Why Business Leaders Need to Take Data Seriously in 2021

  • 28th Feb'21
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Decision making is a crucial thing when you are a business leader. Your one decision can impact many people and a tremendous amount of money. With the amount of capital you lost in 2020 due to the pandemic, you want a high yield at a low cost in the coming year. And no matter what you need to retain your productive and experienced employees for that.

With the help of data, you can figure out your employee's requirements, the areas you need to improve, employee satisfaction, and many more. 


 

How business analytics can grow your business?

Business analytics is a great way to uncover hidden opportunities, identify trends and patterns, problem areas, and successes that can not be done by an ordinary person. It helps companies understand their customers, evaluate their ad campaigns, personalize content, create content strategies, and develop products in a better way. Also, data analytics can be used by businesses to boost their performance. Read more.

 

How Brands are using Big Data Analytics

 

1. To Boost Customer Acquisition and Retention

Retaining your old customers is more important than gaining new ones. Many business leaders state that retaining current clients is their number one priority. Using big data businesses observe various customer-related patterns and trends and these behaviors are important to trigger loyalty. The more data that a business collects the more patterns and trends the business can be able to identify. 

 

2. To Solve Advertisers Problem and Offer Marketing Insights

Every time you google something, like something on Facebook, or buy something online, you create data. By gathering information and learning user behavior, big data can be used to create targeted and personalized campaigns that ultimately save money and increase efficiency by targeting the right people with the right product.

 

Must-read: Do You Know About Strategic Networking for Business?


 

3. Drive Innovations and Product Development

Through various channels, organisations can study customer needs and can bring changes in the product, so that it fits the customer demands. Data provide the input for creative endeavours and new ideas. Analytics provide a foundation for data-driven innovation, creating and delivering new knowledge, and accessible information.

 

Go through the below links to know more about big data & data science:

 

  • All about big data

Click to read more about Big Data - Definition, Importance, Examples & Tools.

  • Some big companies that are using big data.

Various big companies like Amazon, American Express, BDO, Capital One, General Electric, Miniclip, Netflix, Next Big Sound, Starbucks, T-Mobile among others uses big data for various factors. Get to know how these companies are using big data.

  • Why Your Startup Needs Data Science

Setting up your startup is a great idea, but it is equally risky. Being innovative is the one way your startup can achieve success. By using data science you can automate tasks faster and more efficiently. Data science takes existing data that might not be useful on its own and combine it with other data points to generate insights that can be used by an organization to learn more about its customers and audience. Read why data science is important for your startup.


 

  • 31 data science companies you should know

Data science helps companies in making better decisions by extracting pre-processed and analyzed data. By doing so, it helps in the business growth of an organisation. For industries like agriculture, marketing optimization, risk management, fraud detection, marketing analytics and public policy, data science is an integral part. And it is helping in resolving many issues within individual sectors and the economy at large by using data preparation, statistics, predictive modeling and machine learning. Knowing its importance, one must have a connection with data science companies. Check the data science companies about which you must know.

 

Recommended: How Leaders Need to Communicate in the Virtual World?

 

We, at OpenGrowth, are continually looking for trending startups in the ecosystem. If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to our other blogs. 

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Jyotshana Rani, OpenGrowth Content Team

Jyotsana is very keen to express her views on new topics and wants readers to remember her through her writing. She is passionate about reading and believes that words wield the power of changing the scenario and she uses them to encourage people to the best of her knowledge.


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