Types & Benefits of Data Gathering to Make Informed Decisions
Business data analytics enables a brand to understand what’s going wrong and how it can be fixed with the right approach. It helps businesses optimise their performance.
To put it simply, business data analytics can help managers get an insight into business operations to make better decisions and, in turn, achieve better results.
The three types of business data analytics are descriptive, predictive and prescriptive analytics.
- Descriptive analytics – reporting, dashboard and data visualisation – have been widely used for some time now.
- On the other hand, predictive analytics – regression analysis, machine learning and artificial neural networks – have also been around for a decent period of time.
- Prescriptive analytics can be understood as advanced analytics, regression analysis, machine learning and neural networks.
5 Benefits of Data Analytics can offer:
1. Personalise Customer Experience
Businesses gather customer data from various channels, including social media. Business data analytics from these mediums are used to create comprehensive customer profiles with which firms can gain insights into customer behaviour to provide a personalised experience.
2. Informed Business Decision-Making
Businesses can leverage data analytics to guide business decisions and minimise losses. Predictive analytics, as the name suggests, can predict the future as a response to changes in business.
3. Streamline Operations
Brands can improve operational efficiency with the help of business data analytics. Collecting and analysing data on the supply chain can show where bottlenecks crop up and help predict where future problems may arise.
4. Mitigate Risk and Handle Setbacks
Business always involves risks – be it customer or employee, uncollected receivables, employee safety or legal liability.
5. Enhance Security
Businesses face data security threats all the time. Companies can use business data analytics to diagnose the causes of past data breaches by processing and visualising relevant data.
If you want to know how and where to bridge operational gaps, then data analytics is something you must not underestimate.
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