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10 compelling reasons why you need a data analyst

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In today’s life, competition in the business environment has become fierce. The purpose of all companies is to increase their revenues and minimize their costs. That will happen if they managed to enhance productivity and perform customer management roles efficiently.

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10 compelling reasons why you need a data analyst

  1. 1. 10 Compelling Reasons Why You Need a Data Analyst In today’s life, competition in the business environment has become fierce. The purpose of all companies is to increase their revenues and minimize their costs. That will happen if they managed to enhance productivity and perform customer management roles efficiently. In fact, companies’ managers who depend on feelings and blind faith for decision making have no evidence to ensure that they are on the right track. For so, data analytics is essential for these companies if they want to gain the competitive advantage. It will help them to take the right decisions about day to day occasions and opportunities. By hiring a data analyst, managers will rely on an accurate source of information and metrics that will help them to take the right decisions by which costs would be minimized and revenues would be maximized. Why data is important By collecting and processing the right data, there would be enough information about customers, the market, and the company itself provided by a data analyst that would be translated into better insights for accurate decisions. For example, data collected about customers who are interested in fashion in a specific country are analyzed to provide information for better insights by which the manager of the marketing department will be able to take the right decision about the accurate marketing campaign to launch. What does a data analyst do? He collects different types of data related to customers, the economy and the business process such as inventories, costs, the market volume, sales figures and profit margins, then he delivers the processed data to managers of different departments to determine the predicted market share, the accurate product price and successful cost minimization strategies. A data analyst caries on the responsibility of answering manager questions, for so he follows many systemized steps including the following: • Find primary sources and secondary sources to collect the right data. • Filter these data to get what is needed. • Make a database. • Process data to produce the required information. • Cooperate with managers to prioritize information based on its importance. • Help managers to improve the company’s process for better dealing with opportunities.
  2. 2. What are the skills required for data analyst? A data analyst has to find important areas about the business that require more attention, then he informs managers about these areas. To be successful in that purpose, a data analyst should acquire the following skills: • Data visualization: by converting data into visual graphs that are meaningful, attractive and easy to understand, a data analyst helps managers to easily interpret these visual graphs into accurate decisions. • Technical skills: a data analyst should have experience in using spreadsheets to show hidden data that was missed by managers to have better insights for decision making. A data analyst should be perfect in using Microsoft tools and sometimes he needs to have experience in programming languages such as python. • Data telling: a good data analyst should be able to discuss the processed data with management in an exciting storytelling form that goes further to show possible interpretations. • Data coding: a data analyst should be able to use the programing language python to efficiently analyze data and introduce it in tables and visual forms. • Domain experience: it is rare to find a domain experience in most of data analysts, but a data analyst with domain experience can be unique for business managers who want to hire the best. This expertise will help to separate and identify important patterns of the business. 10 Reasons why management needs a data analyst The overall goal of a business is to achieve growth over other competitors. To achieve growth, management needs accurate information for effective usage of resources and accurate targeted advertising campaigns. Without a data analyst, collecting data will be based on the quantity and it will be too much to process in an efficient time. But, by hiring a data analyst, he will collect data based on the quality not the quantity and this will ensure improvements in 10 areas of the business that would help it to grow over competitors. Access to Data Web design firm Lilo Perth mentioned that a data analyst can provide analytics about the stored data to be easily accessed by different departments of the company. He can apply techniques such as electronic data processing (EDP) by which related data is
  3. 3. available to be accessed by only its related user. Other users may be allowed or not allowed to access such data based on security conditions. Save time Management have a lot of tasks and responsibilities. So, there is no time to have access to the large available data for getting the required information. A data analysis carries on the responsibility of converting these data into a meaningful and easy to interpret visual form to help managers take decisions in an efficient time. Improved Performance The performance of the company increases by its ability to use resources in the most efficient way that meets customer needs. A data analyst provides precise information about the available resources of the company and either these resources are enough to cover clients’ requests or not enough. So, management will be able to use the available resources for specific customer orders and it won’t get involved in orders that can’t be afford. This will lead to having happy and loyal customers without complains. Profitable pricing A data analytics can provide useful information by which the company would get resources for reasonable costs. So, the company could transform these resources into products with reasonable prices. As a result, more customers will be attracted to buy the company’s products over competitors’ products. Quality and consistency By gathering data from reliable resources, a data analytics manages to provide the desired output for management by processing these data. While data is gathered from different departments and divisions of the company and it is presented in a perfect arrangement, so management will get a trusted information for accurate business choices. Decision making based on evidence For management, the best decision could be described as the decision that is taken quickly, accurately and based on evidence. This differentiate between companies in competition. Late decisions for some companies may result in losing competition against other company with efficient decision making. While a data analyst provides information from reliable resources in an easy to interpret visual form, so management will be able to take the best decision in a timely basis. Testing decisions Data analysts don’t only help management to take decisions, they also track the effect of these decisions on the company and on customers. They collect results and provide feedbacks for managers as a learning resource by which they can deduct either their decisions are successful enough to keep going or they need to be modified.
  4. 4. Providing Relevant Products Products are the key to succeed and win competitions for companies. The product management team has the responsibility of detecting ongoing trends among people to improve their strategies for innovation of products and services. So, they will need the help of a data analyst to gather information about what is going on in people’s thoughts to know what is demanded and expected to be demanded by them. That will help the company to produce the required products before being requested. Improving the Customer Experience By tracking customers’ reactions to the company’s products on a regular basis, a data analyst helps management to know what improvements are required for products to keep loyal customers. Analytics about expected sales also enables management to determine how much inventory should be kept to improve the operations efficiency and effectiveness because keeping excess or less inventory may lead to higher product costs which in turn will increase prices that would cause customer dissatisfaction. Successful marketing campaign The company’s budget should be allocated wisely, a common mistake by a lot of companies is to waste a big portion of the campaign budget on unrelated customers or an unrelated region. So, a data analyst is essential to collect and process data about customers and areas that should be interested in having the company’s products and services. This will result in a marketing insight that will direct the marketing campaign successfully to reach the correct market. So, regardless the size of your business, the way to achieve growth and get over competitors, you should pay attention to data and to professional data analysts who know how to effectively process it.

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