Data analytics may sound like a dry topic but in today’s marketplace it’s a pedestrian practice for any committed social media, tech or business operator. Just think about the rise of social media and the public obsession with ‘likes’, ‘retweets’ and ‘reach’ – we’re all at it in some form or another! To help people keep on top of their digital successes, we’ve also witnessed Facebook and Twitter launch easy to access data analytic apps that suitably tracks and presents all relevant data.
On top of this, we also have Google Analytics which allows any web owner to trace the performance of their website on the world’s most popular search engine. As a species we’ve become obsessed with tracing our data and the imprints we leave online – to cut a long story short, data analytics is an unavoidable element of business in the digital age. You may have also heard the term ‘Big Data’, which refers to a massive congregation of data analysed for the purpose of assisting business patterns, decisions, growth and competition.
You may have also noticed many companies openly broadcasting and sharing their data with the public. This has allowed small businesses to easily analyse their competitors and draw comparisons with their own performance and thus drive pro-active change. Data transparency is a highly respected aspect of modern business and will not only help your business gain trust from consumers and peers but also help drive a new era of business models based on what works and what doesn’t.
Did you know that 2/3rds of all European senior business executives believe data analytics is important to their businesses? Or that data analytics is responsible for many businesses decision to hire more staff? As dull as it may seem, to succeed in today’s modern marketplace we must consider data analytics an essential practice in any respectable business.