Does DATA Matter?


Does Data matter or is the better question, is Analytics worth it? Of course I would say "YES!" since I create reports but what about you? I've heard arguments on both ends to the advantages and disadvantages to Analytics.


One cannot completely disregard the disadvantages because they are valid points.

High prices - Analytics can be expensive. Capturing data is not cheap. The more you want to capture, the more expensive it becomes. Data capturing tools can be pricey.

Bad data - Analytics can be bad. There is that saying, "to much of a good thing". A lot of data is a lot of data. Some of that data may be useless and just get in the way of the data you really need. If you are new to analytics, then it can just be overwhelming and cause you to just lump all the data together and overlook the data that you need.

Hard to read - Tied with the bad data is the hard to read data. To many data sources and data in different formats. To a newbie, it is confusing and again could become overwhelming.

Useless - You just don't like it or see the need. What can data do for me? I'm into relationships and trying to build my business. I'm not trying to build reports or charts!

Data breach - You don't feel comfortable capturing customer data. It's an invasion of privacy.


Like I said, valid points for the disadvantages. They could almost make me take the opposing view on capturing data. I did say almost!


With all things necessary, there are valid points for the opposition but much better points for advantages.



Found in the blog written by Yasmeen Ahmad, 5 big benefits of Data and Analytics for Positive Business Outcomes {https://www.teradata.com/Blogs/5-Big-Benefits-of-Data-and-Analytics-for-Positive-Business-Outcomes}, the benefits are:

Proactivity & Anticipating Needs - Analytics can help you proactively anticipate the needs of your clients. Viewing the data allows for seeing the weak points. People may feel areas where things could be better, but feeling is not seeing. Seeing that data provides a whole different perspective and provides some new ideas.

Mitigating Risk & Fraud - Data can help you reduce risk and reduce the chance of fraud. Data doesn't lie! If you trust in it and use it properly, then it can help limit the chances of guessing or making assumptions which can lead to disastrously results.

Delivering Relevant Products - The right type of data will make sure you are delivering the right type of products. What products are your best products? Which products receive the most views? These questions can be answered with analytics. One can view sales, clicks, and frequency of views.

Personalization & Service - Analytics can help you personalize your service. If you want to target a certain audience, then analytics can help you target that audition. You can determine how to market to your audience and personalize all services just for them.

Optimizing & Improving the Customer Experience - Analytics can help you get the best results and improve the customer experience. Golden Rule: If you treat someone nice, then they will come back! Honestly, I don't know if that's a "Golden Rule", but it sounds like it should be. You can use analytics to see new and returning customers. You can track what they like and how long they stay. Useful information to help build the best customer experience.


Another point of view and my personal opinion, every large company does analysis and

they would not do if it did not matter. There is no reason why they should be the exception. And there is no reason why they should be the only ones to benefit from analysis.


All businesses regardless of size matters!


Every business should have the same available resources. Even the little guy can score a win in this arena. Analytics can be that tool that can place you on an even plane with competitors regardless of their expense accounts.


Analytics is for you and it can be used in every aspect of your business. From marketing to sales, analytics provides the information that will help you grow. You can do Analytics on your own or you can work with a Digital Marketing team.


If you decide to go on your own, there is plenty of information out that you can find for free to help with learning how to collect, track, and use your Analytics.


Best thing you could ever do!

Good information building!!


#analytics

#bigdata

#soulconnectionmarketing

#goodinformationbuilding

#goforthatpretzel




16 views0 comments

Recent Posts

See All