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Over the coming decade, data analytics in business is going to explode. The volume of consumer data that websites and apps generate is incredibly valuable, and businesses are only just beginning to tap into it. There are plenty of reasons for a business to invest in data analytics, and here are just a few.
Data Analytics Can Transform a Business
The huge growth in the amount of business data that is created every day cannot be denied. Every byte of this data has the potential to inform your company of important trends, supply-chain bottlenecks, or consumer behavior that can help push up sales and profits.
Mining this data and analyzing it can lead to valuable insights that you will not find on a spreadsheet or a departmental report. This can help businesses to anticipate coming changes in the marketplace or consumer demand, and even help them to decide where to build a new warehouse or office space.
By including data analytics in decision making, companies have transformed themselves into market leaders, leaving their competition lagging far behind.
Harness the Power of Analytics
For a large company, it doesn’t take too much investment to start tapping into the power of data analytics. The biggest cost is probably the type of computers you need to get the most from your data.
Deep Learning Workstations are computers capable of machine learning and can handle huge amounts of data and make large computations. They have far more RAM power and storage space than your typical business computer, but this is what it takes to analyze vast reams of consumer and business data.
Once you have made the investment, however, it will soon start to pay off. The insights that data analytics can offer can help you make massive savings in many areas of the business and avoid costly mistakes.
Small Businesses Can Get in On the Act
If you have a small business or even just a side hustle run from a corner of a bedroom, you can still harness the power of data to push your business to new heights.
Google Analytics is a powerful online tool that can help small businesses analyze data and make more informed decisions and identify gaps in the market. It looks at your website and other data to help you find ways to improve the consumer experience and market to your customer base more effectively. Google even offers training courses to help people learn how to make the most of data analytics and how it can help their business grow.
You can even use Microsoft Excel for data analytics, though this is a little limited. It cannot handle huge amounts of data, but it can help you to see your data differently. Pivot tables are an underused feature in Excel, but they present data in a unique way that can often help people to see through the noise and isolate important insights.
With data analytics on your side, your business can grow exponentially. The use of data to inform business decisions, marketing strategies, and even product design is going to change commerce forever, just wait and see.