Data Analytics refers to the practice of exploring and examining datasets both internal and external to an organisation to draw knowledge and insight. The techniques used to enable the conversion of raw collected data into information, knowledge, and insights. This knowledge and insight are then used to understand the current state of the organisation and acts as a foundation for business decisions based on fact, rather than gut or intuition.
There are many things that your business data can tell you about your business. For instance, internal marketing and sales data coupled with demographic and buying trends statistics can inform you about the effectiveness of your marketing efforts. This information will inform your targeting criteria, or develop different messaging and greater segmentation. Leading to more conversions and less waste.
In the highly-competitive area of customer service and personalisation, your data will inform you of your customer’s communications preferences, interests, what they like, and what they do not. This allows you to deliver even higher levels of customer satisfaction with agility.
Your data can also inform you about the efficiency of your real-time operations and save you money, improve employee engagement, and reduce or eliminate downtime.