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The research looked at the increasingly broad portfolio of analytic capabilities available to enterprises – everything from traditional Business Intelligence (BI) capabilities like reporting and ad-hoc queries to modern visualization and data discovery capabilities as well as advanced (predictive) analytics.
A growing number of companies are using dataanalytics to better understand the mindset of their customers, provide better customer service , forecast industry trends and identify the ROI of various marketing strategies. There is no disputing the fact that big data is invaluable to marketing.
This is where big data technology has become so important. A report last July found that 30% of companies have a formal data strategy. These companies tend to have a much better ROI than those without one. One study actually found that companies with a data strategy had 84% higher revenue and 66% higher profits.
While there is no debating the huge benefits that analytics technology brings to the ecommerce sector , many experts are pondering what those actual benefits are. New ecommerce startups are discovering interesting ways to utilize analytics. Those that have a solid strategy predicated on it will have a higher ROI.
Business Intelligence uses historical data to reveal where the business has been, and managers can use this data to predict competitive response, and ongoing changes in buying behaviour. Original Post: What is Advanced Analytics and What Are the Benefits of Advanced Analytics?
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We get critical business insights based on how well we leverage our business data. Such insights can be excellent fuel to marketing strategy, analytics, and campaign optimization. All of which can be used to increase profitability, gain better ROIs, and be better adapted to changing economic landscape and consumer behavior.
All of the above points to embedded analytics being not just the trendy route but the essential one. Users Want to Help Themselves Datamining is no longer confined to the research department. Today, every professional has the power to be a “data expert.” Standalone is a thing of the past. cost reduction).
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