The importance of data analytics
Data analytics and analysis are vital for powering growth in any business. Data drives scale ups and provides your business truth – enabling strategic decisions to be made with confidence.
Spending time and money on solving the data issue and building a data infrastructure for BI and analytics, can seem a mammoth task. As a result, data analytics and analysis often remains low on the priority list for many scaling businesses. But, by ignoring the data problem and putting off building a robust data infrastructure, you risk harming your business.
So, what’s the cost of delaying data analytics?
1. Waste time and resources on reporting
Data analytics can help you find trends, uncover opportunities, predict actions, triggers, and make key business decisions. Without analytics, you’ll spend precious time and resources manually reviewing spreadsheets and systems to uncover such information. All businesses want to save time. Most businesses feel under-resourced. Reporting is integral to growth, but without powerful analytics, reporting can be a laborious process, requiring several hours to complete.
With a single source of truth at your fingertips, you’ll be able to automate reports and remove manual labour (and human error) in the process.
2. Lack customer understanding
Without data, how can you understand your customer? By gaining a single customer view, you can conduct behaviour analysis. This allows you to target the right customer, at the right time, with the best content and offers. To conduct behaviour analysis you need more than just website data – you have to collect information from every touchpoint. This includes transaction data, interaction with your marketing channels including emails, social and advertising, as well as customer support contact. By bringing all of these data points together into a single version of the truth, you’ll gain a single customer view that will help you understand what your customers want, when they want it.
Without this information, you risk losing your customer to your next competitor.
3. Wasting marketing budget
If you’re not keeping track of your data with strong analytics, you risk wasting precious advertising budget.
With marketing spend often limited in the early days of scaling a business, you cannot afford to waste a penny. But how can you know which channels to prioritise, what content resonates and which pages convert without data? By bringing all of your data together in a single source of truth and harnessing business intelligence, you can optimise your strategy using sales data and customer behaviour. This data will enable bid optimisation and generate a higher Return on Advertising Spend (ROAS).
Whilst most businesses will calculate metrics on a weekly or monthly basis using tools such as Google Analytics and native analytics available on social media platforms, multiple sources invariably produce varying information. How can you know which information to trust? Each platform is incentivised to claim they did the hard work!
A single source of truth will provide the answers to your questions in moments – saving time and resources. Moreover, with a single version of data truth, you can be sure that your numbers are accurate.
Data analytics the easy way
The cost of ignoring data analytics cannot be missed. To achieve data analytics nirvana, you need to implement a robust modern data stack, including a cloud data warehouse, ELT and BI tool.
Enter kleene.ai. We make getting value from your data easy. Our all-in-one automated data plumbing takes the stress away from data and saves you time and resources. Even better still, you don’t need a vast (and expensive) data team to achieve data nirvana, just a data analyst, or our team!
Considering data analytics? Talk to us today, to see how we can support your data journey!