How Data Analytics Impacts Business

06.22.2020 | Soliton Blog

image of hand showing someone typing the analytics on the monitor

Whether your business is big or small, there is a place in your operation for big data insights. If you’re not currently taking advantage of big data benefits, it’s time that you woke up to its importance.

But exactly why is big data important to your business?

Big data allows you to examine huge quantities of data to look for hidden patterns and links. This information can be used in critical decision making as well as revolutionizing the way that you interact with your customers.

Using the best modern technology, it’s possible to get answers based on data analysis almost immediately.

In this article, we’ll discuss big data and its business impacts.

Big Data and its Business Impacts

Big data technologies are applied to help businesses make smart decisions that will increase their productivity and profitability. By using big data, it’s possible to harness information and identify new opportunities.

In storing data with cloud-based analytics services, companies can enjoy cost savings.

Big Data and Retail

Big data has a profound impact on the way that retailers handle their clientele. Unlocking big data insights into buying habits make marketing and buying decisions more efficient.

Big data takes the vagueness out of understanding your demographics. Your customers are no longer ‘consumers’ they have full profiles with fleshed out interests. This is thanks to data mining and predictive analytics.

Linking big data resources with customer relationship management software will allow retailers to track a customer’s interests, purchases, complaints, and every other interaction.

One single CRM file enhanced with big data will allow a company tighter marketing control.

Big Data and Supply Chain

Where companies are bringing new products to market, big data analytics allows for full and accurate analysis and predictions of how the product will fare going forward.

This gives manufacturers a headstart on scaling up production while allowing time to prepare the supply chain for demand.

Big Data and Accounting

Automated payroll solutions quickly harvest data and automatically complete forms and documents. This takes much of the time and mundane effort out of the accounting process.

Even processing a company’s taxes can be made easy through automation. Through the use of essential information stored over the course of the year across different programs, it is possible to access the data when the time comes.

AI Reduces the Need For Data Scientists

If your operations are reliant on data scientists, then their services can be augmented by AI. In certain circumstances, there may be financial benefits in reducing the number of employees a business may need for handling data.

Meeting Your Data Analytics Needs

At Soliton, we understand big data and its business impacts. We know how your company can make use of this technology to improve efficiency and increase profits.

Our data analytics services are flexible and efficient, making them suitable for processing data from any source in your organization.

To learn more about the power of Soliton’s data analytics services, get in touch today.