Data Analysis Becomes Essential for Companies

In a world that has never produced as much data as it does today, analysis for the exploitation of this data is a major challenge. For 61% of European companies, data analysis is one of the technology investment priorities for the next two years, reported a study conducted by International Data Corporation (IDC) in October 2021. It’s because the collection of business data has experienced exponential growth in recent years.

The Importance of Data Analysis

Today, companies are increasingly aware that data is a determining factor in predicting the needs of their customers, knowing their purchasing behavior and meeting their expectations. It is therefore a major challenge for marketing, hence the notion of data marketing. For others, data analysis will also make it possible to optimize the production tool by analyzing order histories, to ensure the functioning of their supply chain and to improve after-sales service. We will then rather speak of information governance (IG). As a matter of fact, you will find more information about IG and data analytics on https://www.everteam.com/en/analyze/.

Which Tools to Analyze Data?

In order to analyze, clean up and sort your data properly, you need to use the most adequate tools. Right now, a lot of companies are using Consumer Centric as a data marketing strategy. Like Google Analytics, it is an excellent tool for analyzing the data collected in a relevant way. To do this, you take advantage of electronic information generated by consumers in social networks or on the brand’s website to analyze their needs and expectations while respecting their privacy. It is also important to take into account the data entered in your CRM.

Data analysis therefore becomes a strategic tool that allows companies to exploit the massive analysis of social networks and measure traffic in real time in order to identify weak and strong points and areas for improvement. It also helps you to personalize your offer according to the target, to improve customer satisfaction, to reduce churn, to make additional sales of products or complementary services.

The Key Indicators of Data Analysis

In order to carry out your data analyses, you have to measure the performance of some key indicators of your platform such as the acquisition, interaction and engagement and conversion rates. You also need to know your bounce rate which is the percentage of people who leave your pages instantly after arriving. The average bounce rate for a well-maintained and up-to-date site is 60%.