The world as we know it made an enormous technological leap during the pandemic. Companies and customers alike have changed their needs and how they use technology to shop and get information from their customers. In a study conducted by the International Institute for Analytics, businesses that use data will see over USD$430 billion in revenue in comparison to those that don’t. Since 2005, the use of data and analytics in business has grown exponentially in what is known as the “information explosion.”
What do data and analytics mean for business growth?
Today, data and analytics play an essential role in the decision-making process for businesses of all shapes and sizes. Such information can include insights and data that can help your business better reach specific customers, recognize issues and areas of opportunity, and even reduce waste and increase profits. In addition, your business can optimize how you use your data to give a personalized experience to your customers. Predictive analytics can also help you predict and anticipate future changes and how to respond efficiently and effectively.
Risks are everywhere! Data can help you implement and improve preventative measures and diagnose data breaches. According to Simplilearn, “Often, big data is characterized by the three Vs. – data containing great Variety, coming in increasing Volumes, with high Velocity. The data can come from publicly accessible sources like websites, social media, the cloud, mobile apps, sensors, and other devices. Businesses access such data to see consumer details like purchase history, what they searched for or watched, their likes, interests, etc. Big data analytics uses analytic techniques to examine data, thus obtaining and finding information like hidden patterns, correlations, market trends, and consumer preferences. Therefore analytics help organizations make informed business decisions that lead to efficient operations, happy consumers, and increased profits.”
The benefits of data and analytics
The benefits of data and analytics are endless, from better and more precise ways of making decisions to revolutionary innovations and optimizations.
According to the Public Relations Society of America, you should look at certain aspects to adopt data in your business. “The information available to businesses has increased exponentially over the last few years. But it can be challenging to navigate this world and tailor the data pertinent to your growth. Choosing the correct data for a comprehensive data strategy will be critical. Begin by taking a macro look at your operations and performance sectors. From there, get granular about what is relevant to your company.
For example, begin by looking at verticals like operations, customer experience, marketing, and product development. Once these elements are visible, start narrowing down the data sets relevant for improvement. For example, if your customer experiences can be improved, zoom into the microdata available to you through social media and website algorithms and see what changes need to be made.”
There is a vast world out there full of data and analytics just waiting for you to take advantage of its full potential. There is no question that without implementing data and analytics into your business plan, processes, and company culture, your business will not succeed in today’s world.
What’s more, it is important to understand that data transformations can be highly costly, both mentally and financially, and short-term disruptions in capital investments are bound to happen. In other words, implementing smart data and analytics to their full advantage demands an array of expertise, and resources and does not happen overnight.
Analytics and data help us see how everything plays on each other to decide how your company may want to invest moving forward. Re-prioritizing how your team spends its time, and the resources, channels, and efforts you invest in, are critical steps to achieving marketing success and improving sales. At DuartePino, our analytics experts analyze your business’ data to evaluate the performance of your marketing, content, and products and use your analytics insights to reach the right people. Contact us to learn what our trust advisors can do for you.
*This blog post was written by Adrian González, Marketing Advisor of DuartePino.