How Can Big Data Analytics & Analytics Consulting Help My Business?
Before you can determine whether analytics consulting will help your business, it’s probably a good idea to define it and identify why it does matter.
Big data analytics enables businesses to analyze huge amounts of data to find hidden patterns, correlations, and other insights. It’s a much more efficient process than the more traditional, lower-tech business intelligence solutions.
Big data analytics
This concept isn’t actually new. In the 1950s, well before anyone coined the term “big data,” businesses used spreadsheets to track, analyze, and evaluate data. Now, however, the process is much faster, efficient, and more accurate—and that gives companies a greater competitive edge.
Value of big data analytics
Not sure how analytics consulting can help your company? At its most basic level, it enables you to capture data and use it to identify new opportunities which lead to higher profits, more efficient operations, smarter business moves, and happier customers!
- Cost reduction: Cloud-based analytics offer good cost advantages if you’ve got a lot of data to store—and they’ll help you find more efficient ways to do business.
- Faster, better decision making: Newer programs and technology offer instant data analysis, which facilitates faster decision making so you can take advantage of those nearly instant insights.
- New products and services: This technology also facilitates your ability to identify what your customers need so you provide give them with what they want.
Who’s using analytics consultants?
Perhaps the better question to ask is who isn’t using big data analytics and consultants? Essentially, any business that relies on fast, agile decisions to remain competitive benefits from big data. For example:
- Government: To work within ever-shrinking budgets, government organizations can use data analytics to streamline operations while gaining a holistic view of overall operations.
- Retail: Capture information from customer loyalty programs. Learn about buyer habits and identify what savvy buyers want—and how to provide it to them. This technology helps retailers gain a more in-depth understanding of their customers, predict trends, recommend new products and services, and ultimately boost profits.
- Healthcare: Take advantage of big data to analyze large amounts of structured and unstructured data to quickly find diagnoses and treatments and much more.
- Travel and hospitality: No one wants to earn a negative review on TripAdvisor, Expedia, or Lonely Planet. Ensure that your casino or resort has instant access to customer feedback so that you can resolve issues and turn a negative experience into a positive one—before it’s too late. Use the information you gather to predict tourist demand, too.
- Telecommunications: These companies are using big data to improve customer experiences, understand new product offerings’ potential, forecast network capacity and demand more accurately and quickly, and more.
- Financial services: The companies that have incorporated big data leverage it to generate new revenue streams with data-driven offers, identify which cutting-edge technology to incorporate for improved banking and financial services for their customers, and increase cybersecurity.
What does business analytics consulting do?
If you’ve decided that big data has a place in your company, the next step is finding the right program that will generate the information and results you want. That’s where a team of business analytics consultants comes in handy!
These professionals collaborate with you to set goals, answer questions, proactively identify potential issues, and create a roadmap for you to implement. Analytics consultants guide you through each step in the process—especially if you’re faced with a mountain of data and no idea how to process, analyze, or use it.
Most executive decision-makers are interested in learning more about their customers, identifying opportunities or threats, responding to business needs, and innovating more quickly and efficiently to gain a competitive advantage.
An analytics consultant will also make sure that your program/software is correctly set up. Many companies start with Google Analytics – but it’s often not used to its fullest potential, and a consultant can verify you’re getting the biggest bang for your buck.
These consultants will also help you map out plans and goals to understand how to extract the most useful data from your software, audit (and fix) your current account, provide customized dashboards specifically tailored for your own KPI (key performance indicators), provide monthly insight reports, and offer other suggestions and support that facilitate your ability to completely optimize your digital marketing strategy.
Business analysts can help you to forecast sales to inform your manpower or inventory planning. You can predict sales by store, location, or both based on historical sales while taking into consideration past promotions and sales events, seasonal ebbs and flows, and more.
You can use analytics to design and execute promotions that will attract more customers. Imagine having data to identify which items are frequently purchased together so that you can create bundling offers that drive even more sales.
Still on the fence?
A wide range of thought leaders, executives, and consultants shared their insight on the benefits to incorporating analytics into any business. For example:
Big data helps small businesses especially from determining whether their marketing strategy produces a respectable ROI (return on investment). Since a burgeoning growth of platforms exists that collects data, it’s hard to make sense of it all without business intelligence, which helps to collate, analyze, and make sense of that huge amount of data.
This technology also helps to identify and define the ideal customer and pinpoint exactly what will work to drive your business’s revenue. The data helps to personalize sales strategies and understand potential consumer objections, demands, and needs.
Best data analytics software
Whether you’re ready to dive into data analytics yourself or hire an agency to do analytics consulting—but want to understand more specifically how they’re extracting the information you need to run your company, make decision-making, and grow—the field of systems and software is vast.
According to a review from Finances Online, the top 20 data analytics software programs for 2018 include:
- Zoho Reports
- Qlik Sense
- IBM Analytics
- IBM Cognos
- IBM Watson
- Google Analytics
- Apache Hadoop
For the complete list, visit the website, which includes in-depth reviews of each program.
Data drives the world. If you want to learn more about the importance of market research for validation and decision making, you can download the white paper from marketresearch.com, a site dedicated to providing business intelligence solutions for companies in a wide range of industries.
No matter what your industry, big data—when used efficiently—can become the main driver of innovation, profits, and performance. It might put a dent in your operating budget when you first incorporate it, but can you really afford not to?