Data generation is now a norm in any business, irrespective of the size and vertical it is into. Therefore, Analytics has emerged as the largest differentiating activity for the average business. It helps companies correlate or extricate data from various sources and identify patterns that can aid decision-making at all operational levels.
However, not many companies are aware of what the amorphous data lying in their server farms could earn them in business. Adding to it is the fact that they are lacking insight of how to start and then take the approach to.
A recent survey in support of data analytics business conducted by IDC proved that atleast 64% of companies dealing with data do not know what analytics could yield them. The survey also confirmed the fact that most of them are in a mind set that analytics can only be afforded by multibillion dollar corporations.
But that’s just a myth- Data analysis is for everyone, including Small and Medium Businesses.
Factually speaking, Analytics requires the right dataset to be related to the right business issue. And in order to identify the right data set, and start leveraging it, the business must first-
Measure, measure measure
Every business keeps its customer info or sales record in its database. But often it is seen that there’s not enough details captured in those records. Example, consider an Ecommerce website business. If the business head only focuses on the data on how many customers come from advertising sources, it isn’t enough. They should also do a follow up on how many of them stick to their website, how long they stay at each of the pages, or how long one takes to complete a purchase. These valuable inputs can prove valuable for data analysis. So, increase your metric prowess and then see what value its earns to you. Thus, having more info increases the scope of data analysis and can be used to reveal critical information.
Understand your customer
Most businesses have mechanisms to collect information about their customers. Be it through CRM, ERP or social media interactions, there’s lots of information about specific customers. But the problem is that, they are kept in isolated silos. This not only reduces the efficacy of analysis, but isn’t powerful enough to give a business head information about his/her customer ecosystem. Integrating these useful data analysis tools is the way to go. When one adds information from different sources, customers don’t simply stay as numbers or data but can just diverse a business growth to multiple folds.
Visualization of data
Data visualization can also make a data analytics project successful. For example, integrating customer data with geographical information can give a data analyst better targeting strategy. Also there are many other ways in which data visualization can help.
If you are interested in knowing what your data has for you just contact DNF Corporation.