Is Data Analytics Relevant for My Business Growth ??
Irrespective of the size and operations performed by any business venture, Data can prove to be highly resourceful. Since smart insights and judicious decision-making is critical to the prolific growth of any venture, Analytics is nothing but the need of the hour!
Data is everywhere and there is almost an urgent need to collect and preserve whatever data is being generated, for the fear of missing out on something important. The biggest technological context is data’s role in driving decision making. It’s simply Moore’s Law. It’s the idea that it becomes easier and easier to store massive amounts of data without having to pay a lot of money. It’s easier for campaigns to broaden the scope of decisions are driven by data initially.
At this juncture, analytics has become crucial as it aids in improving business decision makings and providing the biggest edge over the competitors. For Example:
- How Facebook dominated ad space by enabling targeted advertisement;
- How Food Aggregators became giants in a fragmented restaurant industry.
- How modern age political parties woe voters through Social media & Many more…
In a study by QuinStreet Inc., it was found that the trend of implementing Data Analytics is zooming and is considered to be a high priority among the U.S.businesses. A majority of the organizations are in the process of implementing it or actively planning to add this feature within the next two years.
Analytics helps the business to achieve its maximum potential and helps in better understanding of its performance including its Profitability concerning Product, Brand, Sector or Demography. Data Analytics will be a part of the business strategy, which will allow professionals to scale new business growth. It will also create a pathway to make better future decisions. New technologies are now making it easier to perform increasingly sophisticated data analytics on a very large and diverse data set at an incredibly competitive cost.
Ancient wisdom preached knowledge is power – the Internet killed it.
In the information age merely collecting Data was sufficient but in today’s social age, the data analyzed and put into action is POWERFUL