The annual revenue of worldwide business analytics and big data is estimated to increase from $130 billion in 2016 to the recent $230 billion by 2022!
The global data volume is increasing uncontrollably and is expected to augment around 40% every year. The staggering increase in data volume is indeed troublesome for business companies to leverage according to their needs if they do not have sufficient technology to utilize it. The humongous amount of data can be handled by acquiring leading data processing tools. In numerous verticals like manufacturing, government, transportation, utilities, telecommunication, and professional services, data volumes are rapidly increasing. To successfully reap benefits from data analytics you must join the bandwagon. Read along with the top 10 key reasons why should you invest in data analytics if you are still wondering why?
10 Key Reasons to Invest in Data Analytics
One of the popular reasons that should readily make up your mind to invest in data analytics is that it can be used by any business type to get valuable data insights by processing bulk datasets. Today, we are living in a digital era where technology has revolutionized the world. To innovate your data processes at a quick speed you must seek multiple opportunities gained by efficient data analytics. The Internet has made data availability convenient for small businesses as well. It has led to a massive data revolution in recent years. Data is itself a complete package to upgrade your business functions it opens avenues to success with little time and effort.
Here are some top 10 reasons why you should consider investing your time, money, and business interests in data analytics –
Helps You Engage Better with Customers
Most often businesses aim to offer customers the best experience of their lives. Data analysis can assist you in identifying the ongoing market trends as per customer buying social behavior. The main challenge arising in the way to achieving business goals is by lack of supporting data, inaccurate data, or slow processing data. Investment in data analytics is not just to help businesses to drive useful insights but eases data procurement.
Incorrect Data Can Cost Your Business
Companies need to double-check every time that the data they are using is unique and accurate. All business decisions depend on the data outcomes that are achieved from proper data analysis. It is dangerous to implement business decisions backed up by inconsistent data. Discrepancies, inaccuracies, or any other confusing definitions of data analysis prove fatal to business growth.
Your Competitors are Already Investing in Data Analytics
According to the prestigious survey, it is recorded that almost 75% of companies have invested in data analytics or intend to invest in big data analytics worldwide. The competitors are following this powerful tool to enhance their data capabilities. It is estimated that the trend will soon become a business necessity to cut through the business competition. Therefore, it is vital to make use of the opportunity big data analytics provide to your business.
Can Help You Speed Up Your Firm’s Operations
Publishing and creating reports is an integral part of tackling business operations. Companies need to leverage human resources for carrying out basic computational processes. The reports generated are consumed by planning teams and forecasting to make major business decisions. Having good sound data analytics teams allows businesses to plan, forecast, and implement business decisions in the right manner.
Will Make Your Company More Secure
This is another significant reason for businesses to invest in data analytics. With increased data volumes there comes a higher risk of a data breach. In such conditions, organizational data is vulnerable to hacking. Investment in data analytics can help organizations provide great protection from external factors and threats. For instance, predictive analytics helps businesses to detect fraudulent activities and threats. The trend and regression analysis algorithms prove valuable for companies to identify irregularities within due time.
Cloud-based Solutions Will Reduce your Costs
When companies use big data sets, they can easily opt for cloud service providers to acquire computing and storage options. Cloud-based solutions assist companies in analyzing larger piles of datasets without getting over the budget or any kind of investment in hardware. As a result, many companies are using cloud-based solutions to store mass data volumes and use them when required for analytical applications.
Help You Find New Business Opportunities
This is yet another reason to readily convince companies to invest in data analytics. It opens doors for new business opportunities and helps to identify product sale trends. Nowadays companies use social media websites to gather customer data and leverage it for targeted ads. Data analytics can prove a major helping hand in getting the job done based on customer interests.
Easily Personalize Services for Customers
Companies must provide a personalized experience to their customers to make them feel special. This gesture in return improves your brand loyalty in the eyes of the customer. Data Analytics help segregate the dislikes, likes, and interests of customers in an understandable order. You can effectively use this data to target your company’s services to consumers and keep them motivated to buy more from your business.
You Can Monetize Data
Monetizing data is seemed to become a hot topic in upcoming years. Companies already view data as an important asset. In larger organizations data is regarded as digital gold. The next step of the organization would be related to increasing business economic benefits specifically from the collected data. Data gained from external sources, customers, partners, and suppliers will help you derive valuable insights that will lead to abundant business opportunities.
Aids to Create a Smarter Company
Down to the last but not the least reason to invest in Data Analytics for a smarter business. By moving towards the data-driven model to conduct business operations you can make more reliable key business decisions. However, companies must utilize efficient and standard means to capture data and share it with their core team leads for timely implementation. With interesting information analysis, you can make your business name across the organization. In the longer run, your business will become smarter and resilient to any arising complexity.
How ITS Can Help You With Data Entry Service?
Information Transformation Service (ITS) provides convenient Data Entry Solutions regardless of any additional investment of staff, resources, or infrastructure. By outsourcing your Data Entry Projects to us your company will be blessed with high-quality and diverse data entry-related options. Such quality service enables your data to be entered in various desirable formats with repetitive, inaccurate, incomplete, grammatically nonsensical words replaced to form better semantic clarity and understanding. Irrespective of the size and complexity ITS Team defines customized packages to directly answer specifically your business big data projects. If you are interested in getting ITS Data Entry Services you can ask for a free quote!