To harness the full potential of your company's information and data, you need to perform careful and efficient data analysis .
But, after all, why has data become so relevant in the current scenario? We can point to several reasons, including:
Help with risk management;
Help in process improvement;
Expands the consumer experience;
It is a powerful decision-making tool;
Facilitates the development of new products;
It makes business management more efficient and focused on the target audience.
The fact is that data has become the most important asset for companies, and this is a statement that you follow in many of our content.
Therefore, it is more than important to understand the importance of data analysis and how to implement it in your company.
Ready to learn more? We've created a guide on the topic for you to check out, shall we?
What is data analytics? How does it work in practice?
Data analysis is the process of extracting valuable business insights from information collected from a variety of sources within your business. In this way, it is possible to assist in decision making, improving results.
As the name implies, data analysis is the act of diving into your croatia whatsapp data business information to get answers to your questions (or digging even deeper, finding questions that were never asked).
It is a vital part of digital transformation and a business with the ability to grow at scale.
After all, knowledge (or some of it) resides in a business’s data so that the company can unravel problems across all its sectors, from customer relations to operational efficiency.
Absolutely everything in a business can be optimized if data analysis is applied.
It’s no wonder that, according to a MicroStrategy survey, 94% of companies consider data to be a key driver of their growth.
Data analytics works in different ways across the industry and there is no single definition of how it should be done.
However, we can conceptualize this activity as the process of analyzing raw data to extract valuable, actionable insights and answers from it.
What is the purpose of data analysis?
The objective of data analysis in a company is to exploit the full potential of big data (composed of all the information collected by the company) to transform a percentage of this large volume into business intelligence.
It is one of the most encouraged practices in the business world today.
In fact, according to a recent Forrester report, data-driven organizations can grow more than 30% per year.
In practice, by implementing data analytics across your industries, you optimize workflows and drive both operational and strategic efficiency.
Thus, through analysis and in conjunction with methodologies such as Business Intelligence, it is possible to solve specific problems and challenges within the organization.
Everything from mapping hidden patterns in data sets, capable of saying something useful and relevant about a specific area of the company, such as the behavior of a group of customers, for example.
Data analysis helps you understand the past and predict future trends and behaviors.
That way, instead of basing your decisions and strategies on assumptions, you make informed decisions based on what the data tells you.
What are the benefits of data analytics for businesses?
There are several examples of the benefits that data analysis brings to businesses.
For a financial company, for example, it can help simplify the credit analysis of its clients, automating the release of credit according to pre-established criteria and risk factors.
As we said, it is something that can benefit the business as a whole and not just one sector of the company.