Ways How Data Analytics Can Make You a Better Entrepreneur

by October 12, 2018 0 comments

Data analytics is very beneficial today. One of the ways that it’s helping is by creating better entrepreneurs. Check out what it can do for you here.

Healthcare isn’t only big business, it’s serious business. AI is making its mark here as well. There are several ways it’s improving things today. With all the changes that are occurring big data analytics has an immense potential when it comes to generating great value for your business. This is why it’s so important to integrate big data analytics in educational programs to enrich student’ understanding of the role of big data, especially those who want to explore their entrepreneurial ways and improve their effectiveness. To make a solid case for this it’s important that we first understand how the healthcare “industry” as we know it is now changing.

 

The Rise of Big Data and Analytics

The big data market is rapidly growing today. Many people believe that it’ll be worth $114 billion by the end of this year. This is because analytics solutions are making it easy to compile information, process and analyze it, and even assist with automated, smart queries and accessible, visually rich reporting.

 

Driving Down Costs

Inc. says when you have a seasonal business you can expect to have up to 10 times the demand on those days. To handle this you must have a very flexible labor force. The best way to improve your staffing needs here is to turn your analytical focus inward. This will also help you manage your operational costs.

 

Data Analytics for Superior BI

Thanks to today’s advanced self-serve data analytics tools it’s easier to gather information and make both data prep and analysis easier. When all this data is automatically processed you can get straight to the information you need without spending hours compiling data and hunting down the trends and important correlations. This will help you pay attention to your business and also help to evaluate the business growth.

 

Improved Efficiency – Save Time and Money

BI provides you with immediate answers to your business’ questions so you can make decisions faster without wasting time reading through countless pages of reports before making a move. With a good BI dashboard, you’ll have high-quality visualizations that help you quickly digest large amounts of data so you can get to the important trends. With reduced latency in your data syncs, you’re able to quickly make decisions so you don’t miss out on any of the current trends. Cloud warehousing, governance, and embedding are also important because they let the right people get the data they need, when they need it, on the device they want to use, from wherever they’re located, even if they’re not skilled IT professionals.

Once you put these systems in place, you can get insights into how your business is performing, which helps you pinpoint areas of your workflow and operations processes that need work. Once identified, you can create a plan to improve on these things. Once you’ve done so, you’ll want to review the data again to see how it changes.

Integrating BI processes into your daily operations is important. In fact, about 45% of those who were recently polled admit to checking their key performance indicators (KPIs) daily and another 17% say they check them hourly. Imagine how much time you can save if you stop gathering this information from multiple sources since it’s all in one central location. With the time you save you can focus on other important business tasks. If you’re paying employees to do these things for you, then imagine how much money you’ll save on labor costs.

 

Learn Your Customers’ Behavior to Better Serve Them

Your G-suite CRM Software combines data analysis and BI to give you an idea of what people are and are not buying. You can then use this information to learn why this behavior is happening, what products you should get rid of, and how to improve on the products people love. Some of the other things you can learn here include:

•  What promotional placements and creative iterations convert the best

•  Future opportunities based on your various audience targeting parameters

•  Whether your website is confusing or you’re writing compelling product copy

•  If your calls-to-action are effective

•  When customers are concerned with your pricing

 

Find Upselling and Cross-Selling Opportunities

Huffington Post says the customer data that’s available in BI tools helps you adjust your business model based on what’s happening in the rest of your business. When patterns are noticed, you’ll discover what your customers are responding to best, which will provide you with numerous upselling and cross-selling opportunities. Identifying these opportunities starts with listening to your customers.

In the B2C sector you’ll want to research what people are saying about your brand and products on social media. You may even want to email out a short survey.

In the B2B sector you should take time during your account reviews to discuss what initially brought your customers to you, why they continue to do business with you, and how your product/service is directly helping them.

Once you find things you want to offer your customers, you should decide if you want to do so online like how Amazon creates lists of products other customers have purchased together with the item that’s in your shopping cart. You could also bundle products together so it’s easier for your customers to add multiple related products to their cart with the single click of their mouse. These are great ways to make more money with little to no additional effort. It also shows your customers that you’re being as helpful as possible.

 

Conclusion

With the rise of big data and analytics companies the business world has been drastically changed. Now that big data and the use of data analytics are being adopted more frequently, business owners must have strong multidisciplinary skills when it comes to a knowledge of statistics, econometrics, computer science, data mining, law and business ethics. These are things that higher education institutions are starting to change in terms of teaching these things today. They’re also working to reorient themselves toward the development of new approaches and novel advancements in their programs.

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