Data analytics is an essential asset for companies for obtaining a competitive advantage. Here are a few sectors where data analytics can make a difference.
• Product development: Data analytics enables both prediction and knowledge discovery capabilities. It helps in understanding the current state of the business or process and provides a solid foundation to predict future outcomes. Data analytics enables businesses to understand the current market scenario and change the process or trigger a need for new product development that matches the market needs.
• Targeted content: Knowing what customers want beforehand makes marketing campaigns more customer-oriented. It enables companies to customize their advertisements to target a segment of your entire customer base. It also helps them to determine which segment of customer base will respond best to the campaign. Moreover, it saves money on the cost of convincing a customer to make the purchase and improves overall efficiency of the marketing efforts.
• Operational efficiency: Data analytics can also help companies identify other potential opportunities to streamline operations or maximize their profits. It helps identify potential problems, eliminating the process of waiting for them to occur and then take actions on the same. This allows companies to see which operations have yielded the best overall results under various conditions and identify which operational area are error-prone and which ones need to be improved.