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25/07/2023

5 Reasons to Consider Data as a Product

Companies of all sizes and segments are increasingly implementing new technologies in their processes. This is because innovations can increase productivity, reduce costs, eliminate failures, and consequently boost business outcomes.

That’s why data is currently considered the most valuable asset. In fact, through data analysis, or Data Analytics, decisions are made with greater accuracy. After all, they provide extremely important information about the consumer, performance in all sectors, goal setting, trend forecasting, among many other aspects.

Want to deeply understand the importance of data analysis for a company? Then, follow this post and discover the main points.

1. Understanding the behavior of the target audience

A profound understanding of your target audience’s behavior is a huge advantage that Data Analytics offers. With this information, it’s possible to create more targeted campaigns to attract and retain customers, or even to increase the average ticket size.

By knowing your audience, you can not only tailor your marketing strategy but also make changes to your products or services to perfectly meet consumer needs, increasing their interest.

2. Obtaining insights

The reports generated are based on real data. Therefore, by analyzing them, you can identify valuable opportunities for your business. Additionally, you can pinpoint weaknesses and devise the best strategies to eliminate them, improving the company’s performance in any department.

For this purpose, it’s important to select the best indicators for each activity, such as turnover rate, sales success rate, average ticket value, customer acquisition cost, lifetime value, among many others.

3. Improving productivity

Data analysis is also crucial for increasing business performance.

By collecting data, it’s possible to have a more secure control of all activities carried out in the company. Furthermore, with careful analysis of the information, you can identify bottlenecks and areas for improvement.

As a result, productivity increases, leading to improved profits for the company.

4. Designing assertive strategies

Decisions will always be based on real data. Moreover, Data Analytics allows for making realistic projections. This way, managers can anticipate actions to, for example, prevent or minimize problems.

Another important aspect is data cross-referencing, which enables comparing and estimating indexes from other sectors, such as market indicators. In other words, it’s not limited to the company’s own indicators.

As technology is increasingly advanced, data collection and analysis are done in a very short time, often even in real-time. This means that decisions about the best strategies are made quickly.

5. Cost reduction

As mentioned, data analysis ensures better control over the entire production process. It also helps identify bottlenecks and waste, as well as increases productivity. As a result, costs are reduced, leading to higher profits for the company, which can invest the savings in its expansion.

As you’ve seen, data analysis is essential not only for a company to survive in the market but also for its growth and prominence in the industry. The more efficient the collection, mining, and evaluation of information, the better the results.

Have you realized the importance of data analysis in the virtual context? Moreover, nowadays it’s practically impossible for a company to survive outside this environment.

Discover Artycs data analysis solutions!

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