Unless you’ve been living under a rock, you will have heard about data analytics, and how it promises to evolve your business and transform your relationships.
Today, embracing big data – and interpreting it through data analytics – is becoming increasingly essential. According to Big Data Made Simple, 77% of top organisations now consider data analytics a crucial component of business performance.
At Syntagium, we help businesses use big data and benefit from data analytics daily. Here are 9 reasons why data analytics is good for business:
1. Stay ahead of the competition
Embracing big data is becoming increasingly vital in gaining a competitive advantage, helping businesses evolve in ways never before possible. Jen Underwood, writing for the IBM Big Data and Analytics Hub, says, “the exponential growth of data and intelligent things in an environment of ubiquitous Internet connectivity is enabling a fourth industrial revolution – digital business transformation.” In this context, businesses that fail to embrace data analytics will very quickly start to fall behind.
2. Make better and more informed decisions
While decisions based on experience and intuition are still crucial, data analytics provides the rationale and the statistics to support key decisions. This will also help decision makers formulate a plan for any resultant action. With curated data insights now available via dashboards and on mobile devices, decision makers can also act quickly. Thus, preventing problems from escalating and seizing opportunities for growth.
3. Do more with what you already have
Most organisations already gather and store a huge amount of data regarding their operational performance, as well as their marketing activity and customer interactions. However, often this data is unstructured, or only semi-structured and can often remain redundant.
4. Put real-time data at your fingertips
Gone are the days when business managers would rely on monthly reports. Today, they are reporting typically in real-time, with dashboards and Business Intelligence tools. This also makes it possible for stakeholders to view performance via a range of connected devices. Besides, data insights can be utilised at all levels of a business, for all different purposes.
5. Identify and develop new revenue streams
Being able to read your customers’ minds when it comes to their needs can provide you with a powerful new source of potential revenue. By examining and combining data from disparate sources, you can identify trends and patterns that can lead to new and unexploited revenue streams.
As the world becomes increasingly digitised, our reliance on the Internet of Things increases. More and more data is becoming available. Organisations that tap into this data to understand their customers – at every stage of the sales funnel – are the ones that will thrive.
6. Predict the future
Today, analytics is moving beyond analysis of the present, towards more predictive, and even prescriptive analysis. According to Innovation Enterprise, in 2017, more companies are going to start looking at prescriptive analytics, with Gartner predicting the market to grow to $1.1 billion by 2019. While predictive analysis uses data to predict certain trends, prescriptive analysis takes this a step further: providing a call to action based on the results.
7. Benchmark your business
Data analytics can be used to help you compare your relative strengths and weaknesses against your competitors. It helps to identify opportunities, trends, and market conditions, and determine how you can respond rapidly to gain a unique advantage.
8. Work towards the bigger picture
In an ideal world, all your business systems and software would be aligned. Therefore, providing you with a single, effective repository of information and insight. As many organisations are moving towards integrated models, with all-encompassing software solutions, data analytics is a crucial part of the overall picture.
9. Quickly identify issues
While data analytics is essential in helping identify and maximise opportunity, it can also help businesses rapidly identify and resolve issues. A business can, for instance, identify where an operational bottleneck is occurring, and take proactive steps to rectify it.
Where do you fit in?
In 2017, as data analytics becomes more and more sophisticated, organisations are finding all kinds of new ways to embrace their data, structured or unstructured. Tap into the data you already have and open up a whole world of valuable new insights.
Find out more
To learn more about how you can move beyond demographic analysis in your business, contact us:
Or give the expert team at Syntagium a call on +61 408 282 048 or visit www.syntagium.com.au.