{"id":47482,"date":"2021-04-17T09:21:57","date_gmt":"2021-04-17T16:21:57","guid":{"rendered":"\/us\/en\/blog\/?p=47482"},"modified":"2024-12-15T22:50:55","modified_gmt":"2024-12-16T06:50:55","slug":"why-data-analytics-are-crucial-for-your-business","status":"publish","type":"post","link":"\/us\/en\/blog\/why-data-analytics-are-crucial-for-your-business\/","title":{"rendered":"Why data analytics are crucial for your business"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">We\u2019ve heard a lot in recent years about the revolutionary effects of <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/get-ready-for-big-data-and-ai-in-the-call-center\/\"><span style=\"font-weight: 400;\">big data<\/span><\/a><span style=\"font-weight: 400;\"> and the internet of things (<\/span><span style=\"font-weight: 400;\">IoT<\/span><span style=\"font-weight: 400;\">). They have indeed had big effects in a number of areas, from retail to <\/span><span style=\"font-weight: 400;\">digital marketing<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">healthcare<\/span><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">With so much data at our disposal, however, the difficulty is in knowing how to make use of it. This is where <\/span><span style=\"font-weight: 400;\">big data analytics<\/span><span style=\"font-weight: 400;\"> comes in.<\/span><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p style=\"text-align: center;\">\u2b50 <strong>Ready to go hybrid or remote?<\/strong> \u2b50<\/p>\n<p style=\"text-align: center;\">Here&#8217;s the secret to a successful hybrid and remote-first workplace.<\/p>\n<p><center>\t<\/p>\n<div class=\"download-form-widget enterprise-download-form\" data-url=\"https:\/\/netstorage.ringcentral.com\/ebook\/what-your-business-needs.pdf\" data-id=\"69d0a3c3ca31e\" id=\"69d0a3c3ca31e\">\n\t\t<button tabindex=\"on\"  on=\"tap:69d0a3c3ca31e.toggleClass(class='open')\" class=\"open-modal-download-action download-form-button\" type=\"submit\">Get the eBook<\/button><\/p>\n<div class=\"download-form-modal\">\n<div class=\"download-form-modal-body\">\n<div class=\"download-form-modal-content\">\n<div class=\"download-form-modal-title\">Tomorrow's workplace is hybrid and remote-first. Is your communications system ready?<\/div>\n<form class=\"download-form ENTERPRISE\" method=\"post\">\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Full Name\" aria-required=\"true\" aria-invalid=\"false\" type=\"text\" name=\"fullname\" placeholder=\"Full Name\" data-dl-events-hover=\"true\" data-dl-element=\"text\" data-dl-additional-info=\"enterprise download form\">\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Email (please enter a work email address)\" aria-required=\"true\" aria-invalid=\"false\" type=\"email\" autocomplete=\"on\" name=\"email\" placeholder=\"Email (please enter a work email address)\" data-dl-events-hover=\"true\" data-dl-element=\"email\" data-dl-additional-info=\"enterprise download form\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"popup_form\" value=\"1\">\n\t\t\t\t\t\t<\/div>\n<div><input type=\"hidden\" name=\"Asset_ID__c\" value=\"ODAM-02486\" class=\"download-form-input\"><\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"Lead_Entry_Source__c\" value=\"RC Blog Enterprise\" class=\"download-form-input\"\/>\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<button class=\"download-form-submit\" type=\"submit\" data-dl-element=\"button\" data-no-auto-dl=\"true\" data-dl-additional-info=\"enterprise download form\" data-dl-name=\"Download now\">Download now<\/button>\n\t\t\t\t\t\t<\/div>\n<\/p><\/form>\n<p> \t\t\t\t\t<button on=\"tap:69d0a3c3ca31e.toggleClass(class='open')\" role=\"button\" tabindex=\"0\"  class=\"download-form-modal-close\"><\/button>\n\t\t\t\t<\/div>\n<div class=\"download-form-modal-thank\">Enjoy!<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>\t<\/center><\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Data analysis<\/span><span style=\"font-weight: 400;\"> allows us to obtain <\/span><span style=\"font-weight: 400;\">valuable insights<\/span><span style=\"font-weight: 400;\"> while saving time and effort. Without it, we\u2019d be left searching for needles in the proverbial haystack of <\/span><span style=\"font-weight: 400;\">unstructured data<\/span><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thanks to <\/span><span style=\"font-weight: 400;\">data science<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">advanced analytics<\/span><span style=\"font-weight: 400;\">, however, <\/span><span style=\"font-weight: 400;\">data mining<\/span><span style=\"font-weight: 400;\"> is greatly simplified, so sifting through a large <\/span><span style=\"font-weight: 400;\">amount of data<\/span><span style=\"font-weight: 400;\"> is made relatively simple. This, in turn, has a wide range of benefits for businesses and consumers.