Published on July 18th, 2019 | by Sunit Nandi0
How business analytics can grow your business: 5 benefits
Did you know that it has been estimated that close to about 2.7 zettabytes of digital data exists in the world?
And much of this virtually infinite data is useful for some purpose or the other.
But its biggest contribution is in the growth of numerous micro and macro economies, many of which are business of all sizes.
In fact, as per a Gartner report, in 2013 itself, the size of business intelligence in the world was over $14 billion and was growing at a CAGR (compound annual growth rate) of about 8%.
The simplest reason behind this that business analytics or intelligence have shown fantastic results repeatedly.
So your business is still treading without the support of analytics, let us tell you why you should go for it.
1. Quantifying business progress
Quantification of intangible parameters in business enables you to clearly estimate its growth and developments. For instance, if like every9 good business, your company has an established mission statement, you would want to how close you are to that set goal and analytics can help you in doing that.
With the help of business analytics, you can express your goals in a tangible, less generalized way, like in the form for net profits, productivity or sales.
Quantification of these values also helps you in refining the roles of your employees according to the overall progress of your business. When your employees will get a number attached to the mission of your organization, they will be more motivated to achieve those goals which will, in turn, improve productivity.
2. Smart decision making
The fuel that runs business analytics is data. All kinds of data related to your company, its operations, and its people.
In order to leverage your business, having accurate data and its representation are crucial. This data can be used to predict future business trends, most successful product/service, or even likely dips in the revenue stream.
With useful data by your side, you can make smart decision about investments and policies to gain maximum profits.
3. Better insights in business functions
The best thing about data is that it can be easily visually represented which makes it much simpler for the analytics to word with it. With the help of graphs and charts, the analytics team can visualize the business trends against time durations and make better-informed decisions.
In other words, when you get access to more organized data, you can clearly see the the direction that your business is moving in.
4. More information = More awareness
The key to the success of any business is the owners’ and employees’ awareness about its performance. Many a time, due to miscommunication, interpretations and other subjective means of communication results can prove to be misleading for any operational team in a business.
However, numbers and data impart the highest level of objectification to any business. Moreover, digital data can be collected and updated in real-time. As a result, people associated with any business are more aware of their functions, developments, and performance.
This becomes a boon for any data-oriented company where changes happen rapidly. In such cases, companies can catch up with the changing trends accordingly.
5. Higher efficiency
When a business is equipped for calculating large amounts of accurate data at a fast rate, then understandably, they attain the capability of making swift changes to their functions and policies as and when required based on the data trends.
Overall, having data at their hands gives a business the ability for shaping their operations to align with their business goals.
This kind of dynamic processes and the mouldability of making alterations as per the need of the hour help in achieving the maximum efficiency for any business.
There are many analytics solutions companies which provide services for gathering data and providing business analytics services. So, even if you lack the resources for capturing data or analyzing it, you can still make your business perform better with the help of such companies.