How to use Data Analytics for Business Profitability

10/18/2019

There is a huge enhancement in the global data from a variety of sources like Facebook, emails, internet searches, and connected vehicles. This data is not only increasing extra bytes but also it is gaining diversity and richness. Every business organization is striving to find a way to utilize and handle this humongous amount of data. New tools are constantly getting developed in this field and the introduction of data analytics tools could help organizations escalate their revenues, enhance operational competence, targeted marketing, improve customer experience, etc. Various industries around the world like government sectors, manufacturing firms, transportation, telecommunication, etc. are searching for the best Data Analytics companies to integrate Data analytics for enhanced customer experience.

In this innovative world, the rapid growth of data provides abundant opportunities for data analysts. Managers and executives in the organizations are diligently exploring all the available BI tools in the market. These tools are designed to capture, classify and evaluate data and extract best practices for enhanced decision making. There are some advanced BI tools available in the market like Sisense, Actuate Business Intelligence and Reporting Tools (BIRT), icCube, etc. As huge heaps of data are going to increase by 470 extra bytes by 2025 with everyday image searches, clicks, Facebook and signal transmissions, companies need to take the best decisions to refine their profits and enhance customer's experience.

Here are the major reasons that "Business should invest in data analytics"

Customer retention:

Data analytics services use data mining and business intelligence tools to provide better insights into customer's habits and social behavior. Investment in data analytics develops customer-driven marketing strategies that retain customers with better sales.

Interpret market trends and forecast risks:

Investing in data analytics has become a necessity for organizations instead of an option. The data analytics service provides customer's purchasing patterns and needs and other advanced marketing trends. This provides insights for businesses regarding new opportunities, products, and services.

Data analytics also helps businesses to estimate challenges in business and potential risks. Forecasting future risks helps the business to enhance their strategies to mitigate these risks. It also helps in tracking the current marketing trends and business risk updates.

Big data for big decisions:

Investors can easily estimate their competitor's customer's engagement, social media patterns, and their influencer brands. This information can be used to implement better content strategies in investigating areas. It will become a cakewalk for the organization to take 100 % accurate decisions with the prediction of expectancy.

Cost reduction with cloud-based solutions:

In data analytics, cloud-based services play a prominent role in storing and computing data. This helps in analyzing heaps of data without any hardware help. This cuts the cost for hardware data storage. Many companies nowadays are using cloud-based services to process and store data sets, which is the main application of data analytics.

To play a prominent role in this burgeoning field, every business should invest in data analytics to escalate their sales and profits. There are many data analytics service providers offering Data analytics services across multiple sectors. The overall investment rate in data analytics is increasing thus enhancing the business portfolio. According to the survey done by Gartner, nearly 75% of businesses invested in data analytics in 2018. IDC estimates that there would be a growth of over $203 billions in data analytics by the end of 2020.