> Analytics For Business

Reasons why businesses need to
understand their customers:

1. Competitive advantage begins with understanding your customers. Knowing the nuances of customers behavior helps you to provide relevant products and services that grow the bottom line.

2. Seeing your entire customer's journey:
- why and where customers abandon an action
- where improvements can be made
- evaluation of overall customer worth.

3. Lack of understanding of customer's experience may result in:
- inability to determine areas of opportunity
- inability to build strategic plans to optimize those opportunities
- inability to drive better, more customized experiences that are relevant to customer needs.

Reasons why businesses may need
to invest in Data Analytics:

1. Data insights are the foundation of the what, when, and how of strategic decision making. Rich data is generated by your customer with every transaction click, and analyzing that data informs decisions that lead to innovation and growth.

2. A data-driven businesses can leverage all of its data to predict outcomes, see patterns, and improve processes. Consider how robust, near-time data analysis can be used to determine:
- What customer segments are most likely to buy a certain product and when
- Where in the customer journey cross-selling activities should occur
- What proactive steps can be taken to prevent customer churn.

3. Knowing the potential of your data and adopting a data-first strategy are the first steps in becoming a data-driven business.

As your initiative matures, you’ll begin to see that your ability to apply data-driven insights to decision making is not only smart business - it is a competitive advantage !