Data Analytics - How Data Analytics Will Help Your Business Grow Faster

Data analytics for business is nothing new. More and more companies are using tools such as Business Intelligence and Big Data to analyze their performance and guide decisions.

In this scenario, Data Analytics acts as a facilitator in transforming raw data into privileged information to enhance performance in the business world. In this article, we'll cover how companies can benefit from Data Analytics to identify trends and find patterns that can drive business results.

Happy reading.

Data Analytics – effective for any business

Data analysis, or Data Analytics, is the strategy – and the practice – of continuously analyzing a large volume of data from different sources, in order to transform them into useful information.
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In short, the objective here is to be able to identify which next step to take and in which direction.

For this, it is essential to have in your team of collaborators, analysts who are able to make a good reading and interpretation of this data.

Data analytics is suitable for businesses of any size, from micro-enterprises to multinationals.

As the idea is to extract relevant information with the power to enhance performance, Data Analytics must be applied in several areas of a company, and can help in making effective strategic decisions from the administrative to the operational sectors.

Data Analytics process steps

As we have seen, data analytics seeks to optimize processes and assist in making more assertive decisions, right?

Well, this may even seem simple, but this whole process can often take a lot of work and time, especially in companies with a very large and disorganized amount of data.

Therefore, it is essential to use tools that perform this function.

Thus, to be more accurate in all processes, the use of software such as Power BI for example – which helps in the various stages of the data analytics journey – is essential for the correct adoption of the practice of end-to-end data analysis.

Typically, data analytics follows a sequence of steps in the following order:

Collection;
Organisation;
Evaluation;
Algorithm development;
Visualization;
Decision making.

Biggest benefits of Data Analytics in business:

As we have seen, briefly, data analysis seeks to improve the results of organizations, facilitating decision-making.

However, it can also help detect problems that may occur.

In this way, it is possible to anticipate possible setbacks or even prevent them from happening.

From then on, several actions are optimized. This is just one of the advantages of data analysis.

Now, learn about 3 other advantages for companies that Data Analytics can offer:

Real impact on profits

Earlier, we saw that data analysis also helps to reduce errors.

Above all, it is important to highlight that this premise applies to both employees and machines.

In this scenario, Data Analytics will also be useful in optimizing the time for the performance of certain services, adding reliability to them, in addition to helping to reduce waste.

Thus, it is possible to reduce losses, avoid losses and various inconveniences with errors in the production line, for example.

Highlight in the market

Another advantage of data analysis is the knowledge it provides of the market in which a business operates.

In this way, it contributes to a more effective positioning and the development of adequate strategic planning.

Likewise, it is also a great way to evaluate, modify or improve the business model.

This becomes possible through competitor analysis, forecasting market movements to react more quickly, mapping promising markets and setting precise but realistic goals.

Improved customer service

In addition, the collection of useful information for defining customer profiles is much faster and more accurate through data analysis.

That is, developing products suited to the needs of your audience is much easier.

It's time for your company to bet on Data Analytics

Está na hora da sua empresa apostar no Data Analytics

This way, your planning will be supported by real and consistent information.

In this scenario, it is possible to use technology solutions in many different ways.

Therefore, being able to count on tools that will enable the modeling and visualization of your company's main data is essential.

Learn more about our solutions and count on BM to extract the best from your data. If you prefer, contact our specialists.