Why is Data Analytics important in Business?

Question

Could someone tell me why is Data Analytics important in Business?

Answer 1

Data Analytics is important in every aspect of life, not only in Business. As aptly described the importance of Data that it is the new oil, and who analyzes and extracts correct information from it, is on the road to earning high profits. Data Analytics is very important to Businesses as it offers very certain benefits to its sustenance. And they are:

1. Data Analytics helps you extract the actual trend of your product or service, rather than relying on wrong insights.
2. Helps in making better decisions that are aligned more towards growth and profits.
3. You will understand the Demographics better, that is you know your customers, their location, the device they are using to access, their age groups, and other associated data, that will be helpful in targeting specific customers and this orienting your marketing campaigns, etc.
4. With the help of Data Analytics, you will be able to improve customer service, better anticipate customer behavior, etc.

And many more industry-specific benefits follow with Data Analytics. Wish to learn Data Analytics, check out the Data Analytics training course from Intellipaat. And check out the following YouTube video on Excel for Data Analytics from domain experts.

Answer 2

Data Analytics is important in every aspect of life, not only in Business. As aptly described the importance of Data that it is the new oil, and who analyzes and extracts correct information from it, is on the road to earning high profits. Data Analytics is very important to Businesses as it offers very certain benefits to its sustenance. And they are:

1. Data Analytics helps you extract the actual trend of your product or service, rather than relying on wrong insights.
2. Helps in making better decisions that are aligned more towards growth and profits.
3. You will understand the Demographics better, that is you know your customers, their location, the device they are using to access, their age groups, and other associated data, that will be helpful in targeting specific customers and this orienting your marketing campaigns, etc.
4. With the help of Data Analytics, you will be able to improve customer service, better anticipate customer behavior, etc.

And many more industry-specific benefits follow with Data Analytics. Wish to learn Data Analytics, check out the Data Analytics training course from Intellipaat. And check out the following YouTube video on Excel for Data Analytics from domain-experts.