Any half-serious manager understands that acquiring massive amounts of business data doesn’t guarantee you anything. Many even feel overwhelmed by it. Data analytics can offer statistics into many business aspects, both relevant and irrelevant. But the real question is – how to make those insights truly useful and profitable?
The challenge lies in the proper structure of the gathered data as well as correct usage of suitable analysis tools to understand that data correctly. Let’s examine how data analytics can help you boost revenue, improve client satisfaction and direct your business.
Understanding customer’s choice
If you offer a child a choice between two or three ice cream flavors, it will probably make a decision fairly quickly. However, if the choice is between ten different flavors – a decision-making fiasco ensues. Point being – sometimes having too many choices is just as bad as having no choices at all. This is a symptom of the modern world. Customers are often confused by the vast range of competing products and therefore have a problem to decide which one is the best.
Data analytics can help you better understand the habits of your customers. You can use that acquired knowledge to create/re-create your own products according to …