The management legend Peter Drucker said “What gets measured gets improved”. Analytics just help you to do that!
Let’s say, you are running a digital marketing campaign to promote your new product. You have targeted Facebook audience. Now, you want to know whether the campaign is yielding the desired results and what is the Return on Investment (ROI). Analytics will give you all the details you want. With the results at your fingertips, you can easily measure the campaign performance. This is the power of analytics.
Analytics requires specialized skills, hence it is advisable to do a data analytics course to get a deeper insight into its business applications. Meanwhile, here are five solid reasons how analytics can be useful for your business.
- Smart and Prompt Decision-Making
Analytics give you real-time inputs. So, you don’t have to wait for your marketing campaign to end to measure it. If you realize in the middle of the ongoing campaign that you need to change the strategy, you can do it without wasting time with the help of analytics. This enables you to make smart and prompt decisions.
- Improve Efficiency
Data analytics gives a complete picture of your organization with respect to customers, employees and business operations in a snapshot as well as detailed glance. You don’t have to juggle between various spreadsheets or business systems to mine the data. Whether it is staffing, marketing, finances or inventory management, analytics can manage large and complex databases easily. You save lot of time and money, thereby increase the efficiency of business.
- Undertake Competitor Analysis
Analytics can be a powerful weapon in your business armour to gain competitive advantage in the market. Since analytics can gather and analyse data from everywhere – computers, social media, mobile devices, sensors and everything else that is on the internet, it acts as a backbone of business intelligence. You can find out which business strategy is making your competitors click with customers, and accordingly design or modify your business strategy. Analytics gives you differentiating edge over competitors.
- Predict Future
Well, nobody can guarantee what will happen in the future, analytics does make it possible to minimize the risks that may occur a few months or years down the line. For instance, analytics can anticipate which employees are likely to quit the organization in the next six months, based on their performance and behaviour. If you know this information, wouldn’t you make proactive efforts to retain those employees or put a succession planning strategy in place?
- Mitigating Frauds
Business information is highly sensitive. If it is breached, it can cost your business a huge loss. If you use analytics, you can protect all your physical, financial and intellectual assets. It detects real-time threat and also sends automated alerts.
A certification in data analytics will help you to understand its uses for business in a better way.