Benefits of Using Data Analytics

Business analytics-Helen Lee Schifter

Helen Lee Schifter believes that data analytics or and business analytics are crucial to any business whether it be, retail, digital product, services completed or online business. Helen Lee Schifter strongly believes that it is necessary to have business analytics in place when running any type of business. Understanding product/service movement from how it sells, to why it sells, or what revisions are needed if any. Data analytics provide the business owner a chance to understand their customers better as most companies have a data library containing customer details. Like what a customer purchases, to how many times and of course why? This would be considered positive data and of course we could have negative data that we can use to our advantage in turning it into positive. Customers often return and review products and services, allowing the company to understand what the issue may be with their service and product. Now the opportunity is given to the business owner to make the needed changes to provide better customer service.

All business decisions should ultimately be made through data analytics, as it is a more efficient way. Helen Lee Schifter agrees with this and believes it promotes efficiency in business analytics. Ensuring future profits is basically the end goal as to why business should use data analytics. More and more businesses are providing positions for many who can assist in organizing, storing and interpreting this data for business owners, business leaders and CEO’s to better make decisions.

Data analytics can also assist businesses on what to produce or what to discontinue. As well as what their overhead may look like according to the needs of production, a business could easily lose a lot of money by producing a product that is not selling. Due to having to employ workers to produce and not receive a return due to not utilizing their data analytics on what to produce versus what not to produce. So aside from just knowing how much and what to produce, data analytics assists in providing a more accurate number to how many employees one should employ to produce such a product. Another form of use one can have when reviewing data analytics is, how one’s business stands in the market against their competitors or potential competitors.

Business data analytics provides an insight to the business leaders to be able to compare one’s company with others that may be producing similar or the same product. Understanding this can assist the company in adding a unique trait to their product to separate them from the competition, sorta like a niche product or service.

Lastly, business data analytics can assist employers to better understand their own employees, HR to be more exact will collect and interpret this data. Ensuring that the work place has a high morale and is viewed as a good to place to work at for current or future employees. Word of mouth is still a very powerful source of marketing, and understanding will ensure their employees’ high morale and satisfaction is channeled to have a high productivity level versus the productivity of low morale employees.