Can business analytics be used for investigating the market?
Definitely. Data analytics is a core function of market research. Whether you are conducting surveys from consumers to find our interest in a specific service or item or gathering industry data about product sales, advertising spends and other quantitative metrics there is always statistical analysis to be done.
Companies have widely embraced the use of analytics to streamline operations and improve processes. But implementing analytics data that informs intelligent and effective business decisions is not as easy as a snap of the fingers.
In a survey conducted by Bloomberg Businessweek Research Services, nearly 97% of respondents reported their companies have adopted analytics. The three most sought-after goals were the ability to reduce costs, increase profitability and improve risk management. However, many organizations struggle with making sure the data is accurate and consistent.
Analyzing data more often than not increases efficiency, but also helps identify new business opportunities that may have been otherwise overlooked, such as untapped customer segments. In doing so, the potential for growth and profitability becomes endless and more intelligence-based.
Many professionals can discern short-term trends but are less proficient at predicting obstacles that plague their business down the road. Computer models based on data analytics help companies see shifts in what customers buy and give a clear picture of what products should be highlighted or updated. Whether it’s a production concern, a customer service issue or a deficiency among your employees, analytics can help to highlight key areas of concern when it comes to your venture’s ability to make a profit.
Big data has also been used as an HR tool to recruit prospective job candidates. Collecting data from many different sources allows companies to assess a candidate’s skills and traits to help determine how they could fit into the corporate culture and workplace.
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