Sep
Businesses across the globe are hiring data analytics to examine their large amounts of data to uncover hidden patterns, correlations and other insights.
With the help of Machine Learning Algorithms, Artificial Intelligent (AI) and Business Intelligent (BI), it’s now possible to analyze business data and get compiling answers that would enable businesses to make decisive and strategic decisions.
Why is big data analytics important for your business?
Data analytics helps businesses to identify new opportunities regardless of the size of the business or number of years in operation.
Business data analysis leads to smarter business moves, operational efficiency, higher profits, and increases customers’ satisfaction.
Researchers have identified a tremendous business value and increase customer acquisitions with a high retention rate as a result of understanding customer behavior by analyzing data. The most compiling value that can be extracted from business data:
Cost reduction:
Data is everywhere from supply chain to production to finance to retail stores. The abundance of data offers the opportunity to find insights in the key areas that should be optimized by either changing a specific process, reducing or increasing the amount of workforce or offering more competitive pricing, in turn, reduced operational cost.
Faster, better decision making.
With the power of technology, businesses can harness the data it generates to see exactly what’s happening in their organization and utilize the information to test out different scenarios and their success. With strategic insights driven from their data, businesses stand to remain competitive among forward-thinking companies that do use data to their advantage and enjoy a deeper insight into their customer journey.
New products and services. Detect new or missed opportunities to help your company grow and improve by responding to market needs. Also, with the ability to gauge customer needs and satisfaction rate then create new products to meet those needs.
Written by: Stanley Njoku| President & CEO | Sybest Consultant