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Grow your business with early projection using data analytics
Satendra Rawat
November 5, 2020

As we are going to discuss the projection, growth, and effective decisions making and its importance for a business, let’s start with a question.

 

What is the most important resource an organization can have to grow its business?

There could be different answers to this question, but what I think the most important resource is Data.


Let me explain why. A decision is very important to any business because it will decide whether you will succeed or fail.


But is it possible to make the right decision every time?
The answer would be No. No one can predict market behavior every time.


So, how to make an effective decision?
With the help of data. It can ease any business to grow exponentially by helping in making the right decisions. Data analytics can provide you with key insights that help you make the best choices to serve your business and customers. It can differentiate the success and failure of your strategic and tactical business decision and streamline your organizational decision processes.

 

Why data analytics is important

  1. Better targeting customers.
  2. Analyzing data to identify business opportunities.
  3. Learning customer behavior patterns to serve them better.
  4. Help drive sales for your business in the right direction.
  5. It promotes product development based on the market requirement.

How it is useful

Data analytics is helpful in many ways. If you have the data and you are using it in the right way to make your strategic and tactical business decisions, it will start giving you the result you want.

Here are the possible ways how you can use the data to grow your business by making effective decisions:

1. Identify your problem area

This is where every organization gets puzzled. To identify what are the problem areas that are not helping you grow your business and need some corrective actions,

2. Gather the right matrices

 The data can help to capture the right data. You can target

  1. Where you are doing good, average, bad, and worst?
  2. Where you need corrections?
  3. Where are you losing out and need strict actions to reduce further loss?

3. Check if you have the right resources and strategies in place

Once you have the data, you can evaluate whether you have the right resources in place, the efficiency of the resources, if the decision-making process is in place, and if the decisions are efficient or not.

4. Use experts to strategize

You need to put a team of experts to bring the analytics, evaluate the data, and strategize the plan that can help to make decisions effectively. 

5. Execute and deliver

Once done with a strategy, you need to focus on how and the team can come together and execute the decision you have made.