I am a marketing intern at Valuefirst Digital Media. I write blogs on AI, Machine Learning, Chatbots, Automation etc for House of Bots. ...

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I am a marketing intern at Valuefirst Digital Media. I write blogs on AI, Machine Learning, Chatbots, Automation etc for House of Bots.

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Data Analytics: A measure for Business Growth

By shiwaneeg |Email | Apr 9, 2018 | 8082 Views

Data analytics is the key to drive optimal strategy for every business. It helps a business to effectively target consumers with marketing efforts while also creating products that facilitates in solving current problems.

Businesses are using data analytics in various aspects within technological tools across departments, from IT management to customer support administration. By storing data safely and securely in a cloud-based backup system that uses file encryption, enterprises can protect private consumer information and business insights that provides them with a competitive edge.

The important thing of big data analytics is the way organizations use it to boost their business performance, innovate and provide better customer service. Here are some of the ways big data analytics are proving to be the key to business growth.

1. Boosts Performance through better data analysis

With the help of big data analytics one can take a look at his organization, how exactly & efficiently it is working. Like this, based upon the findings of this analysis, an organization can work on to make the workforce more effective.

2. Helps to understand market sentiment & competitor strategies

Big data analysis helps organizations to be forward in the business competition. The market sentiments related to the organization and its competitors can be understood by simply analyzing the big data. It will help organizations to create strategies to make the right decision.

3. Minimizes the risk through valuable insights

The most dangerous thing for a company is to make wrong business decisions. But with the help of big data, organizations can minimize their risks through the valuable insights they can gather through analysis.

4. Helpful in Innovation of new products and services

Big data analysis helps organizations to understand better what customers want and with the help of this, they can provide better after-sales service. Additionally, they can be innovative about their new products so that it can pertain to the customer's viewpoint.

5. Online brand presence can be monitored more precisely

Especially those organizations who are active in social media, big data analytics is of great help, to actively monitor & improve their social media presence. Not just that, it also gives them a good idea about the brand's views on the web.

Big data analytics is a key to business growth, especially, for the organizations who want to grow in this age of innovation.

Source: HOB