Data Analytics: To Be or Not To Be?
Data analytics has become an important tool for businesses in the recent scenario. Implementation of the SaaS solution helps businesses get real-time insights into, but not limited to, finance, sales, marketing and product management. The data gathered is shared enterprise wide which enables an organization execute unified decisions and achieve consequential results. But is the much hyped-about solution worth paying for?
In a recent study commissioned by Forrester Consultancy, a company utilizing paid data analytics software was able to increase their revenue by $12 million, resulting in a 7% increase in profit margin. Over a period of three years the organization was able to increase their overall profit by $2.1 million. Increase in profit over three years. They were able to achieve these results by analyzing real time data that the software provides, which urged them to relocate the funds for advertisements. Similarly another company was able to reduce mobile phone expenses by 50%, over a six month period which saved the company $2 million over three years.
There are various instances which substantiate the claims surrounding data analytics. It facilitates data collating, organizing and analyzing that enables organizations make decisive modifications. Not only does it help increase revenues and profits by reallocation of funds and resources but also yields consequential Return on Investment (ROI).
In case an organization decides to choose a paid solution, there are a few things to be considered to keep the ensuing costs in check. Committing to an enterprise level account, paying for only the required licenses and buying only the necessary software suite are some of the procedures which help in keeping the cost accrued to bare minimum.