Data is a powerful tool for any business. Knowing and understanding your company’s data helps you make good marketing decisions, gain insight into what competitors are doing, and improves decision-making. You can’t afford to ignore the benefits of data analytics as a new company.
Moreover, you can obtain a clearer understanding of the effectiveness and ROI (return of investment) for any marketing or other initiatives at your business. Sometimes, an excessive amount of data can render analysis difficult or not viable at all. Fortunately, there’s a simple, yet effective solution: automatic data analysis. Automatic data analysis compiles your business data and finds insight for you, so you can focus on running the operation. Here are a few ways automatic data analysis tools can help you parse and compile data to make real strategic decisions for your business.
Monitor data in real-time
In modern business, data accumulates rapidly and can be challenging to assess. In addition to customer data, you probably have analytical data from your website, financial data, and customer behavioral information all within your database. With so much valuable information accumulated each day, it can be daunting or challenging to know where to start your analysis. Compiling and assembling data accounts for more time and effort than actually doing the analysis. You’re probably spending considerable time on this yourself. Automatic data analysis tools are useful for situations such as this. A good program will analyze your data for you while providing important insights as they’re discovered. This effectively removes the frustration of spending too much time compiling data while effortlessly extracting the valuable insights you need from your data.
Gain automatic insight from AI
Artificial intelligence is the next significant step in analyzing data. With an automated program, the AI helps glean insight from various data sets, presenting it to your organization in a legible, useful format. Usually, data is analyzed with SQL/query or statistical sets. You can use a lot of different data analysis tools.
This can be time-consuming and labor-intensive. AI and machine learning take this process further, generating entirely new methods for analyzing data. With an automatic analysis tool, you can upload any data you wish from any cloud system and ask the AI to assess it for you. The machine provides insights automatically, while a human operator—someone within your organization—now has useful information compiled from billions of data points.
Use automatically generated data “stories” to your advantage
Data is more than mere numbers; it can be the ingredients to tell a story. But what is a story, exactly? In the context of data analytics, a story is the collected insights from several interesting pieces of data. In an automated data analysis program, the system analyzes upward of a billion data points, focusing on the most interesting. Then it compiles anywhere from four to eight of the most useful, interesting data points to share with your organization. Data stories explain three critical points: what happened, why it’s important, and where to go from there. Breaking these down a bit further, your organization has a useful basis on which to base future decisions or plan marketing initiatives. Stories are useful dissemination of jumbled data containing key points a human analyzer may have missed without the aid of AI or machine learning.
Collaborate with others on your analysis team
What truly makes an automated data analytics program a boon to any organization is how it enables your analysis team to collaborate freely. Collaborating on analyzing data is especially useful regarding data stories, where different team members can comment or work on insights/planning based on the data. Collaboration has other great benefits as well:
- Brings together intelligence and creativity in data analysis from a diverse team
- Enhanced and faster data-based decision-making
- Clearer understanding of data stories
- Provides an environment for innovation
- Increases profits over time through better marketing initiatives
Your automated analytics program provides the data so your team can work together on paving the way to successful future endeavors.
Use insight to create a marketing plan
So, you’ve successfully disseminated your various data sets and learned about your customer’s expectations. Now is the time for action. With the valuable insights learned from the data analytics program, you can now put together a marketing plan. You can use demographic data to market a new product or information about trends to set up a new marketing plan entirely. The sky really is the limit in this regard. Data helps determine the effectiveness of any marketing strategy, so understanding it is critical to achieving your organization’s goals. With an automated data analysis solution, you can finally untangle your data and put it to good use creating a successful future for your company.