Data Analytics (DA) can help businesses better understand their customers, target their advertising, spot trends and harness opportunities which drives profit. The benefits of DA cannot be accessed without the proper data analytical tools, processes, and expertise. While raw data has a lot of potential, you need DA to unlock the power to grow your business!

DA plays a crucial role in enhancing business understanding, customer targeting, advertising efficiency, trend identification, and profit generation. The benefits of DA hinge on utilizing proper tools, processes, and expertise.

Often likened to “the new oil” by The Economist Magazine, data’s impact on the economy is expected to parallel that of commercialized oil. While industries commonly use ERP or CRM software, the untapped potential lies in leveraging data captured by these systems. Applying data analytics to sales and marketing provides insights into customer acquisition costs, profitability by segment, and revenue growth strategies. Previously, such data access was limited for SMEs due to less user-friendly CRMs, requiring external IT specialists. In accounting terms, data analytics applies management and cost accounting principles to sales and marketing costs, allowing for KPI creation aligning with overall business budgets.

The key to capitalizing on data analytics lies in identifying and modeling KPIs based on industry software data, enabling forecasting and reporting. However, expertise in this field may be limited to a minority.