11 Aug' 16

Investing In Data Analytics? Know Whether Your Business Is Ready For It

data analytics

 Tags:     analytics , Marketing

Before spending your business capital on analytics, it’s important to ascertain whether or not your company is ready for the same. Do you know what you’ll use the data for? Collating a lot of information and using the same for evaluation is not a good idea if you are unaware of the problem areas of your business. You must invest in data analytics only when your organization is prepared for it. Once you know where your business stands, what you want to achieve, and why you need to achieve it, you can embrace data analytics. Here are a few aspects to consider to help you integrate analytics into your system:

Having a Data Analyst

Though most of the business intelligence (BI) solutions are intuitive, there is still need for human interaction and assessment. Make sure that you have an experienced data analyst for assessing information, managing it, and for recommending necessary changes. With a single point of contact, there will no chances of confusion within departments. A dedicated data scientist can spend more time and allocate more resources to monitor and generate reports. Without a data analyst, you won’t be able to leverage your BI solution.

Having Relevant Data to Take Action

Data analysis cannot be done if you do not have relevant and credible information to work on. If your business does not have the access to workable data, you should understand whether you have the means to or possess the capability to collate and manage information. Giant businesses spend a whopping 40 percent of their IT budgets on storing data, and this means spending $25 for each gigabyte every month. So, you should consider the costs of data accumulation and storage before investing in analytics.

Taking Action

Once you learn about the problem to be solved, you have invested in analytics and have done a meticulous evaluation, it’s time to take action. Implementing a new marketing campaign or a new project can be actually expensive. With insightful data analysis, you possess the required knowledge to change business operations. It will help you to utilize your resources to initiate and accomplish the change.

Data analytics using BI solutions is a robust tool to boost your business efficiency. If you want to integrate data analytics solution into your system, or have further questions, contact us now.

Anjan Chatterjee

Senior Start-up Researcher

A passionate follower of start-up trends and an obssessive 'Game of Throne' fan, Anjan is the man we go for Start-up trends and tips.

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