Companies today are increasingly looking forward towards investing and thereby, capitalizing on data analytics. This is no more just a new trend that businesses are readily jumping onto, but should be one of the vital parts of your core business strategies. Through data analytics, as per ISTOCK 85% of the businesses have witnessed growth and the companies, who have been pacesetters for data analytics, predictive analysis and artificial intelligence have seen a surge in their businesses by 7%.
By the end of 2018, it is predicted that as much as 70% of businesses in US will be implementing Artificial intelligence alone in order to scale. AS for why is data analytics creating such a wave and becoming the means of business transformation, we have discussed a few points that can be the reasons behind its popularity.
Enhanced business intelligence: Earlier the information available to form the key business strategies was quite limited; hence the decisions that were made were less well informed. However, now due to big data, artificial intelligence and predictive analysis, business intelligence has expanded and has become a separate career option. The information that is available is ample and with the help of experts, any business can witness an unprecedented growth if they are able to filter out the benefits of these well and implement them.
Personalized services: Customers today have a variety of options. Why should they choose your company? They will only bestow their loyalty if they will feel that your company understands them. With the help of data analytics, companies are able to understand the behavioral pattern of their audience. This helps them in realizing what strategies should be implemented in order to gain the loyalty of the customers. They can then personalize the approach of their company according to the needs of their potential customers. This has been a sure shot way for many businesses to succeed.
Custom services: With data analytics, a feat that was previously deemed impossible will be achieved. In custom services, the customers will not be waited upon to tell the companies the kind of products that they want; the companies through data analytics will themselves be able to figure this out. This way the product that the company will offer will automatically fulfill all the requirements of the customer.
More efficient services: For every product and service that the company offers, through data engineering, a lot can be found out prior to their being introduced in the market. This is helping them in gathering some major information about all the processes, thus making it easier for the engineers to understand the correct way to implement them; increasing the efficiency of the workforce.
Improved Customer support: Through chatbots a lot of information is collected in the CRM system of the company. This data helps in understanding what exactly are customers looking for and how can they be approached in the best possible way so that they can be retained andremain loyal to the company.
Data analytics is helping businesses increase their sales and ROI by cutting down the costs. Through predictive analysis, companies are able to figure out what strategies and products they should refrain from implementing as they will not reap as fruitful results as the others. This helps in cutting down the inventory and a lot of superfluous cost for the company. Due to all these reasons data analytics has been able to take over the current business scenario.