The 5 Benefits of Data Analytics for your Business

Data science and data analytics can feel like a foreign concept to most of us, and that includes even the marketing managers! But did you know the whole process of figuring out all your stats, compiling all of them, and then conducting the data analysis process doesn’t necessarily have to feel like a daunting task. Let’s find out the five benefits of data analytics for your business.

Today, businesses can collect data whenever they want during the time of the customer journey. The information might include interactions on social media, digital clicks, mobile app usage and more.

It all contributes to fingerprint data that is entirely unique to its owner. But at some point in the past, just the mere thought of customers sharing such information as the time they woke up, where they went on holiday, or what they ate for breakfast would have been an unconventional consideration, to say the least.

Here are the top five benefits of using data analytics for the growth of your business.

  1. Enhance security

All businesses, small or big, face data security threats. Companies can use data analytics to determine the causes of past data breaches just by processing as well as visualizing relevant data available.

For example, the IT department may use data analytics applications to process, parse and visualize the audit logs to diagnose the origins and course of an attack. This information will eventually help IT locate different vulnerabilities and patch them.

  1. Offer personalized customer experience

Businesses and organizations collect customer data from a lot of different channels, like e-commerce, physical retail, and even social media. Businesses can gain insights into customer behaviour that will help them provide a more personalized experience by using data analytics. It can be done so as to create comprehensive customer profiles from the given data.

  1. Mitigating risks and handling setbacks

There is no business without risks involved. The risks include employee or customer theft, legal liability, employee safety, and uncollected receivables.

Data analytics helps an organization understand the risks and take necessary preventive measures on time. For instance, a retail business chain runs a propensity model, which is a statistical model that predicts future events or actions so that it can determine which store is at the highest risk of theft. After figuring it out, the business could use this data to find out the amount of security needed at the store or whether it should just divest from the location.

  1. Improving and optimizing customer behaviour 

Poor management of operations can lead to a myriad of expensive issues. It also includes the significant risk of ruining the customer experience, which ultimately damages brand loyalty.

Applying data analytics to control the process, optimise business operations, and design the production of goods or services guarantees effectiveness and efficiency in achieving operational excellence and fulfilling customer expectations.

  1. Streamline operations 

Data analytics can conveniently help organizations enhance their operational efficiency. Data collection, as well as data analysis of the supply chain, can help an organization determine where bottlenecks occur or manufacturing delays. It will also assist in identifying where future problems can probably occur.