Generally, when we say data, it simply refers to another term for information. But in the current world of business, data is understood as machine-readable information. In light of the same, we spoke to Sadaat Tameem, Analytics, KredX, about how data has become a trump card for businesses, and here’s what he had to say.
Data is the new oil! — Clive Humby
As the world becomes more technologically evolved and shrewd, data becomes the key to competitive advantage and a trump card! The company’s ability to surge and compete will increasingly be driven by how well it can leverage data, interpret, apply analytics and implement newer technologies. Companies are embracing a data-driven approach to solve business problems and ensure efficient workflows using this approach.
Decisions are made based on the data, facts, and information in a data-driven approach instead of intuition. Following this approach offers measurable advantages like making confident decisions, back research, or suggesting the changes through numbers to reduce cost, enhanced consistency, and many more to follow if used in the right way!
The use of data insights to drive decision-making has ascended to the top of most company’s agendas in the past years as it promises to remove subjectivity and increase accuracy.
As companies continue to evolve, they move towards big data analytics for their business growth.
With the use of big data analytics solutions and data mining techniques, companies can now detect customer behaviours with their products in the market. The insight into customer behaviours helps the companies to develop a stronger relationship with their customers. This also helps the companies to both upsell and cross-sell their products to increase retention and boost revenue.
Suppose you know your target buying persona’s behaviour. In that case, you can develop specific targeted marketing campaigns with personalised messages that cater to their particular needs or a problem, aiming to acquire new users and retain the existing ones.
Predictive analytics is gaining traction.
Predictive analytics helps businesses to envision the future and optimise strategies by taking decisions by the result outcomes. In the past, we have seen companies deal with significant trades, sudden spikes in demand, losing customers abruptly leading to business downfall, supply chain disruptions, and other challenges. That’s why predictive analytics has shot to the top of priority lists for organisations around the world.
Predictive analytics makes use of statistical techniques and machine learning algorithms to analyse the latest and historical data that assesses the likelihood that an unlikely or likely event will take place, even if that isn’t on the company’s radar, thereby leading to a reduction in cost and accurate decision-making after the analysis is clearly deciphered.
Problem-solving is an essential skill in the field of Analytics.
Half the battle is learning to figure out the problem with clarity. As humans, we tend to jump straight to the solution of a problem, only to know later that, if you had first raised questions and listened, you could have come up with a much better solution. Thus it becomes crucial to comprehend the problem statement and then develop the right questions to solve the problem efficiently.
Big Data Services is a massive success for both large and small-sized companies. Many enterprise companies use big data technology for reducing working capital costs and increasing revenue.