Here’s how you can leverage data to gain deeper insights for business growth
Recovery from the COVID-19 outbreak has left many businesses searching for new and innovative ways to survive in the post-pandemic era. While most businesses relied on gut instinct and intuition to make valuable decisions, many of them have started shifting towards business intelligence and data analytics to make informed decisions.
This transformation is induced by a paradigm shift both in consumer behaviour and business operations. As a result, businesses are taking a data-driven approach and are integrating data analytics, AI, ML, and data science to optimise their processes and prepare themselves for future circumstances.
What does “data-driven approach” mean
Data-driven approach implies that all business decisions are made based on insights and intelligence derived from business data instead of instincts or assumptions.
This way of functioning gives access to more accurate, unbiased/reliable information, and helps the business to optimise its current operations and plan for its future growth with precise forecasts.
Using data to ensure business continuity
Better customer experience
The current times have left customers extremely cautious about what they are putting their money and resources in. The lockdown imposed worldwide has led to a surge in online shopping, with people from every age group shifting from brick-and-mortar to ecommerce platforms.
With such a wide range of consumers with varied preferences, businesses need to understand consumer behaviour and deliver relevant customer experiences.
Data analytics helps businesses draw insights about customers' shopping patterns, pricing, preferences, and other relevant data points.
These data insights help businesses in strategic decision-making about marketing, pricing, and delivering products and services. In addition, businesses can use sentiment analysis to gauge how customers will respond to their and competitor’s products.
During the pandemic, almost all organisations were forced to shift to remote working culture. Since the pandemic is not yet over, the remote working culture is here to stay for long. In such a scenario, it is vital for businesses to manage the workforce optimally.
Business Intelligence and Data Analysis help identify processes and other bottlenecks to take necessary measures to ensure that there are no delays or communication gaps in them.
Businesses can effectively use data analytics to determine the workflow for a specific time frame and arrange the workforce required to complete the operations smoothly. Data analytics can also be used to gauge the performance of teams operating remotely.
Ensuring data security
Since business teams are operating remotely, office networks are exposed to the external environment. As data is being exchanged over multiple platforms, it becomes imperative for organisations to ensure data safety.
Data analytics and business intelligence are extensively used to monitor system logs from multiple sources on a real-time basis.
IT teams across the organisations are building systems with the help of data analytics to monitor the users and keep a check on any discrepancies during the process. In addition, IT teams are conducting risk assessments using BI across all the users and machines.
A data-driven decision-making approach leads an organisation towards setting concrete yet practically achievable business goals. Various departments, with the help of data analytics, can monitor the metrics and measure the outcomes.
This leads an organisation to undertake incremental changes and improvements. With the help of a data-driven approach, businesses can spot problems and prepare themselves for the future. Real-time data analytics can be used to determine various factors that can lead to interruptions and design corrective measures to tackle them well in advance.
A data-driven enables enterprises to take insights based confident decisions every day. It helps them unravel new business opportunities, identify the risks and gauge industry changes, even before they occur.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)