Strata Analytica: Why need Data Analytics for Businesses

 

                                           Strata Analytica: Founder/ CTO Rishabh Parmar    

According to Ohio University, there is huge demand demand for Analytics in Businesses. Businesses are harnessing the power of big data and powerful analytics to gain a competitive edge over their peers. By analyzing vast stores of structured and unstructured data, they gain deep insights into the customers and overall business operations to deliver better results. 

                           

Strata Analytica focuses on helping small and medium businesses in order to optimize their business performance. It is also helping students to understand the power of Data Science. 

According to Ohio University, Consumers interact with a brand through a variety of digital touch points, each generating volumes of data: Mobile apps, e-commerce sites, social media platforms, and in-store or online purchases. Collecting, combining, and analyzing all this data leads to deep insights into customer behavior. For business leaders, this insight can be used to identify breakdowns in the customer acquisition path, improve conversion rates, reduce churn, and increase the customer’s lifetime value. Big Data analytics of consumer data points also provide valuable understanding of product development, answering key questions such as which features drive sales or which do they struggle with.

Innovation — developing new products and services — is the lifeblood that sustains growth for the business. Analytics is the foundation for understanding the desires and needs of a business’s target audience so they can create the products and services that fuel growth and build customer loyalty.

Data culled from an organization’s customer relationship management system, social media, and even third-party data vendors provide insight that can be used to design innovative products and services that lead to new revenue streams and “sticky” consumers with higher lifetime value. Data-driven analytics helps businesses anticipate their customers’ needs and develop solutions that address them.

Business analytics gives leaders the tools to transform their wealth of customer, operational, and product data into valuable insights that lead to agile decision-making and financial success. 

Today’s C-suite executives face exceptional pressure to optimize asset utilization, cut costs, improve processes, and ensure a high quality of product performance and service. Often, the key to meeting these goals is found in data contained in log, machine, and sensor data.  Operation Analytics allows business leaders to identify trends and patterns that inform decision-making, drive optimal operational performance, and cut costs.

Predictive and prescriptive operational analytics provides answers to questions such as:

Can the organization predict outages with data from connected devices?

Is it possible to identify areas that need maintenance before a problem occurs?

What is the best approach to a network failure?

Operational analytics empowers executives to make strategic decisions that improve the organization’s overall performance.

Strata Analytica uses Data analytics which is the practice of examining data to answer questions, identify trends, and extract insights. When data analytics is used in business, it’s often called business analytics.

You can use tools, frameworks, and software to analyze data, such as Microsoft Excel and Power BI, Google Charts, Data Wrapper, Infogram, Tableau, and Zoho Analytics. These can help you examine data from different angles and create visualizations that illuminate the story you’re trying to tell.

Algorithms and machine learning also fall into the data analytics field and can be used to gather, sort, and analyze data at a higher volume and faster pace than humans can. Writing algorithms is a more advanced data analytics skill, but you don’t need deep knowledge of coding and statistical modeling to experience the benefits of data-driven decision-making.

Professionals who can benefit from data analytics skills include:

Marketers, who utilize customer data, industry trends, and performance data from past campaigns to plan marketing strategies

Product managers, who analyze market, industry, and user data to improve their companies’ products.

Finance professionals, who use historical performance data and industry trends to forecast their companies’ financial trajectories

Human resources and diversity, equity, and inclusion professionals, who gain insights into employees’ opinions, motivations, and behaviors and pair it with industry trend data to make meaningful changes within their organizations

Reference: Ohio University Report and Harvard Business School