How Big Data Analytics Is Helping Businesses Grow

1. Did you know​ 95% of businesses say that managing unstructured  data is a problem for their business?   Unfortunately, all the data we generate today is unstructured.  Therefore, it is difficult and expensive to analyze data, which  explains why it is a major problem for most companies.  Big data analytics comes into play here. It is a term that describes  large amounts of data that connect business on a day-to-day basis.  Big data can be analyzed for insights that results in better decisions  and strategic business moves.  Nowadays, companies have widely embraced the use of analytics  to streamline operations and improve processes. According to a  survey conducted by Bloomberg Businessweek Research Services,  it is found that nearly 97% of respondents reported their companies  had adopted big data analytics.   The big data analytics market is all set to reach $103 billion by  2023. It has changed the course of market strategies and paved  utterly new avenues for the growth and profit of companies. With  this, you can adequately represent and break down several issues  and serve the objectives of your brand.  Pondering how businesses are leveraging the perks of Big Data?  Follow this piece of the article until the end to know how big data  analytics is guiding businesses to grow. So, let’s start!  Effective Ways Data Analytics Is Driving Business Growth  Data analytics for business tells you about the wellness of your  business so that you get a fair idea of where you stand, what is 

2. happening in your business, and what you must do to achieve your  business goals.  Thus, it helps in making companies more efficient, productive and  can also help predict future market trends. Let’s highlight the  various ways that data analytics can help your business grow.  Read: Shopify vs ​Woocommerce​: Who Will Win the Race in 2021?  #1 Big Data Helps You Set Realistic Goals  Setting goals for your business will involve guessing without the  right information. You do not want your business goals to change  from time to time. This is where analytics comes into play.  With analytics, you will be able to gather data from historical trends  and past activities. You will have a clear idea of what your goals  should be and can be right from the beginning.  It ensures that you do not misuse opportunities to help your  business grow. This becomes very clear when some goals are not  possible. This kind of data analysis will show you both weaknesses  and strengths, which can help you to grow your business.  #2 Big Data Analytics Boost Customer Retention  The customer is the most important asset on which any business  depends. No company can claim success without first establishing  a strong customer base. However, even with a great customer base,  a business cannot afford to neglect high competition. 

3. The use of big data allows businesses to observe various  customer-related patterns and trends. Observing customer behavior  is essential to trigger loyalty. Theoretically, the more data a  company collects, the more ways and trends a business can be  able to identify.  It is necessary to have a big data analytics strategy to maximize the  data at your disposal. With a proper customer data analytics  mechanism, a business will have the ability to gain critical  behavioral insights that need to be acted upon to maintain a  customer base.  Understanding customer insights will help your business know what  customers want from you. This is an essential step to achieve high  customer retention.  A real-life example of a company that uses big data analytics to  drive customer retention is Coca-Cola. In the year 2015, Coca-Cola  succeeded in strengthening its data strategy by creating a  digital-led loyalty program.   From the above example, it is clear that big data analytics is firmly  behind customer retention at Coca-Cola.  Read: How To Choose The Best ​Opencart Developer​ For Your  Shopping Business?  #3. Improved Service Level Performance  Data analytics lets businesses predict their ability to meet customer  demands. Often the users ask for same-day delivery, big data 

4. analysis this by understanding the traffic patterns and average  delivery time for every supplier in significant cities.   Analyzing the supplier’s performance helps identify which of their  suppliers will have the highest probability of success for orders  placed by location.  Furthermore, it allows them to make and fulfill commitments, or  pass on business where they know delivery is not possible, or to  propose delivery the next day.  If a company wants to enhance its effectiveness and efficiency, it is  crucial to managing the performance of employees or processes. It  is necessary to measure performance. This is a tough task, given  that the data will be scattered and uncontrolled.   Read: 9 Core Features Every ​Front-end Developer​ Should Know  #4 Big Data Analytics helps in Decision-Making  A decision maker’s intuition and experience are valuable, but a  business must rely on decision data that is influencing them. You  cannot make sound decisions about pricing strategies, inventory  management, and other business factors without data analytics.  Even when it comes to hiring people, actionable data can help you  assess how many people to hire and how to deploy them.  Businesses using data analytics are three times as likely to report  that their decision-making has improved. By incorporating data  analytics into your decisions, you will reduce the risks. You will also  feel that you are improving your efficiency and business profits. 

