August 13, 2019
What is Data?
Data is the founding stone of any business apart from its valuable inputs like information and knowledge. Data can be proved useful for the growth of the organization if it is reliable, complete, accurate, meaningful and actionable. Else it might cause serious harm to the organization, its stakeholders and even the employees.
What is Data Analytics?
Data analysis is the act of getting useful insights or decisions out of data. Data is the most valuable asset and companies that do not understand the importance, as well as the ins and outs of data management, are less likely to survive in the modern economy. Data analysis comprises of inspecting data followed by cleaning, transforming and modeling it into crucial pieces of information, which enables management personnel to take major decisions related to the business.
How Data gets available to the organization?
Data is accessed using ERPs like SAP B1, Tally, Microsoft D365, Microsoft NAV and CRM like HubSpot, which are an integral part of SQL based databases. Businesses tremendously benefit from data and data-based analytics as this has a positive impact on the business as a whole and its customers in general. The ability to use data to better understand the customer journey is crucial in creating an excellent customer experience. With the right technology, infrastructure, and analytics in place, it is always possible for organizations to gain full potential of the data for the benefit of business outcomes.
The Benefits of Data Analytics as Follows:
- Data Analytics gathers data from multiple sources including those that come from external third-party sources, the internet, social media networks, those already stored in company databases, etc.
- Real-time forecasting and monitoring of occasions that might affect the performance or operations of the businesses.
- Capability to locate, derive, extract, change, analyze, and blend data with different tools.
- Identification of crucial information that can improve the value of decision making.
- Ability to diminish the risk factor by optimizing complex decisions about unplanned events more efficiently and quickly.
- Identification of the root causes of the failures and the problems in real-time.
- In-depth understanding of the potential of data-driven marketing.
- Offer generation to customers based on their purchasing habits.
- Improving the commitment of the client and increase of his loyalty.
- Re-evaluation of the risk portfolio effectively and quickly.
- Customization of the customer experience.
- Adding value to the interactions with online as well as offline customers.