Data analytics to drive business growth
Big Data when utilized appropriately has the potential to revamp any business. Gathering data, structuring it, or deciding the data analytic tools is just half way through the process. The real challenge lies in solving the data. According to a report by McKinsey, organizations will face a huge talent shortage in utilizing big data. By 2018, the US alone could encounter shortage of almost 140,000 to 190,000 analytically skilled people and 1.5 million analysts and managers with mastery in leveraging big data analytics to bring betterment.
Here are some of the areas where the businesses can use analytics to enhance their production, revenue and improve customer satisfaction.
Understanding Customer Needs
With so many options in the market, customers are often misled, which creates the problem of choosing the best one. Big data analytics addresses this issue by enabling the business to understand customer pattern and use the result to build a better product that increases customer satisfaction.
Analytics of Prediction
For success in any business, perfect planning is essential. Predicting future trends to pioneer the field and simultaneously balancing the current customer needs will improve the business. Companies are, several advanced technologies leveraging Artificial Intelligence and Machine Learning in data analytics to anticipate the future results with previously collected data.
Enhance Your Marketing
Marketing is one of the significant steps in business development. Organization should cleverly focus on yielding best ROI as marketing could be expensive. Data analytics can help in evaluating customer actions in a website which in turn to obtain maximum results.