What good are petabytes of data if you can’t properly utilize them? Data analytics is an essential part of businesses of all shapes and sizes in the modern era, and we’re here to explain why! From customer insights to internal efficiency, read on to discover how data analytics can upgrade your business.
Personalization
The number one thing that customers look for (whether they look for it consciously or not) is personalization. When you create an advertisement that could appeal to just about anyone, you’ve created an advertisement that’s easy to ignore for just about everyone.
The more you can personalize your offer to an individual, the more sales you’ll make. Data analytics helps you to identify specific characteristics of your customers so you can tailor your advertisements to each individual, increasing your chances of a successful conversion.
Informed Decisions
No great business operates in an entirely risk-free environment. You need to push the envelope and innovate in order to make your mark, but you don’t need to overwhelm yourself with risks. Data analytics allows you to make business decisions with calculated risks—literally. You can use data analytics to analyze the potential outcomes of certain decisions so you know how likely they are to succeed.
Operational Efficiency
Internal processes always have room for improvement. Data analytics can identify the areas that could use a little TLC and let you know where you need to devote the most resources.
For analytics to work, you need to have your information in the right database. Data migration isn’t overly complicated, but there are a few ways to do it right and a lot of ways to do it wrong. Make sure you have a plan when transferring data from a non-SAP to an SAP database.
Now that you know how data analytics can upgrade your business, take your company to the next level and start gaining actionable insights from your data. You’ll be surprised how quickly you can turn those insights into conversions.
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