Analytics and the future it beholds for your business.
If you want to grow and prosper in this competitive online business world, you definitely need data analytics. But, most of us fear the word: BIG DATA ANALYTICS. Why? Well, it is because the analytics tools give us huge amount of data which can be overwhelming and are hard to incorporate decisions out of it.
But, believe it or not, big data and analytics are helping online businesses to become smarter and better at making decisions with great technical skills. Across industries, data is the key weapon in the fast changing consumer preference world. Hence, big data and analytics can answer all your answers no matter whether they are related to marketing, operations, human resource or any other department. Questions can be any of the following:
- How many resources will be required in 3 months, considering attrition and organization growth?
- What should be the ideal campaign to generate more visitors?
- How much inventory should one hold at any given point for more profitability?
- How much are the bounce rates and what can one do about them?
- And more such questions…
With increasing experience and will power of your intuition, the conclusion of these problems can be easily sorted out. So, the ultimate purpose of analytics in a business is to reduce operation cost and maximize profits. And the main factors that influence these purposes are the study of trends and behaviors of your big data and analysis.
Whereas, the problem still lies there on the table – Why companies fail at using analytics? The analytics fail when there are no actionable insights.
The companies fail to leverage the power of analytics because of several reasons, let’s have a look some of them along with solutions:
- Starting With Data Instead Of Question
The most common misunderstanding about data analytics is that if you study the data, you will find your insights. This is the most unsuccessful strategy one can use as just staring at the dashboard won’t let you come up with insight by a miracle. Such strategies will leave you overwhelming, confused and frustrated at the end.
So, start identifying question you’re trying to find the answer for. For instance, if site traffic is an issue, instead of blanking staring dashboard in hopes, stop down at a specific question. The question might be “How can we increase the conversion rate on the site with the help of social media and other marketing methods?” Such approach will allow you to find an insight that drives call-to-action.
- Misconceptions About Analytics
When you assume that the analytics tools like Google Analytics will bring all the important data right in front of you, that’s when you fall into the trap. Most companies fail to take a deep look at data while only settling down for tiny and simple-to-understand figures.
So, once you’ve identified the specific question, take advantage of competitive insights and don’t dare to take complicated decisions alone on the analytics tools. In fact, these tools should be a helping hand in making the professional judgement with a handful of technical skills.
- Unskilled Staff
Data analytics professionals are the hot commodity in the global talent market. According to multiple studies, choosing the right talent for big data analytics is the biggest challenge. What most companies fail to understand is, there are certain integrated capabilities, mind-set and possessed skills require for getting this job perfectly done.
So, for strategic data analytics hire the person with skill-sets including:
- Ability to drive creation of advanced propensity models
- Integration of insights into operational systems
- Creating pragmatic solutions which will drive impact
Hence, skilful employees are a must. But, you can also opt for outsourcing your big data analytics using problem-solver platforms.
- Inaccessible or Lack of Understanding Data
Lastly, analytics can even fail when the data is unavailable or misunderstood. Imagine, working on a project with the half-knowledge about it. What would the result of half-knowledge project? Of course, it would be a big failure. The same is with a lack of understanding the data analytics.
For site’s performance and driven results, implement the measurement framework with clearly documented terminology, performance indicators, processes and designated responsibilities.
Simply to put up – Analytics provide an opportunity for every online business/organization to raise productivity, improve decision making, and gain competitive advantage. It helps in making educated changes on the site based on actual data and not based on opinions. The technical analytics skills would only get improved with the experience and by solving specific answers. Therefore, organizations should also allow ample time to deliver results. And it is rightly said – building strong analytical capabilities is moving from luxury to necessity.
Finally, strong data-driven decision-making culture would speed up the success of the company in the market.
KartRocket has empowered 3000+ entrepreneurs, SME’s and retailer with their online stores. It is not just a website builder platform, it’s an end to end eCommerce solution with all the features you require to create an online store, run & grow your online business.