Revisiting the importance of data analytics and Data Analysis

Data analysis is treated as the last straw and is the solely effective and efficient coping mechanism for businesses and markets that were beaten out of shape by the pandemic. An alteration in supply chains and productions, a change in consumer behaviour during and post pandemic had put marketers in a soup because not only the production methods but the delivery methods had to be altered as well. Simplicities were met with complications.

The scenario has not changed and for this reason alone, marketers are vehemently taking to data analytics in order to deal with the avalanche of data that keep mounting one above the other. Besides reportedly, business organisation employing data analyses are likely to have their data in order and carry out business functions flawlessly.

Tough times that have taught us about Digitalisation

The times in which people are locked away in their houses, unable to step out, the digital medium are the one that are keeping us connected.

Anil Bhatia highlights the importance of digital transformation of business organisations and have praised the ones who are taking digital transformation seriously. It is important for business to inculcate digitalisation in their infrastructures so that the human workforce is not required on field and that machines are enough to carry out tasks on their behalf. This is one wise way to ensure prevention from the virus.

One cannot talk in absolutes when it comes to marketing strategies. Strategies are always in a state of flux and decisions are made on what rocks the boat of and effective market. Owing to the same, businessmen and organisations are adapting to digitalisation to meet their desired ends.

The companies that have integrated Digitalisation have gained:

1. Better ROI– The primary objective of any business company or organisation is to ensure a handsome Return on Investment (ROI). For this reason alone, companies keep experimenting with the strategies. In the present times, where millennials are said to spend more than 7 hours on shopping, start-up businesses and even the local ones, taking on to social media can stand on the shoulders on benefit.

2. Better customer retention– Analysing consumer data with the help of AI-driven bots and machines, helps the marketers to learn about their customers more intimately. On evaluating the current status and needs of customers, the marketers can apply strategies of re-marketing in order to remind their customers about the products in their wish list. This can result in better customer retention.

3. Personal engagement– Several business giants like Amazon, rely on AI-driven chat bots to get into conversation with customers in cases of queries and collect feedback. This helps the company to have a record of the responses for future purposes.

4. Customer loyalty– Companies that put data analysis to use know their customers a bit more personally with the help of data gathered and interpreted by machines. This helps the companies to evaluate their marketing strategies of their customers, ensuring their loyalty with the company.

Data Analysis also aides in proper SWOT analysis

Proper data analysis and a glitch free SWOT analysis are directly proportional to each other. The plethora of data produced and gathered on customer feedbacks in forms of invoices and comments on e-commerce platforms also need to be evaluated digitally with the process of data analysis.

Analysing this data will apprise the company about its current status in the market along with its performance in the market. To sum it up, it would make the Strengths, Weaknesses, Opportunities and Threats clearer to the business organisations.

Data Analysis for Automated Remediation

Automated Remediation is the newest development in the field of data analytics. Automated Remediation aims at resolving disputes that arises during data analysis. This innovative development is also famous for incident management at business organisations.

Given the situation today, it is impossible to craft effective marketing strategies without bringing digitalisation and data analysis into play.