The scope of Data Analysis is not limited and it can be used for a vast range of applications to get the predictive insight about different departments and sectors of business helping them to work at their best and give out optimal performance. The sectors or departments that Data Analysis is being widely used to get predictive insights about are:
Revenue: To plan the future strategy and market influence for an organization, they need to have a better insight of what revenue they are looking at to generate in the future and how it can be put to good use for the betterment and growth of the business. Predicting the revenue for a specific organization is made possible through Data Analysis of data collected from past sales, the popularity of products, influence a certain brand has over the market they are targeting and also how good their future strategy is expected to turn out.
Customer Acquisition: Acquiring new customers is mandatory for a business if they are looking to grow their operation and generate more revenue that will add to the growth and stability of their operation.
Data Analysis critically analyzes the data regarding market trends, brand popularity, how well the market strategy is expected to work out and how well it has worked in the past to make it certain that businesses can have a better predictive insight into the customers they will be acquiring over the next financial period. This not only helps a business to calculate the revenue they are looking to generate and set the future goals for their organizations but also enables them to take necessary steps in advance to make sure they are well prepared. Preparation is required to ensure the supply that is demanded by the marketing and productive capacities should be increased by the businesses to meet the product requirements if they are looking to influence the market.
Seasonality Planning: Most of the products are seasonal and even those products that are sold year-round have more demand over certain seasons. Hence, businesses must have an accurate predictive insight on what kind of demand they are going to deal with in specific seasons.
This helps the business in both ways, as they can reduce the production to a certain level in seasons that are slow in terms of business and be prepared to meet the demands of customers in seasons that have more demand. Data Analysis makes sure that you have a more accurate and precise predictive analysis of the demand of products in seasons, enabling you to plan your strategy according to the market demands you are going to face.
Having predictive analysis on seasonal demand shifting allows you to reduce the production making sure that no products are being expired or wasted and also enables you to be prepared for the seasons when you are going to face more demand so you can meet the supply requirements and make it profitable for your operation.
Repeat Purchasing: Loyal Customers are the spine of any business and they contribute a huge part towards the revenue generation for your business. Repeat purchases that have a certain pattern makes you certain that you have some business coming from the market that you will never lose if you maintain the quality and keep meeting customer expectation from your products. Data Analysis with the help of Big Data and Data Mining analyzes the Data with the help of machine learning and assess customer behavior and their shopping trends from past sales.
Repeated purchasing being the focus of your analysis, enables you to have a deeper insight into the factors that were involved for those purchases and how you can make sure to meet those criteria.
We at NextBee have all the expertise and tools that will help you make critical business decisions. Reach out to us today and we will be glad to help.