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Data Analytics: Its Rise and Why You Company Needs It

Ekaterina Lepikhina Business

Data has always been there, but it hasn’t been that recent that it has become such a hot topic. The rise of data analytics and the power that is behind it goes to show that companies are able, and should take cue to what their customer data is saying.

data analytics dashboard

To say that there is a talent gap in data science and analytics is pretty accurate. Very few are able to connect the dots when manage enormous amount of data. Business Intelligence teams are created to quantify the available data, but require more training, or recent technology to help them in providing a thorough analysis of the collected information.

Where is all the data coming from?

According to the Huffington Post, there are three data accelerators out there: bandwidth, digital storage, and processing power. Today, we can see data generated through a myriad of device such as wearables, social media, smart devices, and anything that tracks activity patterns. With all these difference sources, you need data analytics to make sense of all the raw data before acting on it.

Fours ways to get started in Data Analytics

All these data collected need to be sorted and made sense. Your team can start doing so by keeping track not just of the info readily available to you, but also by looking to other threads that link to the data. Teams need to be ready to:

  1. Identify and collect current data sources – look for commonalities in data points and piece them together. A process called data mining can show you trends and habits your customers have.
  2. Look for external data sources and match them to yours – your customers also go to other websites, or use other apps that are similar to yours. Ask yourself the question, why are they doing that?
  3. Have an expert – it is understandable if your current team lack the manpower to handle such tasks. There are agencies that you can use for data science consulting and coaching to fill in the gap to do the work and train your team to take over.
  4. Establish reporting – have effective measuring of your KPIs in place and create a priority list to guide your analysis. Measuring your efforts allow for you to focus on what is working and what is not.

Tractus Online provides marketing consulting and tracking if the numbers that is most important to the success of your team. Whether you are a new or established company, having another set of eyes can help in identifying strengths and weaknesses in the company and guide it to do better. Contact us to learn more about how data can help focus your marketing efforts into campaigns that work.

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