
Did you know that 90% of the world’s data has been created in the last two years? It would seem that this incredible abundance of information should solve all business problems. But the reality turns out to be much more complex. Most data remains untapped, like an abandoned gold mine. Companies lose the ability to make accurate decisions, improve efficiency and minimise risk, simply because they don’t know how to properly work with this resource.
So the question is: can your business afford to ignore such value? Big data analytics and such tools as already proven to be effective. Studies show that companies that use data analytics services for decision-making increase operational efficiency by 60%. But unfortunately, many entrepreneurs think, ‘It’s not for me. It’s too complicated. Expensive.’ These are myths we’ll dispel. Coursera’s “Data Analytics” course will teach you all about data analytics, including what it is, how it is used, and some examples.
Let’s explore why data analytics is no longer a luxury, but a necessity, and how it can become your main competitive advantage.
The role of big data in today’s business: Your map to success
Big data isn’t just a buzzword. It’s an asset that helps companies better understand customers, optimise processes and stay competitive. Let’s have a look at how data is changing the way we do business.
So, data is not numbers on a screen, but a tool to make better decisions.
What it means. Every time a customer visits your website, buys a product or writes a review, they leave a trail of data. This data can be collected, analysed and used to create a more personalised experience, optimise your supply chain or develop new products.
Real-world examples:
- Amazon: The company uses analytics to recommend products. In addition to customer convenience, this approach significantly increases sales.
- Airbnb: By analysing user data, they offer unique travel experiences that match guests’ interests.
Problem: However, in the experience of customers who use N-iX’s data analytics solutions, despite the benefits, many companies simply don’t know where to start. Data is collected chaotically, stored in different systems, and is essentially useless.
Solution: The first step is to implement automated analytics systems. Even simple tools can provide valuable insights. If your business isn’t already using data analytics, you’re literally leaving money on the table.
Analytics to minimise risks and improve forecasts
Have you ever wondered how convenient it would be to anticipate changes in the market or avoid losses? That’s exactly what data analytics do. They help you not only solve problems but also prevent them.
How it works
Predictive analytics allows a company to analyse historical data and predict the future. For example, retailers use analytics to manage inventory to avoid overstocked warehouses or shortages.
Algorithm:
- Collecting historical data.
- Analysing current trends.
- Creating a model that predicts future customer, market or business process behaviour.
More specifically: A well-known logistics company in the US was facing supply chain disruptions. Using analytics, they were able to predict where bottlenecks might occur and prevented millions of dollars in losses.
You might argue, ‘We don’t have the right data.’ But the fact is that even minimal information can be useful. For example, small businesses can use social media analytics to understand audience preferences. Keep in mind that when it comes to risk management, it’s data analytics that can be your insurance policy.
How data helps businesses stay ahead: Secrets of success
Today’s business is like a game of chess, where the winners are not those who simply react to their opponent’s moves, but those who see three steps ahead. Data are your queens on that board. They don’t just analyze the past, they enable you to predict the future and set the rules of the game.
Real-world example: How Netflix captures viewers’ attention
Think back to when you turned on Netflix for the umpteenth time. It seems like an ordinary platform, but why exactly are you being offered the exact show you’ve been wanting to watch for a long time? It’s all about data. The service analyzes your behavior: which movies you watch until the end, which ones you abandon in the middle, at what time you prefer to immerse yourself in the world of cinema.
And what does it do? A personalized approach retains viewers. People feel understood. They become more loyal and less likely to consider changing platforms. What’s more, a new user just visiting the site immediately feels like “their own” — they are served on a platter exactly what will resonate.
Key ways to apply data in business
- Personalizing the customer experience.
Every customer wants to feel unique. Imagine, you walk into an online store and it already knows what you need. It’s not just a nice-to-have, it builds trust. And trust is the foundation of a long-term relationship with a brand.
- Analyze marketing campaigns.
Have you ever wondered why one marketing campaign “shot” and another didn’t? Data provides the answer. They show you where your customers are spending their time, what they’re interested in, what channels are most effective. Most importantly, they help you save resources by directing them to where the results will be maximized.
- Demand Forecasting.
How to avoid the situation when the goods are lying in the warehouse and gathering dust because the market has “cooled down”? Or vice versa — a shortage that will cause customer dissatisfaction? Data allows you to not only react to the current situation, but also to anticipate changes.
Why do many people still rely on intuition?
It’s a matter of habit. Executives are often afraid to trust the numbers, believing them to be “too complex” or “not always accurate.” But the reality is this: even the most experienced entrepreneur cannot cover the entire array of information and take into account the smallest nuances. And the market is changing so quickly now that intuition simply doesn’t have time to keep up.
Your main ally is analytics
Companies like N-iX are now helping businesses adapt to new realities. They modernize data platforms, prepare them for artificial intelligence technologies, and help you find insights that deliver concrete results.
Imagine your data is a mine of gold. You can guess its presence, but only with the right tools will you start extracting the gold.
The real strength of a business is its ability to be agile and always one step ahead. Data isn’t just numbers. It’s the key to your future success. Start using it now so that tomorrow you can be the one who defines the rules of the game. Investopedia knows all about data analytics: What it is, how it’s used and the 4 main techniques.
Conclusion
The time to act is now While till recently data analytics was the choice of only large corporations, today it is available to every business.
What it brings to the table: Data helps you make more accurate decisions. Analytics minimizes risk and improves forecasting. Personalization and strategic flexibility provide a competitive advantage. Do not let your competitors outsmart you. Have your business’ potential judged with data analytics today. Contact the field experts and let the transformation begin today!