Growth / Planning & Strategy

Data analytics plays crucial role for modern businesses

Karen Anthony

Updated: Dec 21, 2023 · 4 min read

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data analytics

Businesses are driven by data analytics these days. Data is collected, processed and analyzed to understand business performance, the mood of the buyers and other business aspects.

Based on the data analysis, crucial business decisions are made. The success of businesses largely depends on the decision-making process. If decisions go wrong, a business may fail.

Decisions must be made based on data, not emotions. Thus, data analytics is important for any business today.

Now, the question is how should the data be used? Also, how should it be collected and processed? Efficiency in data processing is required, as that will ensure the supply of proper data. When proper data is supplied, a business can enhance its chances with precision. The business can do extremely well when data is processed with proper steps. Methodical data processing is important, and in every stage perfection has to be attained.

Collection of data from website

When it comes to data analytics, the official business website can be the platform where you can potentially collect a lot of crucial data and important business decisions can be conducted.

The website can collect data of the visitors to the website. It can take feedback from the website visitors as well. For a website, the following data is regarded as crucial:

• The most important thing is to find the number of visitors. Your business is doing well when the website is getting an increasing amount of visitors on a daily basis.

• Apart from visitor count, you need to understand the behavior of the visitors. Some business websites get a good number of visitors, but that doesn't help in the long run. For business growth, it's important that visitors stay on the website and browse different pages, determining the average time that visitors spend on the website. If the time is low, the website must undergo certain changes so that it can become visitor friendly.

• If the visitors are not navigating to inner pages of the website, it's also a reason for concern. That means your website is not poised with a proper navigation system, and that can cause problems.

• Another thing to check is the behavior of the visitors on the website, which can be tracked. Analyzing such data will help business owners or decision makers understand how the website performs. The overall performance should increase visitor satisfaction, revealing a lot about the visitors’ behavior.

• Last, but not least is the direct data collection from visitors or customers or clients. Your website should have a feedback section, where visitors can leave reviews. Using these reviews, you can make certain changes to the website, and that can help your business become more user-friendly.

Collection of crucial business data from social media

Almost all of today's businesses have a social media handle. Social media is regarded as a platform that can help businesses grow. Business marketing campaigns are conducted on social media. As a result, it has become a platform where businesses can engage with customers or clients easily. Businesses can showcase and sell products or services directly through a social media platform. They can announce various business offers, discounts, or freebies.

Moreover, businesses’ social media profiles share stories of the clients or customers. Data collected from social media can be used meticulously for the purpose of business promotional activities.

Social media has been regarded as a terrific source for collecting data because it establishes a platform between buyers and sellers. The social media platform or profile of a business can collect feedback from the buyers as well as data through analytics. As a result, crucial data can be used for making crucial decisions for the success of the business.

Evaluation of data relevance and accuracy

Evaluating the relevance and accuracy of the data is the most important part of the business data analytics model. Experience and expertise are regarded as crucial virtues when assessing relevance and accuracy. If data is inaccurate, it can potentially cause business issues and potentially lead to improper decision making. As a result, a business can suffer from major losses due to poor decision making, and certain flaws in business management may happen, and that is surely a waste of money as well as efforts for the business.

Better business insight

A business owner can gain better insight with data analytics by understanding the performance of every step or stage. To understand the performance of the business, data must be kept in mind. Data analytics will help a business know its performance, acceptability, social media activity, and many other aspects. Nevertheless, the brand value of the business can also be evaluated through a systematic data analytics process.

About the author

Karen Anthony is a Business Tech Analyst. She loves to share her knowledge and experience with her friends and colleagues.

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