who make the best use of data insights stand the best chance of thriving in the ultra-competitive business environment of the 21st century. Those who do not, risk being left behind in a bygone age.