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><strong>What is data analytics?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">In short, the term is used to denote the process of delving into <\/span><span style=\"font-weight: 400;\">raw data<\/span><span style=\"font-weight: 400;\"> and drawing insights and conclusions from it. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Obviously, it\u2019s difficult to get anything coherent out of <\/span><span style=\"font-weight: 400;\">unstructured data<\/span><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">Data analytics<\/span><span style=\"font-weight: 400;\">, however, allows organizations to explore <\/span><span style=\"font-weight: 400;\">large datasets<\/span><span style=\"font-weight: 400;\"> in order to unearth relevant patterns and tendencies. Similarly, <\/span><span style=\"font-weight: 400;\">text analytics<\/span><span style=\"font-weight: 400;\"> helps to discover meaningful insights from unstructured text.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data analysts<\/span><span style=\"font-weight: 400;\"> use <\/span><span style=\"font-weight: 400;\">analytics applications<\/span><span style=\"font-weight: 400;\"> (with capabilities like <\/span><span style=\"font-weight: 400;\">machine learning<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">automation<\/span><span style=\"font-weight: 400;\">) to help them gain useful insights. <\/span><span style=\"font-weight: 400;\">Open-source<\/span> <span style=\"font-weight: 400;\">data analysis<\/span><span style=\"font-weight: 400;\"> tools like <\/span><span style=\"font-weight: 400;\">Pandas<\/span><span style=\"font-weight: 400;\">\u2014a tool built using the <\/span><span style=\"font-weight: 400;\">Python<\/span> <span style=\"font-weight: 400;\">programming language<\/span><span style=\"font-weight: 400;\">\u2014are increasingly commonly used.<\/span><\/p>\n<div class=\"rc-subscribe\" id=\"new-rc-subscribe\"  style=\"background-image:url('\/us\/en\/blog\/wp-content\/themes\/ringcentral\/assets\/images\/temp\/subscribe.png')\">\n\t\t<button class=\"close js-popup-close\"><svg class=\"icon_close_mobile\" width=\"20\" height=\"20\"><use xlink:href=\"#icon_close_mobile\"><\/use><\/svg><\/button><\/p>\n<div class=\"rc-subscribe__wrapper\">\n<div class=\"rc-subscribe__wrapper_text\">\n<h3 class=\"rc-subscribe__title h2\">Stay informed with RingCentral<\/h3>\n<div class=\"rc-subscribe__subtitle\">Subscribe to our emails for the latest blogs, events, and exclusive content on AI-powered communication solutions. Stay ahead with insights and tips from the leader in trusted AI communications.<\/p>\n<p>\t\t\t\t\t<a href=\"https:\/\/www.ringcentral.com\/legal\/privacy-notice.html\" target=\"_blank\" data-dl-name=\"Privacy Notic\" data-dl-element=\"link\" data-dl-additional-info=\"social\" rel=\"noreferrer noopener\">Privacy Notice<\/a>\n\t\t\t\t<\/div>\n<\/p><\/div>\n<div class=\"rc-subscribe__wrapper_form\">\n<form class=\"\" data-event-init=\"true\" novalidate data-js-form>\n<div class=\"rc-subscribe__row\">\n\t\t\t\t\t\t<input\n\t\t\t\t\t\t\t\tname=\"email\"\n\t\t\t\t\t\t\t\tplaceholder=\"Email address *\"\n\t\t\t\t\t\t\t\ttitle=\"Must be valid email. example@yourdomain.com\"\n\t\t\t\t\t\t\t\tminlength=\"4\"\n\t\t\t\t\t\t\t\tmaxlength=\"255\"\n\t\t\t\t\t\t\t\ttype=\"email\"\n\t\t\t\t\t\t\t\trequired\n\t\t\t\t\t\t\t\tpattern=\"[a-z0-9._%+\\-]+@[a-z0-9.\\-]+\\.[a-z]{2,}$\"\n\t\t\t\t\t\t\t\tclass=\"field__control\"\n\t\t\t\t\t\t\t\tautocomplete=\"on\"\n\t\t\t\t\t\t\t\taria-required=\"true\"\n\t\t\t\t\t\t\t\tdata-dl-events-hover=\"true\"\n\t\t\t\t\t\t\t\tdata-dl-element=\"email\"\n\t\t\t\t\t\t\t\tdata-dl-additional-info=\"LET'S WORK TOGETHER\"\n\t\t\t\t\t\t\t\taria-label=\"Email address *\"\n\t\t\t\t\t\t\t\taria-errormessage=\"email-subscribe-errors\"\n\t\t\t\t\t\t><br \/>\n\t\t\t\t\t\t<span class=\"field__errors\" id=\"email-subscribe-errors\" data-js-form-field-errors><\/span>\n\t\t\t\t\t<\/div>\n<div class=\"rc-subscribe__row\">\n\t\t\t\t\t\t<select\n\t\t\t\t\t\t\t\tname=\"Country__c\"\n\t\t\t\t\t\t\t\trequired\n\t\t\t\t\t\t\t\tclass=\"field__control\"\n\t\t\t\t\t\t\t\taria-required=\"true\"\n\t\t\t\t\t\t\t\taria-expanded=\"false\"\n\t\t\t\t\t\t\t\taria-label=\"Country *\"\n\t\t\t\t\t\t\t\taria-errormessage=\"country-subscribe-errors\"\n\t\t\t\t\t\t><option value=\"\" disabled=\"disabled\" selected=\"selected\">Country<\/option><option value=\"Canada\">Canada<\/option><option value=\"United_States\">United States<\/option><\/select><\/p>\n<p>\t\t\t\t\t\t<span class=\"field__errors\" id=\"country-subscribe-errors\" data-js-form-field-errors><\/span>\n\t\t\t\t\t<\/div>\n<div class=\"rc-subscribe__row\">\n\t\t\t\t\t\t<button type=\"submit\" data-event-init=\"true\">Subscribe<\/button>\n\t\t\t\t\t<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"confirm-form\" role=\"status\" aria-live=\"polite\" style=\"display: