The Importance of Data Analytics and Business Development

The Importance of Data Analytics and Business Development

by | Apr 19, 2017 | Business Development

The most successful businesses understand the value of data and data analytics. In fact, data has never been more important than it is today. It has become a crucial business asset – a key part to providing a competitive advantage and therefore central to the success of a company.

When an organisation isn’t capturing data, it’s truly missing a key component for growth. Gathering information from numerous areas within your business provides you with the ability to understand the inner workings of what is happening in the business at any given time and why. Ideally, every piece of customer data should be stored and every transaction recorded in order to capture various aspects of the business and customer behaviour.

Of course, simply recording this information is useless; it must be analysed in order to gain useful insight. Data analytics paves the way for more informed decision-making when it comes to the development of your business. In a similar way to how a Formula One team operates when collecting and analysing data to optimise the performance of a racing car, a company can utilise data to fine-tune and enhance its business model.

How does data analytics help with business development?

Today, data analytics is employed in almost every sector: from healthcare, where facilities rely on patient pathway data to boost efficiency and reduce costs, to supermarkets, where data can help to identify shopping trends and areas in which profits can be maximised. While many businesses and organisations are already aware of the value of data analytics, there are still those that haven’t yet invested in it or are failing to use it to their advantage.

Using your own organisation’s data really is the best way to understand, develop and grow your business. Not only do you know the information is very specific to the business itself, it is also reflective of your personal customers and their needs. After all, your business is one of a kind and therefore a ‘one-size fits all’ business model will not always work.

Through the analysis of an organisation’s internal data, valuable insight into the business can be obtained. For example:

  • Gaining an overarching view of the entire business
  • Understanding strengths
  • Identifying trends and patterns
  • Identifying inefficiencies and areas for development
  • Using insight to help streamline the business
  • Ascertaining how to improve sales and performance
  • Predicting and anticipating future trends or outcomes

Data analytics is one of the best tools available to you. A comprehensive analysis will provide a bespoke, up-to-date, and accurate view of each of the main components of your organisation. This deep insight and examination of the business can empower more informed and timely decisions to be made based on real knowledge gained from data that has been collected over a sustained period of time. It can help you to answer ‘what is’, ‘what should’ or ‘ what might be’ and even ‘what’s next’ type questions. In addition, more advanced tools can support actionable strategies to be pre-tested in a ‘what-if’ type analysis to investigate likely outcomes to changes in the business.

If used to its full potential, costs can be slashed, profits increased, and efficiency and productivity boosted. A smart data analytics strategy can transform your business and provide new opportunities that may otherwise have not been identified, enabling you to remain fluid in a dynamic environment.

How My Data Analyst can help

We have a skilled and dedicated team of analysts with years of experience, who are able to unlock information about key areas of your business. Whether we’re working with small independent organisations or major household names, we offer a tailored data analysis service that helps you make informed and timely decisions about your business.

To see how we can help, contact us today by calling 020 7856 0415, or get in touch via our online contact form. We look forward to hearing from you.

by | Apr 19, 2017 | Business Development

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