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This not only assists a business to
adapt to market changes in a timelier
manner, but also helps them achieve a
competitive advantage in an economically
challenging environment.
Generating revenue
Generating revenue is the obvious end goal
of most enterprises. While data analytics has
the potential to transform a business and
produce a clearer revenue opportunity, to
achieve this, companies will need to invest in
a data analytics team.
This team must not only understand the
organisation’s objectives when it comes
to data, but how to use data effectively to
achieve the set goals.
Furthermore, before analytical tools can be
leveraged, this team must take responsibility
for making sure that the quality of the data
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being analysed is examined and that the
data is good and ready for analysis.
Placing a focus on these areas will allow
organisations to use data analytics for the
purpose of generating more revenue (and
increased revenue means increased value).
As Jim Bergeson says, data will talk to you
if you are willing to listen. And it’s true – as
the real business value of data analytics can
FEATURE: BUSINESS ANALYTICS
only be seen if organisations are willing to
listen, and truly take data on board as a key
business resource.
Any business, irrespective of size or industry,
can benefit from data analytics. However,
focus should be on understanding what data
analytics can do for the business, based on its
goals, and investing in the right team of people
to ensure that the right data is analysed, to
achieve the best possible results. n
SOME OF THE UNEXPECTED
BENEFITS OF DATA ANALYTICS
INCLUDE LONG-TERM BENEFIT OF
SHORT-TERM LOSSES.
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