Byte-Sized Brilliance: How Data-Based Businesses Thrive With The Power of Analytics
April 16, 2021 IrfanNaufal

Attributed to Mritunjay Kumar, Co-Founder and CEO of Insightzclub

In this day and age, information is almost always at our fingertips. With the explosive properties of big data, an astounding amount of information is constantly being generated from various sources. For a company, regardless if they are a startup or an established cooperation, grasping control over data is inevitable for growth and ultimately, success. 

More than 80% of Malaysian businesses agree that data analytics and business intelligence software is vital for any business operations in today’s business landscape. Furthermore, 90% of these companies use data analytics to bolster their performance. By having a robust database, businesses are empowered to plan their strategies more efficiently – leading to various benefits such as reducing risk of deficits, projecting future trends, and more. 

Boosting Marketability

Businesses must keep up with societal trends and the local economic landscape to strategically position themselves in the market. Understanding recent industry discourse and its impact is essential for this positioning. With thorough analysis, businesses can craft marketing strategies tailored to their unique selling points (USP) and stand out amidst even the densest industries. 

By having robust data on the market trends, businesses can also optimise campaigns for better results. For instance, this data can be used to conduct a methodology known as split testing  to determine which marketing strategies are most effective. This method enables companies to identify which variation is preferred by their target audience before scaling up the campaign – efficient and cost-effective. 

Retaining Loyal Customers

Ever wondered how Apple has been able to uphold an unbreakable ecosystem for decades? The answer lies in one of the most valuable data for all businesses: consumer behaviour, the crème de la creme of business analytics. From demographics, buying habits, and direct feedback, each information can make or break the chain of customer relationships. Offering your customers exactly what they want and need is easier said than done. However, for the businesses that are able to achieve this, it is a powerful tool to ensure immense growth and retain a loyal customer base in the long run. 

Obtaining Accurate Projections

Using predictive analytics enables businesses to not just maintain their strategies but to stay ahead of the game. With consistent insights into both the company’s internal strengths as well as the market fluctuations, data can forecast highly accurate future trends which can be the key to the business’s continued success.

Getting this ‘glimpse’ into the near future, patterns, opportunities and obstacles can be identified. Especially for the latter, many companies tend to avoid taking risky actions out of the fear of the unknown. Through data, accurate projections help businesses overcome this challenge to secure great rewards and outrun their competitors (who may be fretting over those exact uncertainties). 

Improve Business Operations

By analysing data, businesses can identify inefficiencies in their day-to-day operations to streamline processes – leading to the reduction of costs and optimising manpower. Industrial engineers can analyse data to look for ways to make even the most complicated operations run more efficiently. This works especially well with the theory of constraints – identifying the most important limiting factor that stands in the way of achieving a goal and then systematically improving that constraint until it is no longer the limiting factor.

According to the NewVantage report, almost 92% of Fortune 1000 executives say culture is the biggest impediment to putting big data results into practice. Businesses will need to train employees to utilise data for maximum effectiveness. For instance, inventory expenses will often come with the risk of tying up capital from unneeded inventory. With the help of data analysis, businesses can predict sale patterns and reveal the most optimal time to purchase inventory as well as how much inventory to keep on hand. 

To cultivate this database and train data-based employees, businesses can opt for various workshops or seek the expertise of competent data research companies like Insightzclub to navigate this transformation. By having a dedicated team that will be able to deliver highly personalised insights, companies of all sizes can benefit from better decision-making, smarter marketing, and higher return on investments (ROI) in the long run. 

In today’s competitive business landscape, data analytics is no longer a luxury but a necessity for any business to thrive. Companies are increasingly leveraging data to drive growth and make smarter decisions. Don’t get left behind – it’s time to embrace data and propel your business to the next level.