This is the first blog of a 4-part series, which aims to raise awareness and understanding on what data analytics is and the benefits it can have for business.
The value of data and what it means for business is so powerful, even more so since March of this year. However, there is a lack of awareness of how valuable data is and several misconceptions that businesses both large and small have. Larger businesses have such a high volume of data available; more often or not they do not know where to start or realise what the data is telling them. A daunting prospect.
Smaller businesses seem to think that data analytics is the preserve of larger companies, the data they generate and collect does not have any commercial value, or there is too little of it. This is just not the case; small business owners are missing out on so many opportunities to increase sales and reduce their costs. Key decisions which are critical to your business can be made by understanding what your data is telling you.
For example, you may use numerous channels to advertise and sell your products or services. Data analytics can ID the most optimal channel to sell your product or services. If initially advertising in multiple social media platforms, this can be reduced so that you target your advertising in the areas which provide the highest return for the lowest cost.
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