5 Reasons Why Data Analytics is Important for Your Business
01 Improve Customer Insights
Identify customer’s key problem areas to identify profitable segments and improve customer service through your products and services.
Gatorade was able to achieve 15% growth in a single year through customer insights. (Source: Prophet- Gatorade Case Study)
02 Reduce Costs
Set up efficient processes, ensure optimum resource utilization and introduce flexibility to address market trends.
Carlsberg discovered that giving customers magnetic cards and allowing them to self-pour their beer; resulted in 30% boost in beer consumption and reduced costs as customers moved from fixed price to fixed quantity model. (Source: SAP HANA Blog-Using Big Data to Brew Profits One Pint at a Time)
03 Save Valuable Time
Utilize the ability to collect, structure and analyze the data from every aspect of your business at a rapid pace.
Wal-Mart was able to boost revenues through sales of strawberry pop-tarts and beer before hurricane Frances with the help of predictive analytics. (Source: NYT- What Wal-Mart Knows About Customers’ Habits)
04 Propel Decision Making
Access high-quality insights in order to adjust to real-time scenarios and make simultaneous data driven decisions.
According to OKCupid founder, people of the United States hit it off but lose track of their romantic connections mostly in Wal-Mart stores! Now that’s some decision to make! (Source: Dataclysm: Who We Are When We Think No One’s Looking; and Datafloq- 4 Surprising Discoveries from Big Data Insights)
05 Collaboration on-the-go
Access business intelligence insights from the device of your choice whenever you want and wherever you are. Enable your team to gain competitive advantage through data.
TotallyMoney is taking calculated risks and delivering value to their customers before their competition by building a data-driven culture! (Source: TotallyMoney Blog- Building a Data-Driven Culture)