April 24, 2019 12:44
4 min read385 views so far!
Every company on earth uses data analysis to track their growth and progress. Wikipedia defines data analysis as
... a process of inspecting, cleansing, transforming and modelling data with the goal of discovering useful information, informing conclusions, and supporting decision making.
You might even use analytics on your personal blog to see what works and what doesn’t.
Data-driven decisions are even more pertinent when using online platforms. It has never been easier to see who is reading your online content, how long for, and where they are reading it from. Wherever in the world, they are.
For example, take a travel blog that it is popular in the UK. Even though the publisher may not live there, it is worth the blogger or the company to take a more in-depth look at what makes their content popular in the first place. They can work out what exactly makes them popular, who is reading it, and what makes them stay longer to read more.
All this is because of data that is provided by the hosting website itself, or through dedicated services like Google Analytics. It has become one of the most used web analytics services on the internet and provides good integration with Google Ads.
Young people are using analytics to know what to post on their social media and when. Not for any particular reason, only to increase followers and likes. It has become somewhat of a game, and for those that can read analytics well, it is like a cheat code. Through this cheat code, you know exactly when to post, what to post, and what to put in the caption. You know how many hashtags are optimal, and what aesthetic the need to get the most likes.
For people on social media today, data analytics reports are a part of everyday life. Most people don’t realise the type of thinking that they use to get more followers, is actually advanced logical and analytical thinking. Something that employers over the world strive to find in new recruits.
New businesses, especially online, rely on analytics reports that are available from social media, to be able to track popularity and click-through rates to the site. One of the most important things in an analytics report is engagement. From there, you can work out what makes people click onto the content in the first place, what makes them stay, and what makes them move on. Once a company is able to work that out, then they can recreate it, and generate revenue from that.
You can take data from analysis reports to improve your business intelligence. Business intelligence is the positive application of information taken from analysis reports. It is what you use to make marketing campaigns, what colour to make the website, and how often you should post on the social media channels of the company. Recently there has been a push to have content on social media. 97% of respondents in a Bloomberg Businessweek survey said that their companies have adopted analytics at some level. This shows the importance of collecting data and analysing it to improve efficiency. Turn over is integral to the modern workplace, whatever the company in question does.
It goes without saying that data and data analysis is important to growth at this point. Being able to analyse and interpret data, turning it into real revenue, and leading to the growth of a company is a massive plus to anyone. The question is, is your company doing what they can to capitalize on this treasure trove? Can they afford not to?