Increase Sales and Profitability with Data Analytics
By Brian Wallace, President, NowSourcing
If you are a high level executive in a large business, then you know you’re always looking for ways to improve and expand, but chances are you’re ignoring one of the most valuable tools available; data analytics.
Currently, only 24% of executives are using data as a driving force behind their strategic business decisions. If you are one of the 76% who either thinks they’re doing well enough without data analytics, or who is letting some other obstacle, like lack of expertise, prevent data usage, it’s time to rethink your position.
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It’s easy to tell if your business is one who would greatly benefit from data analysis. If you don’t currently have metrics to measure progress or success; if your lead conversion process is subpar; if you receive data via email with no visualization; if each department’s data is disconnected; or if waiting on data slows down processes; then your business is in need a data analysis, better tools, and greater understanding. In fact, those businesses that are data driven are 178% more likely to surpass their peers in profitability and revenue.
So, can data actually do for your business? Data analysis helps you to recognize areas for growth and areas of potential risks. Quality data can guide your decisions for bigger and better marketing strategies. It can help you to develop innovative products and services, and to improve customer acquisition and retention.
If data analysis can do all this, then why are so many executives neglecting to use this amazing tool? The number one barrier to using data effectively is a poorly articulated data strategy. Seventy percent of executives don’t have strategies that are clear and comprehensive. Sixty-seven percent of managers and executives simply lack the training they need to use all of their data well. Fifty percent struggle with a lack of resources. They can’t seem to hire and retain trained data analysts. Other major issues include poor access to data, poor quality of data, low executive buy-in, and data illiteracy.
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All of these barriers result in up to 73% of data being completely ignored, which means lower profitability, fewer sales, and loss of revenue.
Google Analytics 360 has the solutions to all of these data problems. Google Analytics 360 is a paid, enterprise-level tool for large businesses with an add-on for data management and quality control. It integrates well with other Google business resources and it provides businesses with data privacy, advanced tools, support and training, shorter access delays, unlimited sessions, combined reporting, and time saving.
Google Analytics 360 also comes with the ability to partner with a team of data analytics professionals to help guide you in the learning curve and to further support your business along the way. These partners will be able to help develop your data strategies, and should be willing to meet with you every week to discuss their insights. They can provide regular training for your whole company and provide simple, effective ways to use your Google Analytics 360 to the fullest capacity.
Data analysis guarantees better outcomes, greater sales, and faster growth for your business.
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Source: InfoTrust
