For businesses looking to learn more about their products, services, digital touchpoints and customers, data analytics is one of the most important technological advances in recent memory. It has completely changed the way we use and think about information, and it has had a huge impact on businesses all over the world.

Data analytics can help your organization achieve new levels of success by making your operations more efficient and cost-effective.

In this blog post, we will discuss how data analytics can benefit your business and help you reach your digital efficiency and data usage goals.

What is data analytics?

Before we dive into how data analytics can help your organization, it’s important to first understand what data analytics is.

Data analytics is the use of applied science to assess raw data, for trends and answers that teach organizations more about their product portfolio and customer behaviors. After data is analyzed, companies then apply corrective actions or optimizations that enable them to better address customer concerns and realize long-term growth.

The data analytics market already reached a $240.5 billion market valuation in 2021, and could achieve a $549.7 billion valuation by 2028.

The greater adoption of data analytics is also attributable to its role in enabling digital transformation. This is particularly apparent in sectors such as eCommerce, where companies constantly seek to learn more about the customers who purchase, and the prospects who do not.

Overall, it is clear that data analytics can offer a significant competitive advantage to businesses across various industries.

By enabling businesses to be more agile, efficient and innovative, data analytics helps organizations to not only survive, but thrive in the digital age.

What are the benefits of data analytics for my company?

One of the reasons that data analytics has become so widespread is the multiple benefits it provides businesses of all sizes.

Some of the key benefits of data analytics include:

Increased agility and flexibility

Data analytics enables businesses to be more agile and responsive to change. By being able to learn from the data you collect — information about your customers, website, social engagement, and other key points — businesses can avoid wasted expenditure and instead focus on best-performing assets.

Through applied data analytics, businesses can better invest in best-performing campaigns, while navigating away from efforts that might provide sufficient returns. In addition, businesses can avoid investing in campaigns, products, or customer segments that aren’t well-positioned to convert.

Data analytics allows you to respond quickly to changes in the market and capitalize on new opportunities.

Improved security

Data analytics can actually help you keep your information more secure.

By entrusting your data to the right data analytics platforms, businesses can benefit from that platform’s commitment to data protection.

Perhaps more importantly, the right data analyst helps keep your information more secure. Trained data analysts understand exactly how to assess data trends without compromising any of that information. Investing in the right analyst is also an investment in fraud and risk mitigation.

Faster innovation

Organizations that correctly apply data analytics can be more agile and innovative, as they can quickly deploy new applications and services aligned with the outcomes customers want.

Data analytics also makes it easier for organizations to test new applications and services, without having to implement new infrastructure, or invest in campaigns without any supportive data as to how those efforts yield returns.

The innovation data analytics allows can save businesses time and money, and allow them to be more responsive to market changes.

Improved collaboration

Data analytics tools and applications — and the data analysts who use them — make it easier for companies to work together for growth.

Data analytics enables businesses to collaborate more effectively, both internally and with external partners. By deriving deep conclusions from the information your organization collects, employees can better work together to transform insights into real progress.

In addition, by using data analytics, businesses can connect with customers and partners using messaging proven to convert. Since remote working has become the new normal for many organizations, data analytics is even more important in connecting businesses, employees and customers behind projects defended by real data.

Improved scalability

Scalability is one of the key benefits of data analytics. With new knowledge into real business insights, companies can plan roadmaps with a pre-planned forecast as to how campaigns  and products might perform.

Data analytics can be scaled up or down, as your organization grows into a deeper knowledge of how it should best operate. This scalability can help businesses save money in the long run, as they only pay for the resources they need when they need them.

Reduced costs

One of the main reasons data analytics has become so popular is because it can help businesses save money. By using strategies that help your company save time and money, data analytics quickly aligns your core business practices behind what works best for you.

The scalability of data analytics can also help businesses save money. By only funding the efforts proven to deliver results, businesses can avoid overspending on efforts that won’t pay off.

If you're looking to improve your organization's financial performance, data analytics is definitely worth further exploration.

How can my business onboard data analytics best practices?

The ability to learn from collected information is one that every organization needs. Fortunately, there are several ways to leverage data analytics across your organization.

As you might expect, data analytics specialists are in high demand, leading to a skills gap in the market. This means that organizations need to be prepared to invest in training their existing staff or recruiting new talent with the right skill set.

The most cost-effective way to recruit new talent is to take on a data science apprentice. Data apprenticeships are a great way to bridge the skills gap, providing employees with the opportunity to learn new skills and earn a salary at the same time.

If you're looking for ways to improve your organization's growth and productivity, data science could be the answer.

Pace data science apprenticeships are a great way to stay ahead of the competition, ensuring that your organization has the skilled workforce it needs to thrive in the future.

We continue to support our apprentices for 12 months after they graduate, providing them with continued support and training. This ensures that they have the best possible chance of success in their chosen field.

Whether you’re an employer or a university, data apprenticeship programs represent an opportunity for sustained growth. Connect with our Solutions team today to discuss the next steps.