In today’s world many companies keep themselves consistently at the top by utilizing data in very detailed and precise manner so that they can get the output they want by focusing mainly on what has been done yet. It cannot be a serendipity that the wealthiest companies in past few times are the ones who work on their data as the root of their step building process.
Importance of Data-Taught at JIM
Jaipuria Institute of Management, Ghaziabad took the initiative and started MBA in Business Analytics which will guide more students towards the importance of data and let them understand that how it will change the whole perspective of analysing and doing business in terms of building success. As truly said by our faculty Dr. Ajay Tripathi, Associate Professor- “DATA IS THE UPCOMING GOLD OF THE FUTURE”. More and more people should have the knowledge as it helps the one to understand things from the past, present and future.
Here are some points of data that has remarked the significance of its benefits that any business should take into account.
Understanding Customers
In the world full of countless services, customers have a variety of choices, and the war between suppliers had reaching to ever highest extent. If a company wants to survive in market, then understanding customers should be their first priority. Customer satisfaction and their information can vary in means of demographic, geographic and to data taken from surveys or observations. With the help of all this data a company can plan or build a prototype for the benefits of their customers and their willingness to buy. It has also proven that topmost brands are turning their collected data or information into insights and taking action to make the product not what they want but what customer needs most. Data extracted from customers is helpful for post-selling services and many other services
Reducing business expenses
In any of the business process, cost controlling should always be taken into account due to limited resources available. Data analysis is beneficial tool that helps companies to detect that 20% most important customers, bring a significant advantage in business budgeting. A next big step after getting known about the customer’s preference should be reaching out to potential customers effectively. According to a principle it is has proven that more than 75% revenue comes from 20% of the customers.
Supporting decision making
Pensive decision leads to successful businesses. As of time passes, it is now more important to make the right and perfect decisions in this competitive global market. With the impact and improvement in technology and data science, companies have to no longer make the big decisions for their future based on the unsure consumptions, hints, hunches and guesses. Instead, they can take advantage of analysing a great amount of real data to acquire business intelligence, using the business analytics to predict the future and make decisions for the present.
Entering the 2021s, running a business without data support is just like running on the streets with blind eyes. Getting skilled in data for business will make a way for the companies to get towards their success. There is no doubt what make so big companies like Twitter and Google successful and different from others. These companies collect a heavy amount of data on how people behave online and most deeply on search web which will directly tell them what their interests, needs and wants are. The data driven trends existed long time ago and now it emerges at the highest rate and which will be seen growing more in the future.
Vishwas Jagga
MBA Business Analytics IInd year
Batch 2020-2022
Jaipuria Institute of Management, Ghaziabad
