A copious amount of data is generated daily, and data analysts play a critical role in making sense of this vast amount of information. The data has to be sifted through, processed and presented in an orderly format so business owners can better understand their businesses’ performance.
The valuable intel gained from the data can assist entrepreneurs in formulating their strategic business plans. With companies moving their businesses online and social media marketing more prevalent than ever, data analytics has become increasingly essential for many business owners. Learn about the benefits of data analytics and how it can provide companies with a competitive edge.
Better marketing plan to target key demographics
Understanding what consumers are looking for in a product can help immensely with a company’s marketing campaign. This knowledge enables the company to tweak its advertisements to better suit its target audience. Concentrating on a target audience allows the business to improve the efficiency of its marketing efforts. This focus also means less money is wasted trying to reach a broader audience that may not purchase its products.
Know if the marketing plan is working
Knowing who is clicking on the advertisements and where they are located are vital data that can help a company determine if its marketing plan is reaching the right audience. It can even indicate the existence of a profitable market that the company has yet to tap into. This new avenue can be something the company can consider expanding on in the future.
Develop products that meet consumers’ needs
Data analytics can enable a company to uncover a new trend or make a bold prediction regarding the market’s future state. This information can provide a springboard for the company to develop a new product to capture the market’s attention.
Increase operation efficiency
Data analytics can help a company explore various ways for it to streamline its operations. The data provided allows an entrepreneur to identify any potential issues from the company’s operating procedures and resolve them as soon as possible. In the long run, a streamlined system of operations can help the business maximise its profits.
It can also help a company pinpoint which products are selling well and which products are faring poorly. This information can allow the company to discontinue any products that incur a loss and focus on those making a profit.
Conclusion
Most companies typically employ trained data analysts to gather and analyse data based on their products. For small businesses with a tight budget, the owners may want to consider taking up a data analytics course to learn the fundamentals and study the data themselves.
BridgingMinds offers a data analytics training programme that teaches attendees how to process the collected data, clean the information up, and utilise the tools and methods to examine it. We are listed by IT.com.sg as one of the top firms in Singapore to offer such a programme. Our certified data science specialist programme is eligible for SSG training subsidies, so that is another incentive for business owners to sign up.
Hurry up and register now before the slots are filled up! We also offer certified ethical hacker courses for those interested in upgrading their IT skills.
