“Data”, “big data”, “data analysis”, “data driven technologies” are currently a series of keywords that receive a lot of attention, most in recent years when the world is entering the era of digital technology. So what is data analysis and what role does it play in business growth? Let’s find out in this article.
To understand what data analysis is? First let’s explore a related concept is “Business Intelligence” (BI). BI is the process and way of using data to assist administrators in making business decisions, BI is also a system that allows collecting and analyzing data, presenting business information.
Business Intelligence benefits
Business Intelligence (BI) is used to capture and detect business problems in data thanks to:
- BI self-learns from data and offers specific solutions for businesses or products they are selling.
- BI helps managers to check whether sales and marketing strategies, plans are running well or not
- Always monitor throughout the implementation process to promptly make the optimal decisions or suggestions from the data report.
Data Analytics – data analysis is known to be part of Data Science. Data Analytics is a process of building questions and problems based on data sets and finding methods and algorithms to solve those problems, the results of this process (method, algorithm) are used for decision making in BI. In short, it can be simply understood that Data Analytics is a “subset” of BI.
Data Analytics gives us a detailed understanding of how companies collect data from the beginning and how to analyze them to obtain Insights – the inner value of data.
The data analysis process gives managers accurate predictions about what will happen in the future. Measures based on the results of analysis, to overcome current problems and other development strategies.
This is also success, the final destination of BI. Data analysis is the answer phase for the data set questions leading to the decision making phase in the master diagram of the BI.
In short, applying Business Intelligence to your business means doing Data Analytics. That is, Data Analytics is how companies achieve efficiency from the application of BI.
After distinguishing BI and Data Analytics, we come to the benefits that Top Business Intelligence companies in India bring to serve business goals.
Data Analytics can change, customize the products and services provided to customers
The amount of data coming from websites, social networking sites, or smart applications with Internet connection, etc is very large and very necessary for analysis. These data not only provide information about the market but also provide extremely useful customer personal information.
The company can thereby know the needs of each customer and offer suitable products and services to them. Customers will quickly feel satisfied and willing to trade.
Data Analytics helps develop and build digital marketing campaigns
Data Analytics is currently a popular and extremely important tool for e-commerce companies.
Analyzing data about customer behavior on e-commerce websites such as:
- Customer look up product line
- The price range the customer is looking for
- Demographic data
- Personal information of customers saved on social networking sites and websites etc
Based on analysis results combined with specialized software and tools for direct marketing – marketing, to avoid cases, customers leave without choosing a satisfactory product.
The results of analysis help to come up with products that match the customer’s desires, both the taste and the price they want to pay.