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The Growing Value of Data Analytics

You’ll no doubt have heard of data analytics – it’s used in offices across the world almost every day. As its name suggests, this practice reveals patterns in our behaviour and habits. This information can then be used to improve products, services and our general interaction with brands – but its benefits don’t stop there.

So, let’s explore the additional key perks of data analytics.

Simpler trend analysis

Recent advancements in tech have hugely simplified data analytics, allowing for more straightforward trend analysis. Thanks to big data, larger stores of information are readily available, which in turn offers more accurate industry research for companies. So long as they own specialist analytics tools, firms can adapt their strategy more quickly than was possible five years ago. As Fintech is a booming sector, data analytics software is likely to become even more efficient in the future. Data scientists are already highly in demand – and this looks set to continue.

Different tracking technologies 

Data can be collected from a range of technologies – and obviously, this means more information available for analysis and potential company enhancement. Web analytics, for example, helps companies to research how customers interact with their website. Call tracking enables firms to pinpoint which advertising tools are generating the most calls through call history records. Of course, the tech that companies rely on for client outreach typically influences which tracking medium works best for them.

Enhanced efficiency

The benefits of data analytics extend far beyond client growth and retention; it can be used to improve internal services. In fact, many firms use analytics software to boost aspects of the company like staff entertainment and other employee perks. In researching behaviour patterns of employees on their work laptop or PC, the business can identify whether staff prefer one activity – say a type of employee benefit – to another. As a result, its head and HR team gain a clearer idea of what employees want from a job and are then able to modify the company policy to better suit its team.

Predictive hiring

Data analytics is fast becoming a regular feature in recruitment. Most often, HR and recruitment teams use patterns among current employees to predict the likely success and performance of candidates for roles. This means that the most recommended applicants are forwarded straightaway to the hiring department, which eliminates the process of sifting through CVs and applications.

Data analytics is nothing new. But as technology advances, it’s becoming increasingly crucial for all businesses. Whatever industry you’re in, it’s likely to influence how your company grows.

 

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