Dealing with good data is vital for making great decisions – but it’s only useful once you’ve turned that data into insight. With four in ten businesses already struggling with the volume and complexity of their data, realising its true potential means taking advantage of the best tools and advice.
A business which knows its customers is one with the power to build positive relationships and deliver the kind of personalised service today’s customers expect – yet in this complex era of big data only 35% of organisations are able to draw any value from their data sets. Intelligent use of analytics can help you turn information into insight.Speak to an expert
Analytics tools are not only good for generating insights about your organisation’s current state of play. Tap into the right data sets and predictive models and you can uncover opportunities and risks which may occur in the future. With the right analytics you’ll be able to make the perfect plan for your business, whichever way the financial market happens to swing.Speak to an expert
Performing precise analytics brings B2B interactions into focus. With the right data and powerful tools, you can offer your organisation all the insights you need. That includes everything from potential prospects and marketing opportunities to deep dives to uncover exactly who you’re dealing with – and just what kind of footing your relationship is likely to stand on going forward.Speak to an expert
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Below are some of the common questions around data analytics and our answers.
Data analytics is a way of processing and analysing vast quantities of data. Insights are the useful pieces of information generated by this process, which a business can use to make strategic decisions. The main difference between analytics and advanced analytics is the levels of information you’re able to analyse and gather from your data. Basic analytics looks at your own business’ data in a simple format. Advanced analytics uses a wide variety of tools, techniques and datasets to provide more in-depth insights and reporting. Advanced analytics is able to look at Big Data and make more complicated and accurate decisions than basic business analytics.
Data is the raw information a business or organisation holds, often for the purposes of answering questions or understanding a situation. Insight is the useful information gleaned from analysing it to find patterns, trends and associations. Analytics is the statistical examination of data to reveal patterns, trends and correlations that can be used to inform business decisions.
Data analytics is used across the private and public sector and in businesses large and small, for a wide variety of reasons. It can be used to help organisations make informed strategic decisions, using facts and not instinct or guesswork.
There are three broad types of data analytics:
Data analytics is important because it helps organisations make better business decisions, understand their customers and suppliers better, and plan for the future. Our research shows that 77% of organisations plan to significantly increase their investment in advanced analytics and big data technology.
Data analytics and insights help businesses understand their customers and their behaviour, so they can make informed decisions about how, when and what products and services to sell to them. Your business can identify opportunities, mitigate risk and fraud, deliver the right products to the right people, improve customer experience and provide a personalised service.