Does it? Or, is it only representing a massive pile of junk, yielding nothing but an increased workload? Data in today’s context is a priceless resource. But it is practically useful only when you have the right platform to analyze it and convert it into insights that drive business decisions. Accordingly, FABTARY, a trustworthy data analytics company, delves into some aspects of having an efficient and custom data analytics platform to help you make the most from your business data.
5 Ways Data Analytics Platforms Can Prove Game-Changers for Your Business!
As a modern technology company, we experience the wonders data analytics does for our company every day. It proves useful for us in many ways and can benefit your business as well. Here are five ways a data analytics platform can help you earn a crucial strategic and competitive business edge.
- Make Informed Business Decisions
The most significant benefit of a data analytics platform is enabling informed decision-making. These platforms process structured and unstructured data and deliver them in the form of business-ready insights helping businesses study past trends and patterns and derive logic from the insights to make thoughtful and meaningful business decisions.
These decisions could be tactical, strategic, commercial, or of any other type, depending on the data processed and insights looked at. Making the right decision can help increase a company’s chance to accomplish its goals and achieve success.
- Increased Proactivity and Predictability
Being reactive could incur a loss, as by the time you react to a particular instance, the damage would have already been done. However, being proactive refers to preparing for something much before it hits you. Market uncertainties are the perfect example, where proactive businesses with capabilities to make predictions prepare for them and have the resources and strategies to combat them effectively.
Tailoring a data analytics platform to your use can help stay proactive and make better and more informed predictions concerning uncertainties, market shifts, and technology evolution, changes in customer needs and patterns, and upcoming trends. The more prepared you are, the thicker your chances of survival and success.
- Mitigating Business Risks
Risks are an integral part of every business. However, while living with them, companies need not necessarily let them do any damage. Some types of common risks include data theft, fraud, online threats, etc. These can do strategic, reputation and significant commercial losses, perhaps which may take years for the company to recover!
A data analytics platform can allow businesses to identify patterns and establish correlations in data from multiple sources pointing at such potential risks. These crucial insights can help companies take preventive measures to mitigate potential risks and curb commercial or any other types of losses via real-time data monitoring.
- Augmented Efficiency and Productivity
Today, every company wants to do more in less. However, conventional approaches and processes prove little useful in accomplishing these goals. Instead, hiring a data analytics company and devising a custom data analytics platform can enable businesses to increase efficiency and productivity via process automation and streamlining. Companies can streamline their processes by identifying bottlenecks and avoiding duplication.
In addition, a data analytics platform can help companies identify areas requiring significant improvement, where they can reduce waste, eliminate redundant processes, and more. All these efforts can translate into increased efficiency and productivity. No wonder insight-driven businesses grow at 25-30 percent every year!
- Enhanced and Personalized Customer Experience
According to reports, 60-65 percent of businesses believe enhanced data analytics is crucial in enhancing customer experiences. Given the evolving needs of customers, where experiences drive feedback, references, and business growth, having a data analytics platform proves a critical aspect. Why?
It is all about data and insights. By delving deep into customer behavior and buying patterns, companies can identify areas of improvement and figure out ways to reduce wait times, streamline and expedite processes, and improve customer experiences.
Data analytics platforms can help businesses gain information that helps them devise personalized offerings much before the customers ask for them. In an age where customers look to be served immediately and with quality, such insights can prove gold to businesses in enhancing customer-brand interaction, journeys, and thus business!
Partner with FABTARY if you are looking for a custom data analytics company with a proven track record and experience. Our highly sophisticated data analytics platforms integrate the latest features and functionalities like data wrangling, data visualization, predictive analytics, geospatial and location analytics, AI and ML, and many more.
Earn the competitive edge and outperform your peers with data analytics solutions stitched exclusively for your business needs. Please write to us at email@example.com to learn more about our proposition as your prospective data analytics company.