Oct 12, 2018

How Data Analytics can Make You a Better Entrepreneur

Being an entrepreneur is not an easy task. It requires constant planning and efforts. There are certain ways in which data analytics can help you to become a better entrepreneur. Artificial Intelligence is also said to be gaining importance nowadays.

If you wish to explore the entrepreneurial ways also improve its effectiveness it becomes important to integrate big data analytics in educational programs. The following are some of the points to be considered :

  1. The Rise of Big data and Analytics: Big Data is soon going to be worth about $114 billion by the end of this year and it is also said to be rapidly growing.
  2. Driving Costs Down: Seasonal businesses tend to have up to 10 times more demand on those days. Flexible labour force is required during those days and on of the ways in which you can achieve this by turning your analytical focus inward.
  3. Data Analytics for Superior BI: Self-serving data analytics tools have made it now possible to gather information and have made both data prep and analysis easier.
  4. Improved Efficiency: With the help of BI you can find immediate answers to your business questions which will further enable you to take faster decisions.
  5. Learn Your Customers' Behaviour: With the help of data analysis, you will get an idea what your people are and are not buying. You will also get an idea regarding the promotional placements, future opportunities, whether or not your website is confusing, when customers are concerned with your pricing etc.
  6. Find Upselling and Cross-Selling Opportunities: The customer data that is available in BI tools will enable you to understand what your customers are responding to best which will in turn lead to various cross-selling and upselling opportunities.

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