none;\" aria-hidden=\"true\">\n<div class=\"confirm-form__text\">Thank you for your interest in RingCentral<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><span style=\"font-weight: 400;\">Even comparatively day-to-day software like <\/span><span style=\"font-weight: 400;\">Microsoft Excel<\/span><span style=\"font-weight: 400;\"> also offers a range of <\/span><span style=\"font-weight: 400;\">data analysis<\/span><span style=\"font-weight: 400;\"> features. There\u2019s also <\/span><span style=\"font-weight: 400;\">Hadoop<\/span><span style=\"font-weight: 400;\">, a series of open-source programs written in Java, which can be used to process large <\/span><span style=\"font-weight: 400;\">datasets<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An <\/span><span style=\"font-weight: 400;\">exploratory data analysis<\/span><span style=\"font-weight: 400;\"> can provide an overview and summary of the main characteristics of <\/span><span style=\"font-weight: 400;\">datasets<\/span><span style=\"font-weight: 400;\">. Businesses can then use methods such as <\/span><span style=\"font-weight: 400;\">data visualization<\/span><span style=\"font-weight: 400;\"> to present the insights they\u2019ve uncovered to wider audiences\u2014including customers and clients\u2014and suggest next steps based on those insights.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Armed with the information gleaned from <\/span><span style=\"font-weight: 400;\">business analytics<\/span><span style=\"font-weight: 400;\">, firms are better able to meet the needs and desires of their customers (and to win new ones).<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Types of data analytics<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">There are four basic <\/span><span style=\"font-weight: 400;\">types of<\/span> <span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\">, and these are as follows:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Descriptive analytics<\/b><b>:<\/b><span style=\"font-weight: 400;\"> Describes what has occurred over a certain period of time. For example, increases in sales or higher page views in a particular month or quarter.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Predictive analytics:<\/b><span style=\"font-weight: 400;\"> Predicts what is likely to take place in the relatively near term based on previous data.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Diagnostic analytics:<\/b><span style=\"font-weight: 400;\"> Analyzes why a particular phenomenon (such as an increase or decline in sales) has occurred.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prescriptive analytics<\/b><b>:<\/b><span style=\"font-weight: 400;\"> Suggests a certain course of action (e.g. a seasonal increase in stocking of a certain product) based on past data.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">There\u2019s also <\/span><span style=\"font-weight: 400;\">regression<\/span><span style=\"font-weight: 400;\"> analysis; this term covers a number of statistical methods used to estimate relationships between a dependent variable and one or more independent variables. This can help to provide insights into the strength of the relationships between variables, and model their future relationships.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By analyzing <\/span><span style=\"font-weight: 400;\">historical data<\/span><span style=\"font-weight: 400;\">, we can make better <\/span><span style=\"font-weight: 400;\">business decisions<\/span><span style=\"font-weight: 400;\"> as we\u2019re more able to anticipate fluctuations in consumer demand, and to understand why these occur. This, if used properly, should ultimately translate into better profitability and a healthier bottom line.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, <\/span><span style=\"font-weight: 400;\">data quality<\/span><span style=\"font-weight: 400;\"> and efficient <\/span><span style=\"font-weight: 400;\">data management<\/span><span style=\"font-weight: 400;\"> matter a great deal. If your data are substandard or somehow unreliable, you won\u2019t be able to <\/span><span style=\"font-weight: 400;\">optimize<\/span><span style=\"font-weight: 400;\"> your <\/span><span style=\"font-weight: 400;\">business decisions<\/span><span style=\"font-weight: 400;\"> as you would otherwise. <\/span><span style=\"font-weight: 400;\">Structured data<\/span><span style=\"font-weight: 400;\"> is indispensable.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Benefits of data analytics<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Now that we\u2019ve defined <\/span><span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\"> and outlined its different types, we need to look at the potential benefits it can offer businesses. There are numerous <\/span><span style=\"font-weight: 400;\">applications of data<\/span><span style=\"font-weight: 400;\">, so it\u2019s probably best if we concentrate on a few in particular here.