According to IBM, every day we create 2.5 quintillion bytes of data — so much that 90% of the data in the world today has been created in the past two years alone.
Data comes from everywhere – from computer usage, to mobile phone signals and weather satellites, it is constantly being gathered. What’s being done with all this data and how are businesses harnessing it to boost performance?
For business to consumer activity, data analysis can provide an in-depth understanding of the demand for products as well as market demand amongst potential customers. Here are some additional ways that data harnessing can boost business:
Data allows businesses to understand who their customers are, what they are most interested in, how they want to interact with the company and what sort of buying decisions they are making. Without this information, any marketing decision will just be a shot in the dark. For example, why do a campaign in London when your clientele is predominantly based overseas? Data allows businesses to make intelligent decisions about how to optimise spend from marketing budgets based on facts rather than guesswork.
Predictive decision making
Data allows businesses to plot the customer journey and make predictions as to what will happen when certain decisions are made. For example, by using data we can see that a certain section of a businesses’ website is particularly popular. We can use this information to predict what would happen if we promoted this section more or did some offers based solely around these specific products. Data therefore allows businesses to gain an understanding of what might happen if they invested in marketing and perhaps feel more confident in the investment they are then making.
A personalised experience for the customer
Consumers are changing and now want to have a personalised experience with every brand with which they choose to interact. Data allows a business to gain an in-depth insight into both target market hotspots and unique customer behaviour by demographic. This data can be analysed down to a granular level allowing all communications to be personalised, showing customers exactly what they want according to past behaviour.
The need for skilled data analysts
Data-driven marketing has increased greatly in the past few years and, according to various reports, will only continue to do so as the amount of data grows. However, there is a significant lack of data analysts available which means there has never been a better time to get involved in this industry, the e-skills UK Big Data Analytics SAS report 2012 – 2017 said that demand for big data staff is set to increase by up to 23% per annum over the next five years.
However, there is a skills shortage in this area with a lack of properly skilled data analysts with specialist business knowledge. At Nottingham Trent University, we have developed our Online MBA with Data Analytics to provide business professionals with the unique skills needed to assist companies in strategic decision making.
This course will strengthen your management knowledge and leadership capabilities, boost your understanding of global business and give you the skills needed to be able to use big data to drive businesses forward.
Upon completion of this course, you will be in prime position to lead your organisation to success using enhanced strategic knowledge and expertise.
If you think this could be the course for you then get in touch with us today.