What is Data Analysis?

Write about the Role of Digital Analytics for Process and Scrutinize.

The term data analysis means to inspect, process, scrutinize, and transform the valid information regarding the business that helps the business to build a better scope in the market. The data that is identifies are key sources to identify the drawback and strength of the business. It have various approaches under variety of name(Agresti 2013). The steps involved in data analysis are as follow:

1. Receiving the data from external sources
2. Scrutinizing the data with valid technology and sources
3. Identifying the factors that are revealed from the data
4. Separating them among asset and risk to the organization
5. Taking decision to maintain the asset
6. Taking necessary steps to reduce the risk
7. Reducing the scope for future risk
8. Protecting the company from any threats

A person who does the data analysis is termed as data analytics. The term digital analytics means the analysis of qualitative and quantitative information from the organization and to compete to drive a continuous improvement in the process that will attract the customers towards the organization thus helping the business to meet its target or goal. The evolution of cloud computing has enhanced the chances of the business to identify their risk in the market and analyse the data in a judicious manner(Silverman,  2018). It includes the right processes and skills to identify the risk and make necessary changes in the digital world to attract consumers and improve the business condition. The study will discuss about the digital analysis in the field of marketing in a company.

There are various tools used in digital analytics such as:

• Measuring the effectiveness of the website- Marketing analysis begins with the foundation of the business. A real marketing operation contains few key elements like marketing automation software, CRM system, web presence tracking tools and a marketing production space. It gives the company a well -defined look into the users are doing, the time they are spending on that application and this information can be implemented into the business for improving its condition for a better outcome. It helps the organization to identify which area is getting the maximum push and which area is remaining untouched by the consumers(Miles Huberman and Saldana 2013). This gives an approximate idea to the company to meet the consumer need and make better production.
• Measuring the impact of content marketing: the primary purpose of marketing is to bring revenue. The business aims to fulfil their target with proper marketing skills and strategies. Content scoring defines the effect of singular marketing deliverables to revenue. It states the amount of revenue the digital marketing brings at each and every step. It uses CRM to track the information about the customers.
• Marketing ROI planning: the marketing evolution helps to create the ROI plan. The big data forms a smog of numbers that identifies the difference between the business hike and failure. This includes three type of data real time data, big data, automation.
• Predictive lead scoring and conversion rates: this is the most powerful tool and takes the conventional data stored by the marketers. This helps the analytics to understand the business situation and the scope for business structure. This helps them to assess and create the required message and content in order to optimize the financial potential. This is a strong tool that determines many aspects in a faster way

A business transformation is working out everywhere as the big data power and data analytics are introducing themselves to the market and creating a better scope for the business organization in the market. The data analytics are helping the organization to identify their risk and threat in the market and take necessary steps for the business(Nishisato 2014). The big data analysts can improve the decision making condition by making the decision making process more responsive and agile to understand the value of the information or data. The critical analysis helps to understand the related risk and make necessary changes to the business. It views the business problems and informs the business about the strategic decision referring them to rely on objective data. The tools used are good data, valuable insights and sound analysis for facing the risk and abolishing them from the business. Data analytics have become the core centre of decision making for an organization. The business decisions are related to them as they completes the analysis and gives critical review about the related risk and strength of the business.  They identify the emerging demands and establishing the resources to perform the operations. The y provide real-time insight that has to be operated immediately to get better outcome. It is said that the real time change is transforming the decision of the organization. The business organizations that has smooth decision making system are able to understand better the value of real-time data and build a better competitive advantage. The companies that deal with data analytics should also implement the data in their decision making process. The decisions will be dependent on the information that will be harvested from the analysis and make required changes. The companies have got a clear idea about the technological advantages used to analyse data and make judicious us of the information that helps the business to extend further.

The Importance of Digital Analytics in Business Transformation

The term digital analysis is used to define a set of technical activities that create, collect, transform digital data into research analysis, recommendation, prediction and automation. The data analysed is used in the organization to make required changes and improve the condition of the entire organization. Digital analysis is required in every field of industry and role in the industry(Wickham 2016). Mobile or web is used to analyse the data and scrutinize the possible risk or issues that the company might have faced. The information received from the analysis helps the business to understand the customer demand in the market and makes them understand what the customer is demanding in the market.