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some of the key benefits of <\/span><span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\"> include:<\/span><\/p>\n<ol>\n<li><b>More precise marketing:<\/b><span style=\"font-weight: 400;\"> With the help of <\/span><span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\">, you can get to know your target audience better. You have a clearer appreciation of what they\u2019re looking for and what they need. This allows you to target them more precisely with better-crafted campaigns, including via <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/engage-your-customers-with-social-media\/\"><span style=\"font-weight: 400;\">social media<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li><b>Better decision making:<\/b><span style=\"font-weight: 400;\"> Following on from our previous point, <\/span><span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\"> allows businesses to sharpen their <\/span><span style=\"font-weight: 400;\">decision-making<\/span><span style=\"font-weight: 400;\"> skills. Equipped with a more thorough understanding of their customer base and their own performance, they can use the insights obtained via <\/span><span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\"> to make improved decisions as well as making <\/span><span style=\"font-weight: 400;\">project management<\/span><span style=\"font-weight: 400;\"> more effective.<\/span><\/li>\n<li><b>Enhanced efficiency: <span style=\"font-weight: 400;\">Thanks to <\/span><span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\">, it\u2019s possible for businesses to streamline many of their processes, thus rendering them more efficient while also enabling them to cut costs. Thus, it also helps them with <\/span><span style=\"font-weight: 400;\">financial analysis<\/span><span style=\"font-weight: 400;\">, enabling them to deploy their resources more efficiently. For instance, with regard to targeted marketing campaigns.<\/span><\/b><\/li>\n<li><b>Improved customer service: <span style=\"font-weight: 400;\">Last but by no means least, <\/span><span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\"> can also help businesses to improve their overall standard of customer service. Firstly, it provides in-depth insights into what customers want and their preferences. Secondly, storing data in a single central location and allowing your whole customer service team to access it can help to ensure better consistency of service quality.<\/span><\/b><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<h2><strong>How businesses can use data analytics<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">We\u2019ve talked about how <\/span><span style=\"font-weight: 400;\">data professionals<\/span><span style=\"font-weight: 400;\">\u2014<\/span><span style=\"font-weight: 400;\">data scientists<\/span><span style=\"font-weight: 400;\"> and engineers\u2014make use of <\/span><span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\">, but it\u2019s worth stopping to discuss how businesses make practical, everyday use of it. This is a challenging undertaking because the <\/span><span style=\"font-weight: 400;\">volume of data<\/span><span style=\"font-weight: 400;\"> involved is so substantial. It\u2019s important, therefore, to give careful thought to <\/span><span style=\"font-weight: 400;\">applications of data analytics<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As we\u2019ve noted, unearthing genuine insights without good <\/span><span style=\"font-weight: 400;\">data analytics <\/span><span style=\"font-weight: 400;\">techniques<\/span><span style=\"font-weight: 400;\"> is often very difficult. Here\u2019s a step-by-step look at how businesses <\/span><span style=\"font-weight: 400;\">use data analytics<\/span><span style=\"font-weight: 400;\">, and the key questions they have to consider throughout the <\/span><span style=\"font-weight: 400;\">data analytics<\/span> <span style=\"font-weight: 400;\">life cycle<\/span><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ol>\n<li><b>Planning and strategy: <span style=\"font-weight: 400;\">Before doing anything else with regard to <\/span><span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\">, businesses must ensure that they have a long-term plan and clear objectives in mind. They must ask themselves questions about their <\/span><span style=\"font-weight: 400;\">data requirements<\/span><span style=\"font-weight: 400;\">: Namely, why they want to collect certain <\/span><span style=\"font-weight: 400;\">types of data<\/span><span style=\"font-weight: 400;\"> (to learn more about customer interactions, for example) and what they hope to achieve.