There has been a massive rise in information availability in recent years, but more importantly, managers and policymakers are becoming more aware of the advantages of big data. This article discusses the value of data analytics for company expansion and how analyzing external data can generate data-driven decisions.

Data augmentation

gives businesses a more thorough understanding of their data, giving them the context to comprehend what is happening, why, and what is most likely to happen next.

Utilizing external data

to enhance a company’s internal first-party data is one technique to benefit from data augmentation. This will have a significant and transformative influence on your organization and increase revenue.

Why is Data Analytics Important?

There is no denying that data analytics is beneficial for all kinds of businesses. It aids in creating streamlined customer path maps and content that is intent-driven.

Although they can access consumer data, more than 4 out of 5 marketing executives need help making data-driven decisions on anything from anticipating future purchases to customer churn.

Challenges in Analyzing External Data

Accessing technology that can quickly analyze a large amount of data is challenging. Although many businesses collect a large amount of data, they often require assistance in effectively processing and analyzing it.

How to Analyze External Data?

A business’s success is highly dependent on analyzing the data collected in various ways. It elaborates the flaws that should be addressed or the features of the company’s products or services that customers like.

Analyzing external data has always been more challenging than it is by using Articence. From sentimental analysis to real-time actionable insights, Articence makes you visualize every aspect of your data clearly. At Articence, ArtExcel provides results in graphs and charts, which can be easily perceivable by a layperson. Actionable insights are just a click away from you at Articence!

Data Collection

Specify how your company plans to gather consumer data. The possibilities are limitless.

There are numerous ways to collect data, including:

·         Social media platforms like Twitter and Facebook

·         Data from search engines, such as Google Analytics Surveys or Ai surveys Articence

·         Tracking of transactions (such as past purchases)

·         Forms for generating leads

·         Free trials or registration

·         Tracking on websites or online

·         User observation or the customer journey

Remember that there are various categories of data, from first-party (consensual information like an email address) to third-party (external website cookies that Google will phase out in 2024).

Visualization of Data

Once you have mastered the art of precise data collection, it is time to extract insights from the data. A crucial step in this process is data visualization, which enables you to portray the information in a way that is easier to comprehend.

There will probably be a few individuals on your team who need help with numbers. You must present the information graphically to ensure your data is used effectively.

Data can be converted into graphs and charts using tools like Google Charts or Articence. Charts are simple to grasp and will assist in keeping your staff interested.

3 Steps to Analyze External Data with Articence

Step 1

Choose a data source and upload your data directly from your device or any other survey tool like SurveyMonkey, Typeform, or Google Forms, as shown in the figure below.

Step 2

Choose the theme of data and name your data according to your choice.

Step 3

Upload the data file and select the type of outcome and field related to your data and confirm the upload.

And you’re good to go with your data analytics!

How Does Data Analytics Impact Business Development?

People are currently producing more data than ever. For practical use in many firms, the level of value exploitation needs to be raised. It’s crucial to understand that data is transformed into useful information through integration and consolidation to avoid falling into this trap.

The objective of knowledge extraction from data is to identify what is truly crucial to know and translate it into business insights. It allows the subsequent business intelligence planning to use the gathered data. All of it was discovered via data analytics. 

When it comes to how businesses can utilize data analytics to expand, data analysis provides information on the company’s state and consumer, competitor, and market activity. It also draws attention to flaws, mistakes, or unsuccessful tactics. Additionally, it aids in creating buyer personas and target demographics.

Data analytics also allows for the rejection of all experiments and intuitive assumptions. Inferring from these possibilities, data analysis’ primary purpose is to elevate the degree of decision-making.

Conclusion

In conclusion, the power of analyzing external data and leveraging data analytics is vital for business success. Companies can gain valuable insights and make data-driven decisions by utilizing data augmentation and analyzing external data. Despite challenges in accessing and analyzing large amounts of data, tools like Articence can simplify the process and provide actionable insights.

Data analytics plays a crucial role in business development by uncovering important information, identifying flaws, and informing decision-making processes. It enables companies to understand their customers, competitors, and market dynamics, leading to improved strategies and increased revenue. Ultimately, data analytics elevates the level of decision-making and drives business growth in the modern era of abundant data.