It is not news to anyone that the digital age has brought with it an enormous volume of data, which, when used intelligently by the industry, can represent a competitive advantage in the market. However, many organizations still do not exploit the full potential of the information they collect daily and, in this context, knowing the benefits of data analysis — or Data Analytics — is essential for those who want to make better informed decisions.
This is because, by using Data Analytics tools, operations at all levels can obtain valuable insights about their customers, market, competitors and their own products and internal processes. They can also rely on information about customer behavior, purchase preferences, market trends, effectiveness of marketing campaigns, product performance and several other variables that make all the difference for the operational management of the business.
However, just collecting data is not enough. It is also necessary to have tools — and the necessary expertise — to analyze and interpret them correctly and accurately. That’s where the role of Data Analytics comes in, as we’ll see below!
Data Analytics: understanding the origins and their applicability in the industry
As we already explained in another article here on the blog, Data Analytics is a discipline that has its origins in computer science and statistics. It is a practice based on the idea of using data to obtain useful information and knowledge — which is not new, but was driven by the availability of large amounts of data and the development of computing solutions that emerged with the advent of the internet, with special emphasis on the e-commerce.
This is because, with the explosion of e-commerce, online retail brands began to collect large amounts of digital information about their customers and their sales, and with that, the need to understand and apply this data to improve their business became evident. .
Over time, the use of Data Analytics expanded to other areas such as marketing, finance, health and science, until it reached the current level, where practically all companies use some type of data analysis to help them make better, more accurate and more profitable decisions.
By using statistical techniques and machine learning algorithms, for example, companies can extract valuable insights from the data they have. This includes identifying patterns, correlations, and cause-and-effect relationships that can help guide practical and operational decisions.
In addition, Data Analytics stands out as a strong ally when it comes to identifying possible problems and opportunities. Just imagine that, by analyzing sales data, a company can identify which products are selling well and which are not, arming itself with accurate information to guide the business strategy, focusing on more profitable products or adjusting prices to improve the flow of sales. less popular items.
Data analysis can also be useful for evaluating the performance of marketing campaigns: by cross-referencing performance information from previous campaigns, it is possible to identify which strategies worked well and which were unsuccessful. This can help guide the creation of future campaigns, increasing effectiveness, reach and customer engagement.
Using data analysis in your day-to-day operation
Data analysis can be applied in many areas of the company, from strategic planning to performance monitoring. Here, we separate some very practical examples of the applicability of this technology in different segments, check it out:
- People Management: To begin with, let’s take a ride on a sector that exists in basically any company: People Management. Here, Data Analytics can be used to assess employee performance, identify trends and patterns in absenteeism, turnover and engagement, among others. With this information in hand, HR managers can develop action plans to improve productivity and employee satisfaction.
- Operations: This technology can also be used to monitor the efficiency of processes, identifying bottlenecks and improvement points in the production flow and, consequently, positively affecting the company’s productivity. For example, by analyzing production data, an industry can identify which processes are slower or have a higher error rate. With this information, managers can implement measures to increase productivity and reduce costs.
- Marketing: As explained above, data analytics can be used to evaluate the performance of marketing campaigns, identify trends and patterns in customer behavior, and target audiences for more effective campaigns. In a practical situation, by analyzing data from clicks on online ads, it is possible to identify which types of ads are most effective in attracting customers, allowing the creation of more targeted campaigns with higher sales conversion rates.
- Finance: Data analytics can also be used to assess product profitability, identify budget overruns, and forecast cash flow. Just imagine that, by analyzing sales and cost data, a company can identify which products generate the most profit and which generate the most loss. With this information, managers can make more informed decisions regarding investments and the company’s financial management.
That’s why we haven’t even talked about the practical benefits that this technology can offer. Take a good look: the application of Data Analytics can bring significant results to the company, such as increased productivity, efficiency and profitability, check it out:
- Cost reduction: By identifying process bottlenecks, the company can take measures to reduce costs, increasing production efficiency and reducing waste.
- Quality improvement: By identifying points of failure in processes, the company can implement measures to improve product quality, increasing customer satisfaction and brand loyalty.
- Increased productivity: By monitoring the performance of employees, the company can identify points of improvement and implement measures to increase productivity, reducing the time and cost of processes.
- Demand Forecasting: By analyzing sales data and customer behavior, the company can predict future demand and adjust production and logistics to meet that demand, reducing costs and increasing customer satisfaction.
To extract the best from your data, it is essential to have the right tools!
For data analysis to be effective, however, your company must have access to all relevant information, organized in a structured and reliable manner. And saying this is important because, in large operations, it is not uncommon for data to be distributed across different systems and platforms, which makes their analysis and interpretation difficult.
Therefore, it is essential to have solutions that capture and gather all the data in one place, allowing for an integrated and more efficient study. Business Intelligence (BI) and Analytics solutions, for example, are able to integrate data from different sources and present them in an intuitive and personalized way for each user.
An additional that is also important when choosing your Data Analytics solution is to give preference to solutions that allow real-time analysis of this data, as the speed in decision-making can make all the difference in the success of an enterprise. And Novidá speaks with authority about agility!
This is because we offer a Data Analytics solution that operates in real time with your company, allowing the collection and analysis of data from different sources, such as machines, equipment and people, all in one place and with the instantaneous speed that your borrowers of decisions need.
Our platform is capable of integrating and processing large volumes of data, presenting valuable insights for decision making through customized dashboards for each user, allowing a more efficient and assertive analysis with a friendly and intuitive interface, facilitating the use of the platform by users of different profiles and levels of knowledge in technology!
Visit the Novidá website, learn more about our solutions and find out how we can help your company improve the performance and results of your teams through the best in Data Analytics technology — all customized to your needs. operation!