<\/span><\/b><\/li>\n<li><b>Collecting data: <span style=\"font-weight: 400;\">Once businesses are clear in their own mind about the purpose of <\/span><span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\">, they then need to determine which <\/span><span style=\"font-weight: 400;\">data sources<\/span><span style=\"font-weight: 400;\"> they\u2019ll be using, which <\/span><span style=\"font-weight: 400;\">data points<\/span><span style=\"font-weight: 400;\"> they\u2019ll be concentrating on and how to collect that data. Some simply use transaction and social media data, while others use high-tech sources including GPS and RFID chips.<\/span><\/b><\/li>\n<li><strong>Ensuring data is relevant<\/strong>: <span style=\"font-weight: 400;\">We mentioned earlier that <\/span><span style=\"font-weight: 400;\">raw data<\/span><span style=\"font-weight: 400;\"> tells us very little at first glance. Businesses have to ensure that the quantitative data they collect is relevant and that they know how to make sense of it. Simply hoovering up huge quantities of data does little good\u2014and may prove to be actively counter-productive.<\/span><\/li>\n<li><strong>Making effective use of data<\/strong>: <span style=\"font-weight: 400;\">Businesses which intend to deploy <\/span><span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\"> must think carefully about how they intend to do so, and provide sufficient resources for the purpose. Which <\/span><span style=\"font-weight: 400;\">metrics<\/span><span style=\"font-weight: 400;\"> do you plan to use? Some businesses employ in-house <\/span><span style=\"font-weight: 400;\">data analysts<\/span><span style=\"font-weight: 400;\">, which can give them the edge over competitors, but for smaller firms, employing their own <\/span><span style=\"font-weight: 400;\">data specialists<\/span><span style=\"font-weight: 400;\"> is unlikely to be viable.<\/span><\/li>\n<li><strong>Presenting data<\/strong>: <span style=\"font-weight: 400;\">Earlier, we mentioned the importance of <\/span><span style=\"font-weight: 400;\">data visualizations<\/span><span style=\"font-weight: 400;\"> in presenting findings and rendering them more comprehensible. Tools like <\/span><span style=\"font-weight: 400;\">Tableau<\/span><span style=\"font-weight: 400;\"> can help businesses with <\/span><span style=\"font-weight: 400;\">visualizing data<\/span><span style=\"font-weight: 400;\"> in the form of charts and graphs. These can then make <\/span><span style=\"font-weight: 400;\">data presentation<\/span><span style=\"font-weight: 400;\"> aids. For instance, in <\/span><span style=\"font-weight: 400;\">video<\/span> <span style=\"font-weight: 400;\">tutorials<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">webinars<\/span><span style=\"font-weight: 400;\">, as well as for the <a href=\"https:\/\/www.adobe.com\/express\/create\/infographic\">eye-catching infographics<\/a> that prove popular on sites like <\/span><span style=\"font-weight: 400;\">LinkedIn<\/span><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li><strong>Acting on new insights<\/strong>: <span style=\"font-weight: 400;\">It\u2019s one thing gaining all these insights via <\/span><span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\">, but businesses must have an action plan in order to put them to practical use. How might certain findings help your business improve the service it provides to customers? How might you use it to reach new customers?<\/span><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<h2><strong>Data analytics technologies<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">There\u2019s a wide range of <\/span><span style=\"font-weight: 400;\">data analytical tools<\/span><span style=\"font-weight: 400;\"> that businesses can use, and more are being introduced all the time. Some of the most widely-used <\/span><span style=\"font-weight: 400;\">data analytics<\/span> <span style=\"font-weight: 400;\">technologies<\/span><span style=\"font-weight: 400;\"> include the following:<\/span><\/p>\n<ol>\n<li><b>Predictive analytics: <span style=\"font-weight: 400;\">We briefly defined <\/span><span style=\"font-weight: 400;\">predictive analytics<\/span><span style=\"font-weight: 400;\"> earlier, as using old data to forecast future outcomes. Based on statistical <\/span><span style=\"font-weight: 400;\">algorithms<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">machine learning<\/span><span style=\"font-weight: 400;\"> (about which, more later), it provides businesses with a clearer idea of what to expect in the relatively near future, allowing them to prepare and position themselves accordingly.