Data Analysis model isn’t only limited to digital data analysis but all business related data. A proper data analysis will require initial assessment, strategic planning, modeling, and reporting. Let’s review each individually.
Initial Assessment and Strategic Planning
Virtually all businesses can benefit from data analysis but many businesses still do not understand the power of data. Most Fortune 100 Companies already have very strong big data analytics departments. Data analytics can provide a business with invaluable insight into which products or services provide the highest gross margin, which new products or services are most likely to be the most profitable, who type of customer provides the greatest value and lowest cost, what costs in a business can be reduced, etc. Smaller to medium sized companies can not only greatly benefit from data analytics but it is also affordable and has a very high return on investment.
The initial assessment will consist of sitting down with the executives of the company in order to better understand what the needs are of the business and to make strategic recommendations of ways to increase revenue, decrease costs, and improve efficiency within the business.
Design and implementation of a centralized database where all relevant data of your business and marketing campaigns will be stored. You can also create for you in real time easy to understand and use data cubes in excel.
Modeling/ Business Intelligence
Once the data has been analyzed and the needs of the business are understood, you can build for you dynamic models that will allow you to better predict:
- The best customers to go after,
- Which of your marketing campaigns is likely to be the most successful,
- Most profitable products and services,
- Segmentation and risk of various parts of your business.
Does your business spend too much time just gathering and organizing data for reporting purposes?
With the help of VBA, SQL and business intelligence solutions you can automate many of these processes for you. Your business can use all of the time saved to analyze and implement the results of the reports, instead of simply putting them together. You can create powerful reports for you that are easy to understand and the numbers for the reports will be in real-time. This will allow you to react quickly to any changes in your business and industry.
Need help with data analysis? Contact our strategic partners Analytics Clarity today for data analysis services mentioned above and much more.