Have you ever wondered how companies like Amazon and Alibaba have aced the business field and outshone competitors? The answer to this is partly due to their ability to make full use of data analytics.
E-commerce giant Amazon leverages big data analytics for predictive analytics, which is used for targeted marketing. The services that they provide, such as Amazon Pantry, Amazon Pay and Amazon Web Services (AWS), make use of data that is collected on a regular basis to offer superior services to the customer.
A fine example of this is the personalized recommendation list that each Amazon customer receives based on their previous purchases. Similarly, Alibaba is thriving in the market by using data analytics to predict buying trends and to understand consumer behavior.
Data is the most valuable asset that is available to organizations, however, unless it is used effectively, it will not be able to help an organization progress in the business field. Business leaders must realize that using data analytics strategically can be a potential game changer.
Data analytics for business
According to research by Techjury, 2.5 quintillion bytes of data is generated every day and the big data industry is expected to grow by $103 billion by 2023 globally. These astounding numbers highlight the impact that this industry will have in the future and how leaders must start looking into new and more developed ways to use big data analytics for business.
Organizations that struggle with implementing data analytics are in danger of falling behind their competitors. Though, a crucial point here is how can an organization step up and make full use of data analytics for business?
Make data relevant
The first step must be to create a work culture where data is given its due importance. Data-driven decisions need to be encouraged and analytics must be seen as a strategic asset. This also requires commitment from the leaders of the organization, who should have a “data analytics first” approach.
Introduce operational policies
Every organization uses data analytics differently and devises strategies accordingly. For example, Tesla uses real world insights collected through big data to make automated driving a safe experience, Netflix uses the same data to give a personalized experience to customers and Spotify goes a step further in creating marketing campaigns where data is used to create emotive stories to connect with the audience.
Hire the right talent
Getting the right talent on board is crucial for organizations that are looking to make good use of big data analytics. Additionally, it is also necessary to give adequate support and proper training to a specialist so they can work to their full potential.
Align data analytics with strategy
If we look at the way Amazon, Tesla, Spotify and others have used data analytics, it is evident that every brand has its own approach and goal in mind. Similarly, as an organization, you must be able to define both short-term and long-term goals that are suitable with the implementation of data analytics.
Making it big with big data analytics
Big data analytics is an easily available and accessible technology. The only difference is in the way companies optimize and implement this technology. Brands that have used data analytics innovatively, have been able to target their customers effectively.
Starbucks used A.I. to send personalized emails to its customers and offers customized drinks that caters to its audience. Observing and using customer patterns to make personalized suggestions is an excellent way to build customer loyalty. This helps the brand stand out to the target audience even in a saturated market.
Additionally, it can streamline your marketing campaigns and turn them into targeted campaigns that reach the right people at the right time. With big data, you can easily monitor your audience and understand their purchasing decisions, which allows you to develop smarter strategies and meet customer expectations.
Data analytics for business can also identify potential risks and help improve the effectiveness of risk management models. Given that you can no longer simply rely on instincts to bring innovative products into the market and meet customer demands, data analytics allows you to track real time customer feedback to design new products and services accordingly.
Data analytics is becoming one of the most in-demand sectors in the business landscape and you can pursue a future-proof career in this field by enrolling in the Diploma in Data Analytics Co-op program offered by Trebas Institute Toronto.
This 12-month full-time program gives you access to the tools and knowledge required to be a valuable professional in this field. Students will be taught by experienced faculty in a small classroom environment with access to the latest learning tools.
This diploma program will focus on collecting data, analyzing data, creating data design and making effective decisions using data insights. Students will also learn about data visualization, SQL, SAS and will gain practical experience using appropriate software and technology.
To learn more, click here.