If your business is not using data analytics to guide decisions and give effective insights, there are some questions you should be asking. Even if you think data analytics isn’t that important or if it seems daunting, chances are you need to take another look.
There are several tell-tale signs that indicate a need for data analytics: if you don’t have metrics to measure progress or success; if you receive data via email with no visualizations; if you have a weak conversion process; if each department’s data is stored separately, making collaboration difficult; and if waiting on data slows down important business processes. As if these signs weren’t enough to show the importance of data analysis, there are also many benefits to highlight.
Businesses who have a concrete understanding of their purpose for data, support expert data partners, well-developed data processes, and the right tools are empowered through data analysis. They can identify opportunities for expansion, identify potential risks, develop more effective marketing strategies, and improve customer acquisition and retention, among other things.
Executives who have built data-driven organizations see the results as their businesses are 178% more likely to outpace their peers in revenue and profitability. Data analysis is key in business growth.