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THE IMPORTANCE OF DATA ANALYTICS IN TODAY'S BUSINESS WORLD

THE IMPORTANCE OF DATA ANALYTICS IN TODAY'S BUSINESS WORLD

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We are in a digital world where Data Analytics is one of the tech courses in vogue. This skill, Data Analytics has been of help to different sectors in solving various problems. So as an entrepreneur or business inclined, one may ask “What is the importance of Data Analytics in today business world”?

BELOW ARE SOME TIPS ON HOW DATA ANALYTICS CAN BE OF IMPORTANCE IN TODAY’ BUSINESS WORLD.

TO PERSONALIZE CUSTOMER’S EXPERINCE…. Business collect customer data from many different channels like E-commerce and physical retail by using Data Analytics, to create comprehensible customer profiles to gain insights into customer’s behaviour in providing a more personalized experience.

IT HELPS TO INFORM BUSINESS DECISION MAKING…. Enterprises can use data analytics to guide business decisions and minimize financial losses. This can be achieved with predictive analytics which can suggest what could happen in response to changes in business and prescriptive analytics which can indicate how the business should react to these changes.

STREAMLINE OPERATIONS…. Organizations can improve operational efficiency through data analytics. Gathering and analyzing data about the supply chain can shows where the production delays or bottlenecks originate and help predict where future problem may arise.

ENHANCE SECURITY…. All businesses face data security threats. Organizations can use data analytics to diagnose the cause of past data breaches by processing and visualizing relevant data. For instance, the IT department can use data analytics application to parse, process and visualize their audit logs to determine the course and origin of an attack.