Benefits of Data Analytics
As per an article published on Intrado Globe News Wire, Japan, with a substantially large data center market valued at USD 7 billion in 2021, and projected to reach USD 10 billion by 2026, constitutes one of the largest and mature players across the APAC data center market. A lot of Japanese investors are increasingly investing in companies leveraging the power of data analytics to reap sustainable advantages and tackle COVID-related uncertainties.
But what are the benefits of data analytics for businesses, irrespective of their volume, business type, or geographical expanse? FidelTech, the leading data analytics company in Japan, explores the advantages of data analytics.
5 Benefits of Data Analytics
1. Identify Customer Needs
Data analytics enables you to use historical and current data to identify demand trends, understand them, point out customer concerns, figure out the potential solution, and analyze them to compute your customers’ present and future needs. It allows you to collect data through various sources to further enable an insight into the requirements of users, prospects, and customers engaging with you through multiple channels.
For instance, an educational institution can use sales data gathered through various mediums that include social media, phone calls, emails, etc. and devise targeted campaigns to promote their in-demand courses more aggressively, identify the potential of other courses to create promotional campaigns accordingly, and also know what additions are prospects demanding, based on their needs, and also to make the course even more competitive.
2. Personalize Products and Services
When you know what your customers are looking out for or what it is that they precisely want, you are in a better position to personalize your products and services, which further can potentially translate into increased leads.
For example, let us say an air conditioning manufacturer interacted with a thousand prospects across various online and offline mediums and identified that around 80 percent of the prospects from the corporate target segment had demanded automation-enabled air conditioners. As a result, the company can take the required call to ensure it meets the demands of the prospective corporate segment of their product.
3. Prevent Frauds
Security and fraud analytics is a vital branch of data analytics that enables companies to protect their financial, physical, and intellectual assets and prevent their misuse through internal and external threats. Companies optimizing the potential of data analytics through professional solution providers like FidelTech helps them optimize fraud prevention and enhance security at the enterprise level.
Fraud analytics uses various techniques, including statistical, path, network, and Big Data methods for predictive propensity models leading the administrators to alerts and pave the way to timely responses resulting from real-time threat detection processes and automated alerts. As a result, data management, coupled with transparent fraud incident reporting, can enhance the fraud and risk management capabilities of the organization.
Additionally, integrating and correlating data throughout the organization can provide a single but comprehensive view of frauds and risks across multiple product and transaction areas. And that’s not it! Using multi-genre analytics and data foundation facilitates more accurate fraud trend analysis, projecting potentially threatening fraud tactics.
4. Make Informed Business Projections and Decisions
Data analytics presents a substantial amount of past, present, and future business-ready insights (sales reports, customer analysis, competitor analysis, industry trends, business direction, future-based SWOT analysis, etc.) that enable businesses to learn from the past, understand the present and make projections that help them deal with vulnerabilities, and uncertainties involved in their business.
In other words, it allows business owners to learn from what they’ve done and what they are currently doing to know what the business would be like to make informed projections, and thus know what can potentially help them thrive, without letting unfavorable elements hamper their business as much, or by at least mitigating their impact.
5. Streamline Business Operations
Data analytics can help streamline business operations by gathering and analyzing data about the supply chain, identifying bottlenecks, redundant processes causing production and, therefore, delivery delays.
Additionally, it can help business owners recognize weak links, significant pain points, sense and identify potential problem areas, vendor concerns, etc. to make informed decisions about those elements, and devise improved solutions aligned with their present and future business needs.
For the retail industry, in particular, leveraging data analytics can result in improved inventory management and control based on inventory consumption trends across various sale seasons, consumer demands, etc. As a result, it enables retail players to maintain the necessary inventory and never let inventory shortages affect sales.
Need Data Analytical Solutions? Connect with FidelTech, the Top Data Analytics Solutions Company in Japan
Japan is a highly competitive and demanding market that requires you to stay ahead of the race and, therefore, be relevant in the market. If data analytics proves one of the ways to remain competitive, why not leverage it through the best data analytics solutions provider? FidelTech, precisely, devises business-specific data analytical solutions to enable business owners, CEOs, etc., to optimize the data advantage, and enhance their position in the market.
So, if you want to expand your business in Japan or are a Japanese enterprise looking out for the best data analytical solutions, call FidelTech at 03-6261-3309 or write an email salesfidel@fideltech.com.
Ref. No- FTB06211130