<\/span><\/b><\/li>\n<li><b>Data management: <span style=\"font-weight: 400;\">Collecting data is one thing, but you need to know how to manage it if you\u2019re going to make effective use of it. <\/span><span style=\"font-weight: 400;\">Analytics processes<\/span><span style=\"font-weight: 400;\"> and tools are therefore indispensable for managing the flow of data and organizing it. They can help your business ensure that you have <\/span><span style=\"font-weight: 400;\">high-quality<\/span><span style=\"font-weight: 400;\"> data and that it\u2019s easy to obtain when your teams need it.<\/span><\/b><\/li>\n<li><strong>Data warehouse<\/strong>: <span style=\"font-weight: 400;\">A kind of management system used to facilitate <\/span><span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\"> and <a href=\"https:\/\/www.luzmo.com\/blog\/embedded-business-intelligence-guide\">embedded business intelligence processes<\/a><\/span><span style=\"font-weight: 400;\">. Businesses can use <\/span><span style=\"font-weight: 400;\">data warehouses<\/span><span style=\"font-weight: 400;\"> to centralize data drawn from various sources, thus making it more manageable and easier to draw insights from. It can also come to serve as a useful historical record which <\/span><span style=\"font-weight: 400;\">data analysts<\/span><span style=\"font-weight: 400;\"> can use to make long-term comparisons.<\/span><\/li>\n<li><strong>Machine learning<\/strong>: <span style=\"font-weight: 400;\">A subset of <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/why-ai-is-critical-to-the-future-of-customer-engagement\/\"><span style=\"font-weight: 400;\">artificial intelligence<\/span><\/a><span style=\"font-weight: 400;\"> (AI), <\/span><span style=\"font-weight: 400;\">machine learning<\/span><span style=\"font-weight: 400;\"> essentially involves the simulation or approximation of human intelligence in completing tasks. As the name implies, it involves applications which can analyze data and learn from it over time, ensuring that it gradually becomes more and more accurate at predicting outcomes.<\/span><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<h2><strong>Why is data analytics so important?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">If you\u2019re still wondering what all the fuss is about when it comes to <\/span><span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\">, perhaps this will convince you: Just look at what some of the biggest businesses in the world are doing, and how seriously they\u2019re taking it. Firms such as <\/span><span style=\"font-weight: 400;\">Amazon<\/span><span style=\"font-weight: 400;\"> are eagerly seizing on the opportunities provided by <\/span><span style=\"font-weight: 400;\">big data<\/span><span style=\"font-weight: 400;\"> to help them know their customers inside out.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data analytics<\/span><span style=\"font-weight: 400;\"> is widely used in retail today, and in the <\/span><span style=\"font-weight: 400;\">healthcare<\/span><span style=\"font-weight: 400;\"> sector. The travel and hospitality industries have also enthusiastically adopted <\/span><span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\">, as it enables them to develop a much more detailed understanding of what their customers want, and how to resolve potential problems.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The stark reality is this: If your business isn\u2019t making good use of <\/span><span style=\"font-weight: 400;\">data science<\/span><span style=\"font-weight: 400;\">, then there\u2019s a high chance that its rivals already are. This could leave you at a serious competitive disadvantage. But if you take advantage of the opportunities <\/span><span style=\"font-weight: 400;\">data analytics<\/span><span style=\"font-weight: 400;\"> offers you, your business could be the one to steal a march on them.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We\u2019ve heard a lot in recent years about the revolutionary effects of big data and the internet of things (IoT). They have indeed had big effects in a number of areas, from retail to digital marketing and healthcare. With so much data at our disposal, however, the difficulty is in knowing how to make use &#8230;<\/p>\n","protected":false},"author":29,"featured_media":47483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17901],"tags":[6048],"class_list":["post-47482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-leadership","tag-analytics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.3 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why data analytics are crucial for your business | RingCentral Blog<\/title>\n<meta name=\"description\" content=\"We\u2019ve heard a lot in recent years about the revolutionary effects of big data and the internet of things (IoT). 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