Big data analysis is a powerful tool that can help businesses create a successful strategy. It provides valuable insights into the existing business and helps to make informed decisions. Recent studies have found that we create nearly 2.5 trillion bytes of data every day. Today, companies have access to different types of data collected from various customer touchpoints, including websites, business applications, social media pages, mobile devices, blogs, documents, files, and more.
However, simply collecting data is not enough to have a positive impact on your business. You must analyze and transform the collected data into pieces of value-added information. An organization that only uses data will not reduce costs. But you can use the collected data to identify possible cost-reduction measures. For example, you may find that most of the budget is spent on an ineffective marketing strategy or that one product generates more benefits than any other.
Data can be used to evaluate a product and also to identify and resolve problems. The more effectively data is used in decision-making, the more agile the organization becomes. This feature allows a company to outperform the competition and increase revenues. Companies that use big data have recorded an 8 to 10% increase in their profits and a 10% decrease in total costs. Customers are likely to respond more to relationship-based marketing.
By analyzing data, organizations can take advantage of their prior knowledge of customer needs and expectations and offer services accordingly. This significantly increases the chances of repeat orders and establishing long-term relationships. According to a survey of Fortune 1000 executives conducted by NewVantage Partners for Harvard Business Review, companies can invest in a big data initiative to focus more on data in their processes. Organizations can recalibrate their strategies or scale according to new demands using these tried and tested business strategies. Companies and professionals extract useful information from big data to help make informed business decisions.
The Role of Data AnalystsFrom structuring business objectives and identifying the key areas to achieve those strategies to analyzing data, the role of a data analyst is very varied and requires certain fundamental skills.
This information allows companies to create better customer profiles and improved marketing strategies. Predictive analysis, one of the main tools for avoiding risks in decision-making, can help companies use data to demonstrate that their decisions will have a positive impact on business growth. It's worth spending time analyzing your CRM data, customer service reports, and other means of storing information about your company's processes in order to make better decisions. Big data analytics can help businesses make better decisions by providing valuable insights into existing businesses and helping them identify potential cost-reduction measures.