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How Data Analytics Can Bring Your Company to the Next Level
Entrepreneurs who are starting a business today have major advantages that folks who started companies 20 years ago never imagined. Back in the day, you had to trust that you made a great product and do your best to market it to the right people. These days, all modern business owners need to do is look at the data and they can learn everything. Needless to say, if you aren’t using data analytics yet, then you need to be. Here at RAMShard, we offer the tech services that help businesses thrive, and data is a big part of that, so we have some great reasons why you need to include data analytics into your corporate structure.
Data Helps You Reach Customers
Today, finding your primary customer demographic is easier than ever with data analytics because you can see who is buying your products most, which items they like the best, and how often they purchase them. If you just cast a wide net and try to find customers wherever you can find them then you are likely wasting valuable company resources, so you need to target your marketing effort towards those most likely to buy. With analytics, you can determine where your primary customers live, where else they shop, and how they find new products. Once you have found your main audience, you can see greater success.
Manage Your Inventory
Now that you know which products are selling the best and who is buying them, you can then use data analytics to manage your inventory and ensure that you always have what they need when they are ready to order. As your business grows, data analytics becomes even more important because when you are selling thousands of products, it can be almost impossible for a human to track it all. Instead, your warehouse employees can look at the data to see which products they need to restock, what needs to be shipped, and which products aren’t being purchased at all. That way, you always have what you need and you aren’t storing what you don’t.
Use Data to Manage Risk
Even if you don’t run an e-commerce business, you need to prioritize data security. The chances are that you use at least one program that is connected to the internet, and if you do then you are at risk of cyber threats. This is the case because any private corporate or customer information that you store can be used by hackers for malicious means. In addition to the opportunity to use credit card and social security numbers to commit identity theft, hackers can also use birth dates, phone numbers, and even email addresses to send phishing emails to your customers.
Needless to say, you need to keep on top of it, and you can use data analytics to analyze potential threats and find any vulnerabilities you may have within your systems. On top of that, you will also need a recovery plan in place so you can take the proper steps should a cybercrime occur. That plan should mention which programs need to be recovered first, how to bring them back, and who within your IT team is responsible for each step of the process. Put this in place now so you aren’t scrambling if an incident does occur.
Data can also be instrumental in providing excellent customer service. By crunching the numbers, you can determine what types of questions your customers ask most, when they are asking those questions, and how they prefer to communicate (eg. by phone, email, text., etc.). By knowing this information, you can be there when your clients need you the most and by providing quick answers, you retain a happy and satisfied customer base.
As you can see, there are many proven ways that data analytics can help your business thrive. Consider the tactics described here and bring your company to the next level. If you want to know how RAMShard can help your business succeed, then contact us at 855-253-4678.
Updated on: 03 / 09 / 2022