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How to Become a Data Analyst

How Can I Use Data Analytics to Benefit My Business?

Ready to start your career in Data? Find out more about BrainStation's Data Science Bootcamp

Data analysis is important in business to help your organization identify and define problems, and to organize and interpret data sets to provide actionable insights and solutions. In addition, the relative speed and ease with which data can now be leveraged means that virtually every organization can optimize their operations and investments, allowing them to:

  • Make informed decisions
  • Set realistic targets
  • Predict consumer behavior

There are a wide range of enterprise-level analytics tools available to businesses at virtually every scale. Google Analytics is a great example. The basic tools are free, and their insights can be used to recalibrate and dramatically improve the performance of your business website.

How Does Data Analytics Help Businesses Make Decisions?

Data analytics can help businesses make decisions by compiling data from across an organization, giving it insight into the performance of sales, marketing, product development, and more. This gives organizations the opportunity to track the performance of various initiatives and investments in context, allowing it to make better business decisions.

Data analysis can also allow your organization to dig deeper into each business function and department, ensuring you’re maximizing ROI. Let’s take a closer look at the impact data analysis can have on digital marketing initiatives:

Social Media Marketing

What is your target audience talking about? How do they interact with your company? Do they share or like the content your business is posting? Coupling your social media presence with good data analysis can extract more value from your online profile.

Email Marketing

Using analytics, email can double as an information-gathering tool by helping you determine which subject lines get the most opens, and what kinds of messages see the highest rates of success. You can also test which times of day or days of the week your audience is most likely to see and open emails. Data analytics ensures that you aren’t just sending your messages out into the universe and hoping for the best; it gives you the information you need to continuously improve.

Target Demographics

Data can help define your target audience, including understanding where they are and how to reach them. Rather than wasting advertising dollars to reach a broad audience, data analytics allows you to more precisely target your ad spending to tailor your content to the right people for maximum impact on a leaner budget.

The benefits of analytics aren’t limited to marketing. Tracking expenditures over time, for example, can provide insight into where your organization’s biggest expenses are—and provide clues on how to run a more efficient operation. Anywhere data can be gathered, analyzed, and compared against key performance indicators, it can be used to effect change and improve outcomes.

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