How can someone buying only a cup drive future revenue even if it is returned to you? Or even if someone who just browsed the first part of your website and left before noticing what you have to offer?
Businesses produce numerus amount of data every day due to continued reliance on technology and automation throughout the business. Most business functions are turning to data-driven analytics and insights accompanied with growth in digital technologies which is driving the need to analyze data. Moving from being an optional element to take the role as the core of corporate processes where Google and other bigger companies are clearly taking over in this field.
To put in mind, collecting and analyzing data isn’t enough to produce meaningful results, there is inescapable need for better datasets and more advanced analytics to achieve the maximum benefits from them.
Know your customer
Since the boom of e-commerce platforms, analytics has become an integral part of any business activity providing important explanatory data with a clearer picture in light of the wider and deeper reach of customers and the diversity of their attitudes and needs. With competition in market research being a starting base to identify the most appropriate strategies for entry or introduction of a new product. Analytics facilitate the identification of the most responsive customer to you to become your target and predict any future behavior.
From operational processes to each individual employee inside the enterprise, there is data produced about every step taken. Analytics uncover underlying and hidden patterns regarding the business actions and results. It can serve as an evaluation to detect weakness points with necessary spots to fix and improve with predicting the ability to continue.
This, in turn is about reading your data well to take appropriate action –thanks to analytics– turning data insights into action. Meaningful patterns of data ease identifying other potential opportunities serving as a map to take create something new or to kick off into a powerful opportunity to grow or enter a new market.
Does your small business really need them?
Many techniques out there being used to analyze data. The advantages are fueling enterprises desire for better data which drive researchers continue to develop more new techniques. The first step is to understand where your business stand, many businesses are working with wide set of activities and customers with massive data are not able to take the advantage of what could be hidden for them. Moreover, small businesses owners and startups have the false belief that data analytics may not be important ignoring the fact that it can draw the roadmap to grow and compete.