“Data”, “big data”, “data analytics”... are the current sequence of phrases that have gotten the greatest attention in recent years as the globe moves into the digital age. So, what exactly is data analytics, and how does it help businesses grow?
Data analytics is the act of cleaning, transforming, and modeling data so that users may make wise business decisions. This process will extract useful information from a vast volume of raw data that the company may have overlooked.
The importance of data analytics in business
This procedure plays an increasingly important part in the success or failure of many enterprises. Because evaluating and comprehending accessible data can assist organizations in recognizing past mistakes, identifying solutions, and identifying new chances for growth. And, rather than making judgments based on sentiments or judging experience, organizations will use a very intuitive and data-driven approach.
This article will break down seven specific benefits your business can take advantage of from data analytics.
Get an overview of your customers
Data analytics provides tools, software, algorithms, etc. to help businesses analyze data on demographics (age, gender, income, etc.), purchasing behavior, transaction history From the results shown on the tables and graphs, businesses get a complete picture of customers, can predict and prevent problems from customers before they happen. Based on that, businesses will build a strategy to reach customers and keep a sustainable relationship with not only old customers but also potential customers in the future.
A specific example is Chatbot - a computer system that automatically answers, can self-learn, analyze and interact with customers like a human, capable of assisting in solving complaints about errors. product.
Understand the business market
The market is constantly changing, causing pressures for businesses, so monitoring the market situation is a daily task, and necessary for businesses, data analysis brings market information in real-time, playing a decisive role in helping the company provide quick and timely short-term solutions, as well as easily deploying future development strategies.
Build digital marketing campaigns, access to potential business opportunities
The data can be the behavior of potential customers, including interactions on fanpage, feedback, messages, number of website visits… The customer's access channels are extremely diverse, making the process of data collection and analysis very diverse. The data requires a methodical approach, thereby helping businesses grasp new market trends, discover the ideal new potential market to penetrate through the implementation of digital marketing campaigns on appropriate communication channels. each customer object.
Oriented to improve product quality
The volume of data collected from sources such as websites, social networks, applications ... is very large, of course, the analysis is also extremely necessary. However, that data not only provides information about the market but also provides personal information of customers (from website sources, fanpage ...) which is extremely useful for determining future needs or hidden needs. customer insight and recommend suitable products and services for each customer. From there, come up with a strategy to develop products and services.
In addition, in the process of analyzing customer opinions, the company can detect product defects and promptly change, repair or recall products, and can see poor customer reviews about the product. service and identify the fault from which part, thereby improving, repairing.
Eliminate data security concerns
Referring to data in the 4.0 era, it is impossible not to mention Big Data. Big Data is a tool that greatly supports data security.
Currently, with the rapid development of technology, many businesses are promoting the construction of Big Data systems, actively exploiting the benefits that Big Data brings, not only about deploying data analysis. but also improve the overall Data Analytics process including information security issues.
Support and increase employee productivity
Data analysis not only helps marketing campaigns, but HR department can also apply employee data analysis related to productivity, working time, KPI, salary bonus... developing policies to improve the working environment, salary and bonus in accordance with capacity... Data analysis is increasingly popularly applied in the field of human resources due to the tendency to focus on developing employee experience in order to improve employee experience. increase work performance and build a prestigious employer brand.
Competitor tracking
Competitors are considered an important factor determining business success, therefore, competitor research is considered a great benefit that Data Analytics brings to businesses. . Thanks to competitor data analysis, the company can capture information about competitors' products, prices, customers, etc., thereby predicting future moves and changing strategies business strategy accordingly.
Conclusion
Data analytics is really changing the world and becoming one of the key elements of the business. However, not all businesses know how to process data to "catch" the data to "speak" useful information. At that time, in order to catch up with competitors in the market, many businesses decided to invest in data analysis courses to equip themselves with knowledge. Because investing in education is always a worthy investment!