Advantages of Data Analytics Tools and How They Can Drive Your Business Forward
There is little doubt that the current business environment is data-driven. Data analytics, in particular, can help your business in so many ways.
Advantages of Data Analytics
Data analytics can lead to better targeting. This is one of the key benefits of data analytics. As a business owner, you will be interested in directing marketing effort towards the most lucrative channels. With the increase in competition and lowering of profit margins, it is more important than ever for businesses to gain the maximum benefit from the lowest marketing budget.
There is no doubt that market research can yield plenty of useful insights in this regard. However, businesses should understand that their own data contains hidden gems of insights that can drive the business forward. You need data analytics tools to sift through the data, analyze it comprehensively, and present it in an easy-to-follow visual format.
Data analytics tools can also customize your reports according to the format that is most convenient and relevant to you. With the help of data analytics tools, stakeholders can analyze critical data, view it, gain useful insights, and act upon them like never before.
By analyzing your sales data and transactions you will know which market segments are the most profitable and this will allow you to redirect your marketing endeavor in the right direction. This is a very important point to note because a lot of businesses are wasting their marketing investments in the wrong direction.
Data analytics tools will also reveal the impact of changing scenarios on your profitability. For instance, suppose you import electronic components and the government has now increased the tariff on imported electronics. With data analytics tools, you can instantly find out the effect this will have on your profits. Depending upon the results you obtain, you can choose to continue importing from the same source or switch to another more inexpensive source.
Understand Your Data
Executives and business leaders always seem to complain that they don’t have enough data but the fact is that if you have been in business for more than a year then you probably have plenty of historical data with which you can make better decisions and policies. What you need to do is analyze the data from a different perspective that will reveal key insights. One of the advantages of data analytics tools is that they can provide you the right visualization tools that will deepen access to hidden insights.
According to business guru Tomasz Tunguz, the author of “Winning with Data”, data-driven companies are some of the most efficient companies. He says that it is their data skills that give them the lead. These companies often gain the advantages of data analytics with the right tools.
You should use solutions like the iDeskHub Business Intelligence Reporting which can harness and analyze data from multiple sources and display the results in the form of graphs, reports, and trend analysis.
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