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Category: Marketing

Did you know that Germany used Data Analytics to win the Fifa World Cup of 2014? Well, how amazing is that! But do you know what’s even more amazing? The sheer potential of Data-driven Analytics as a tool for businesses and the reluctance of the companies to adopt data analytics for improving their business prospects. According to research, data-driven enterprises are three times more likely to make successful business decisions compared to other organizations. Meanwhile, another research conducted by Gartner, a Technology Research and Consulting Company reveals that 87% of organizations are classified as having low maturity levels in terms of business intelligence and analytics capabilities because 97% of the data sitting with these institutions are not being analyzed. Moreover, businesses are not adopting data analytics for making better decisions and identifying opportunities. They are acting on intuition to make business decisions. And this severely affects the productivity and the success of a business. Intuition or Data? A good intuition might help identify and execute highly profitable decisions in a business environment. But when the stakes are high especially in a business, intuition should always be backed by solid data. Using intuition with data is the combination that every business should adopt to succeed. Although the answer to the question of why a business should adopt Data analytics is implicit in the above facts, we think a little more insight into the topic will be a lot more convincing. Therefore, let’s look at why is data-driven analytics of interest to companies? Why Data Analytics? We live in a world where the Internet is no longer a noun but has become a verb. Where millions of transactions are taking place over the internet, mountains of data are being produced every second. And this data is not just a pile of information, it is almost as precious as gold to businesses because this data contains various purchase records, user interests, spending habits, product preferences, personal information of potential customers, and tons of other useful stuff. How to be more Data-Driven? Now that we have resolved the issue of whether Data-driven analytics is of interest to companies or not. Let’s look at how to be more Data-driven. 1. Select a High Potential Goal and Devise a Data-driven Strategy around it Identify a high-yielding opportun