Why Businesses Should Leverage Data And Analytics

We have become a data-driven culture, unfortanetly, only some understand the power of data and analytics and how to leverage it for predictive analysis to make sound business decisions. According to Exploding Topics, the Big Data industry has seen tremendous growth in just a few years. It went up from $169 billion in 2018 to $274 billion in 2022 — a 62% increase. In 2021 American companies spent $110 billion in 2021 on Big Data. When it comes to Big Data spending, compared to other countries, The United States is a leader and has a 51% market share in Big Data and Analytics Solutions.

Why is data analytics important in business? 94% of business and enterprise analytics professionals say data and analytics are critical to their organization's digital transformation programs. In addition, 60% of companies worldwide use data and analytics to drive process and cost efficiency. (Microstrategy) Businesses should leverage data analytics to make better-informed decisions without guesswork. Data provides critical insights that enable faster, more effective & impactful decision-making. Poor data quality costs the US economy about $3.1 trillion yearly. (techjury)

What are the benefits of data analytics?

1) Data can provide businesses with insights that can help them learn how to attract and retain customers, market their products to their clients, manage budgets, employee performance, vendor performance, customer orders, inventory, and so much more.

2) Data can help businesses understand their successes and failures and make necessary adjustments to reduce costs, increase revenue, and increase customer engagement and satisfaction.

3)No more guesswork is needed. With data analytics, businesses can become more efficient and productive and make more innovative and strategic decisions that help streamline many of their processes.

4)Data analytics help businesses to be organized and well-prepared by creating efficient business processes that help eliminate nonessential expenses. Businesses can have a better understanding of essential vs. nonessential resources.

For my latest episode of Get Tech Smart, I invited UNH Center for Business Analytics Director Nagaraj Bukkapatnam and Assistant Director Andrew Mitchell to discuss why businesses, especially small and medium-sized, should leverage and implement data analytics. Data analytics is not just for fortune 500 companies; small businesses can improve customer acquisition, retention, and customer experience.

UNH Center for Business Analytics is helping businesses in New Hampshire solve real-world business analytics problems. In a data-driven society, those that can successfully leverage data will have a competitive edge in the market.

Watch and learn more about how UNH Center for Business Analytics is an innovation hub enhancing the academic program's student engagement, creating career opportunities, supporting and expanding cutting-edge research, and building industry partnerships in New Hampshire.

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