5. #5 Boast Revenue Growth    Read: Future Of Shopping 2021: How Technology Is Transforming  Ecommerce ​Industry  Analytics play a vital role in increasing revenue for your business. It  is crucial to make sure that you are using essential resources as  effectively as possible.   One study suggests that companies adopting data-driven marketing  strategies can increase ​revenue​ by 20% and reduce costs by 30%.  Analytics is useful for monitoring e-commerce activities, advertising  campaigns and multi funnel channels. This allows you to measure  their performance and effectiveness, making it easier to see what  works and what doesn’t. 

6. You can stop campaigns that are not bringing in results, find out  which keywords are bringing traffic, and put resources into better  campaigns.  #6 Cutting Down Costs  Cost is one of the vital factors in any business venture regardless of  size. Every business is different and requires the right investment in  resources at the right time. For example, a gift shop may see an  increase in sales during the festive season.   On the other hand, jewelry and flower shops get extra business  during the wedding season. This means, every business requires a  flexible labor force during a specific time and also extra effort and  investment at a particular time of the year. You can also ​hire  ecommerce developers in India ​for your e-stores.  Big data analytics can help you determine the right strategy so that  you can invest in resources such as workforce and staffing  forecasts during the right time. This minimizes the risk of cost  overheads and better utilization of resources to maximize ROI with  the help of data analysis.  Read: 5 Smart Strategies of ​eCommerce​ Success  #7 Helps in Identifying Ideal Demographics  There are plenty of ways to identify your ideal demographic with  analytics. Your existing customer base and social media data are  valuable sources of information. 

7. You can also study the audience of your competitors. There is also  publicly available data that can be helpful. By using analytics to  analyze your audience, you will get rich and practical information.  Many tools make it easy to collect data regarding your users. You  can also add Google Analytics to your website.   Also, you can add analytics plugins to your site to understand user  behavior. You will find out how people interact with your products  and the type of content that generates the most engagement.  Once you determine your ideal demographic, you can provide  tailored content and solutions. In this way, leveraging analysis can  lead to more conversions.  #8 Big Data Helps to Create Mass Personalization  When you have segmented your audience with the help of analytics  tools, you can create large-scale personalization. You can set tools  to personalize email marketing content automatically and  effectively.  You can personalize content to target a larger audience and create  personalization at the same time. It can boost your business’s  reach and can lead to higher conversions.  74% of marketers agree that targeted personalization increases  customer engagement. By using data to accelerate your marketing  efforts, you can set a relevant experience during your customer’s  purchase journey.  #9 Improved Advertising 

8. Knowing what consumers need beforehand makes advertising  efforts much more customer-oriented. It empowers companies to  customize their ads to focus on one part of your entire customer  base.  The positioning of products on the website is measured to identify  the best location to help drive engagement and sales. Advertising  can be expensive, and it’s essential to know how to get the best  return on investment.  Also, big data analytics encourages companies to find out which  piece of the customer base will respond best to the campaign.  Besides, it is a good deal at the expense of persuading the  customer to purchase and to increase the overall productivity of  marketing and advertising efforts.  Bottom Line  The use of Big Data helps in many ways which makes it the right  tool to invest. Embracing data in your organization has apparent  benefits. The data gathered creates actionable insights by adding  analytics tools to your website and business processes.   And it can help you make faster decisions that attract your  customers for better ROI. Therefore, to get the perks of data  analytics, you can ​hire developers from India​ to make analytics a  vital part of your business. Data analytics for businesses will surely  pave the way to business growth.   Original Source