Data Analytics

Why Data Analysts Are Key to Unlocking Business Insights

Last Updated: July 21, 2022By Tags:

Data analytics of data analysts is key to uncovering the crucial insights hidden in the wide variety of data firms create. Taking data analyst course Malaysia to learn data analytics may help a corporation with everything from customising a marketing presentation for a particular client to identifying and minimising risky business practices.

5 Ways to Use Data Analytics

Personalise the Customer Experience

Businesses get customer data via various social media, e-commerce, and traditional retail channels. Employing data analytics to create comprehensive customer profiles from this information allows companies to gain insights into consumer behaviour and provide a more individualised experience. 

Think of a retail apparel store that operates both online and offline. The business may analyse its sales data alongside information from its social media pages before creating targeted social media campaigns to boost e-commerce sales for product categories in which customers are already interested. 

By using behavioural analytics models on customer data, businesses may improve the customer experience even more.

Business Decision-Making Using Information 

Businesses can influence business decisions and minimise financial losses with the aid of data analytics. Prescriptive analytics can recommend how the company should react to these changes, whereas predictive analytics can predict what might happen in response to business changes. 

For instance, a business can model price or product offerings to evaluate how they will impact customer demand. The assumptions produced by such models can be verified through A/B testing of modifications to product offers. Organisations may use data analytics techniques to analyse the performance of the adjustments and visualise the outcomes to assist decision-makers in deciding whether to adopt the changes across the organisation after gathering sales data on the updated goods.

Improve Operations 

Organisations can improve operational efficiency with the aid of data analytics. Supply chain data gathering and analysis can help pinpoint industrial bottlenecks, delays, and potential future issues. A company may augment or replace this provider if a demand prediction shows that it won’t be able to handle the volume needed for the Christmas season. This will prevent production delays. 

Additionally, optimising inventory levels is challenging for many organisations, notably those in the retail sector. Data analytics can help determine the best supply for all of an enterprise’s services based on factors including seasonality, holidays, and temporal patterns.

Reduce Risk and Deal with Setbacks 

There are risks everywhere in business. Some of them are theft by customers or employees, unpaid accounts receivable, worker safety, and legal liability. A company may use data analytics to assess hazards and implement preventative actions. To identify which stores are most vulnerable to theft, a retail chain may use a propensity model, a statistical technique for forecasting future behaviours or occurrences. The corporation may use this information to assess the level of security required at the stores and whether it should divest from any locations.

Increase Security 

Data security challenges impact all businesses. Organisations can utilise data analytics to analyse and visualise pertinent data to determine the causes of prior data breaches. For instance, the IT department can use data analytics programmes to parse, process, and visualise audit logs and determine the course and causes of an incident. 

IT departments can also employ statistical models to stop future assaults. Aberrant access behaviour is a common component of assaults, particularly load-based ones like distributed denial-of-service (DDoS) attacks. Organisations can set up these models to run perpetually, with monitoring and notification systems added on top to find and report anomalies so that security experts can respond quickly.

Example Data Analytics 

Let’s take a quick look at a few instances of how you may gather data and evaluate it to help your organisation perform better.

Consider yourself a marketer operating a web-based ad campaign to advertise a new smartphone. You may start by focusing the advertisement on customers who purchased the phone mentioned above, predecessor. Besides, you employ data analytics tools to sort through the data produced when individuals click on the ad as your campaign is running. You might learn that many of these users are interested in photography by looking at information about their hobbies. This might result from the new phone’s improved camera over the older one. You may adjust your advertisement based on this data to target customers who purchased the last phone and enjoy photography. Additionally, you might be able to attract new audiences of photography-loving individuals who passed up the previous phone.

Another illustration will be if you run a website with sports footage. As users browse your website, you can gather information about the films they view, how highly they rate them, which ones they comment on, and more. You might also compile statistics on each user’s demographics. Applying data analytics techniques to ascertain which audience groups are most likely to watch particular videos. Afterwards, you may propose videos to viewers based on which bits they enjoy the most. You might discover, for instance, that younger men are more likely to be interested in basketball, whereas older men are more likely to be interested in golf.

This article is posted on DailyTimesPro.