Why Are Analytics Such a Huge Deal in Business These Days?

by | Sep 5, 2019 | Business

In the past, a successful business meant that you knew your audience and how to appeal to their tastes and interests. These days, attracting customers follows the same concept, but you have the advantage of data at your disposal. Data could be anything from a customer’s favourite colour to their entire shopping history; this type of data is incredibly powerful and can be used in a number of different ways.

 

So to help you out, we’re going to explain exactly why analytics is such a huge deal in the world of business.

 

It helps to empower decision-makers

 

Decision-makers have always had a difficult time when it comes to actually making decisions. If they’re not well-informed then they can’t make smart decisions and this will typically lead to a poor judgement which negatively impacts your company. With the help of analytics, they’ll be empowered when making decisions.

 

It enables you to quantify the effects of your decisions

 

It’s hard to tell just how effective your decisions are if you can’t quantify them. With analytics, you can pinpoint the exact effects of your decisions and how they affect your company.

 

It opens up a path to optimisation

 

At the end of the day, analytics will help you optimise your business so that it’s far more productive and efficient, It will speed up work processes and it will lead to higher profit margins across the board. Below, we’ve included an infographic about a business analytics tool known as Power BI to help you understand how to take advantage of your data.

 


Infographic by: STL Training

 

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