The Power Of Data Analytics – How They Impact The Growth Of A Business

Data is the goldmine of each business and when used in the right manner can give you a lot of valuable insights that can decide the future of your organization or business.

Data Analysis is a process used for analyzing raw data, interpreting it, and using it to improve a product, brand, or business.

Data Analytics can be used to determine why a business failed and develop a roadmap to its recovery. Similarly, it can be used to assess the success of a business and devise strategies to sustain it.

Therefore, Data Analytics plays a crucial role in the journey of any business.

There are four types of Data Analytics: – Descriptive, Diagnostic, Predictive, and Prescriptive.

Descriptive Data Analytics

This involves the analysis of qualitative and quantitative non-numerical data.

Diagnostic Data Analytics

As the name suggests, this type of analytics includes studying data to understand why something has happened.

Predictive Data Analytics

This includes analyzing historical data to know what has happened in the past and to forecast or predict what will happen in the future.

Prescriptive Data Analytics

This technique involves analyzing data to formulate strategies or recommendations as to what actions to take next.

Impact Of Data Analytics On Your Business

Data Analytics should be practiced regularly by any business because it helps the business to know how well it has performed in the past. With these insights, it is easy to evaluate if a business is moving closer to or farther away from its objectives.

Data Analytics helps a business to scale its revenue, build effective strategies and marketing campaigns, and identify the scope of existing product improvement and new product development.

By analyzing customer feedback, a business can improve its operational efficiency and overcome customer dissatisfaction. Business owners can make effective decisions by analyzing data. For example, costs of ad spend can be optimized by analyzing which marketing channels bring in more revenue and which campaign has worked better in the past.

A business usually has an in-house data analytics team to gather and analyze data but it can also get the help of an analytics agency that specializes in multiple tools and techniques, and follows various processes such as tracking different KPIs to monitor the performance of any business processes such as marketing campaigns, optimizing ad spend, studying the customer behavior and developing customized strategies to meet the objectives of its clients.

Steps Involved In Data Analysis

Identify The Objective Of The Client:-

The first and foremost step of Data Analysis is identifying the problem or the objectives of the client. As different businesses have different metrics to calculate and data to analyze, understanding what the client requires is important in data analysis.

Market Research:-

This is the process of collecting data about a brand, product, or service, its target audience, competitors, and opportunities for growth with respect to market trends and feasibility of a new product or service in the present and future market conditions.

Data Collection:-

This is the process of gathering all the data and information required for complete data analytics.

Data Analysis:-

Once all the required data is collected, a data analyst or the data analytics team uses customized tools specific to each industry to analyze and interpret the collected data.

Data Visualization:-

Then the data is represented in the form of a chart, diagram, or picture for easy visualization and interpretation.

Measurement Of KPIs:-

Each business has its specific KPIs to measure and evaluate. This evaluation helps to understand how well the business has been operating and how these metrics could be improved for enhanced operational efficiency and/or profit of the company.

Build Effective Strategies:-

Based on the analysis, a report can be prepared on areas of success, areas needing improvement and an effective strategy to enhance the performance of a particular product, brand, or company can be drafted for future implementation.

Monitoring:-

Consistent monitoring of KPIs and workings of the strategies should be done to ensure the sustainable growth of a brand or company.

There are several analytics agencies who follow the above steps and provide exceptional data analytics services. One of the best data analytics service providers in Chennai is Iconxt. We have a wing exclusively for data analytics which has trained and experienced professionals who provide quality services and protect sensitive data. We have data analysts who are trained in real estate and retail business industries.

When you choose us, we make sure that we provide you with the best quality data analytics service without compromising the security and privacy of your data.