Any business who is wishing to expand their operations or to simply increase their profits (that’s all of them, right?) needs to be using data analytics. Currently, 76% of executives have not created a data-driven organization, but the 24% that have are 178% more likely to generate greater revenue and greater profitability than their peers.
So, who exactly needs data analytics? There are certainly some tell-tale signs that analytics will be helpful to you. Firstly, if your business does not have metrics to measure progress and success; if you receive data in email form without any visualization; if you have a weak lead conversation process; if each department’s data is stored separately; and if waiting on data slows down important business processes.
With a clear understanding of purpose, proper expert support, quality data processes, and proper tools, data analysis can transform your business. It can help you to identify opportunities for expansion, identify potential risks, and improve customer acquisition and retention, among other things.
Infographic by: Infotrust.com
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