Advantages of Employing Data Analytics in Business

It is said that customers are the ultimate employers and they don’t take time to fire a company if they
feel like they’re not getting the right value in return for their money. This is why business enterprises
have no option other than delivering amazing and excellent services. Luckily, they have found a solution
in the form of data, and by exploring it with the help of advanced analytics tools, they can understand
their customers and know exactly what they want.
Why is Data Analytics Important?
In the digital world, Data is coming through a lot of sources such as websites, mobile apps, social media
profiles, bank details etc. More and more people are interacting with the internet and they leave their
footprints behind. Most of the data is in the form of unstructured data which the traditional Businesses
are quite unable to deal with. But advanced analytics tools can easily deal with all the data and help
businesses in not only understanding their customers’ needs but also in devising plans to satisfy them.
How Data Analytics is contributing to Businesses?
a. Anticipating Needs and Proactivity: When customers interact with businesses and leave their
data behind, the companies get a chance to know them and provide them with relevant
products, services and offers. This is the basis behind how Netflix, Facebook, and Amazon
provide acute recommendations.
b. Anticipating Demands and Supply: This is one of the most important factors which help the
companies in staying in competition while minimizing the losses. Data collection, when
combined with effective analytics, can help companies in assessing the changes in advance and
evolve according to them. By understanding the demand patterns, they can figure out the best
time to derive the maximum benefits.
c. Personalized Services: When customers shop, they always want to feel as if the brand they are
using is really caring for them. They want multiple options, easy payments and instant help in
case of problems. Once again, it’s the data analytics, which can help companies in providing real
values to the customers. Data analytics can help companies in understanding the attitudes of
customers and categorizing them into various levels of loyalty. This way, they can focus more on
the prospective customers while ignoring the customers, which consume more time and tend to
leave without buying.
d. Mitigating Frauds and Risks: Today, almost everything has shifted from traditional brick and
mortar to digital. Surely, it has many advantages, but the biggest disadvantage is the fraudulent
activities. However, companies can use Data Analytics to perceive behaviors and actions that
seem to be suspicious, and they can take the necessary steps to avoid the repercussions.
e. Employee Attrition: Employees are one of the most important pillars of any business,
organization, and no company wants to lose their best employees. With Data Analytics,

companies can keep track of their employees to understand their feelings and desires. This
helps them in preserving the resources that are spent in refilling the vacant positions.
Resource Box
The face of businesses in changing, and it’s the Data which is playing a big role in the changes. If you
want to be a business leader in the future, then Data Analytics is the perfect way to start. Get enrolled in
this data analytics course in India and start learning.