Data analysis in marketing is a key factor. As it is known that data analysis helps to grow and build a better platform for any business and sector. The marketing sector that has the maximum usage of analysis is the marketing sector. In marketing the company must know which section of customers are targeted by the company. The marketing sector must have proper knowledge and does proper investigation about the threats related to the business and its customers.

In my experience of work life I have been benefitted by the data analysis in many areas. The core marketing sector is highly dependent on the analysis of the market with appropriate use of data analysis and testing. In my work life we have done a core testing and analysis on data to identify the risks for the company and find the scopes that are beneficial to reach the customers. The data analysis gives an extra hope to the company to improve their skills and strategies to create a demand for the product of the company. Being an assistance marketing manager I have felt the need for growing the sales and satisfying the consumers in the market. The introduction of internet has increased the competition in the market(Aaker et al.  2013). The companies are using various new strategies to improve their market condition and make a better place to succeed. The global market has created a demand for proper analysis and competing strategies in the market. Everyday new companies are rising with new strategies that is helping the companies to reach a new height. The online marketing has once again helped to improve the standard of the company and now customer from any end can reach the brand easily. This was reducing the future scope of the company where I was working. My company was relatively small if compared to the other brands present in the market. We decided to create a better scope for the company by critical analysing the company and identifying the areas that needs to be changed. This really worked out for the company. In a time gap of 6 months the company saw a drastic change in the company sale and profit(McDaniel and Gates 2013). The first few weeks were bleak and dull. It took two months to identify the exact reason for the downfall of the company. Among these few were common and were already predicted by us. The other factors like the comparison with other companies, issues in personal development skills were unknown to us. We got a clear idea about the drawback that were caused due to our careless analysis. The digital analytics performed their task and started to recommend us measurable step to improve out work condition. From the third month we started to improve our strategies and made necessary changes that were required. The sixth month showed a drastic change in the sale and soon the company was flourishing with its benchmark(Pradeep, Knight and Gurumoorthy,  Nielsen Co (US) LLC 2013).

I have been planning to change my job role from marketing to PR relation. This role too has a huge influence by digital analysis. In PR relation the customers are the prior objects to be focused on. The analysis of consumer type, their demand, likes, dislikes and affordability is very important. The business must be keep a note about the product type the consumers are wanting and should use their strategies to get the best product for the customers. The job role will require a lot of data analysis that will help to understand the market scope, risk and strength related to the business(Neuendorf 2016). The business will also get benefitted from such information’s that is helping it to expand and explore to a wider world.

Conclusion:

However, few things should be considered that the business should not be too much dependent on such sources and should analyse itself at least for once. The business should hire proper and trust worthy employees who will not misuse the data. The business make sure that they are using the right source and not fake sources. Thus, if the business is using such preventive measures to protect itself from false situation and threats then there are hi chances that the business will face success and will have high scope to expand in future.

References:

Aaker, D.A., Kumar, V., Leone, R.P. and Day, G.S., 2013. Marketing research: International student version. John Wiley & Sons.

Agresti, A., 2013. Categorical data analysis. John Wiley & Sons.

Chambers, J.M., 2017. Graphical Methods for Data Analysis: 0. Chapman and Hall/CRC.

McDaniel, C. and Gates, R., 2013. Marketing research. Singapore.

Miles, M.B., Huberman, A.M. and Saldana, J., 2013. Qualitative data analysis. Sage.

Neuendorf, K.A., 2016. The content analysis guidebook. Sage.

Nishisato, S., 2014. Elements of dual scaling: An introduction to practical data analysis. Psychology Press.

Pradeep, A., Knight, R.T. and Gurumoorthy, R., Nielsen Co (US) LLC, 2013. Analysis of marketing and entertainment effectiveness using central nervous system, autonomic nervous system, and effector data. U.S. Patent 8,484,081.

Silverman, B.W., 2018. Density estimation for statistics and data analysis. Routledge.

Wickham, H., 2016. ggplot2: elegant graphics for data analysis. Springer.