The world has become a collective data engine; the creation, collection, and processing of information is happening everywhere, all the time. Everything online is translated into data. Every time someone goes online, a trail of data is created. What they look up is saved somewhere, awaiting processing, and if they buy something their information is saved by data collection companies.
By some estimates, the world generates about 330 million terabytes of data every day. In 2023 alone, it is expected that about 120 zettabytes will be generated and by 2025 that could jump to about 181 zettabytes of data. Data is no good unless it is processed and used to inform decisions, and that is why there is a massive investment in data centers. There are nearly 3,000 data centers in the US alone and tens of thousands more around the world.
The Purpose And Power Of Data
Those who understand the power of data and information are prepared to take opportunities when they arise, and they create them when they are absent.
The biggest beneficiaries of data are businesses, and many spend a significant portion of their annual budget to collect, process and analyze information not just about their customers but about the world around them. That is why companies in the US are keen to employ data marketers. Individuals who have the knowledge and skills necessary to collect, organize, analyze, and strategically use data are in high demand.
According to the US Bureau of Labor Statistics, data science is one of the fastest-growing professions. By 2032 it will have grown by 35%, with nearly 18,000 jobs created every year. Many of these will arise thanks to professionals retiring out of the profession.
There are great opportunities for individuals who are interested in data analytics, and even working professionals who would like to join the industry. Those who understand how data analytics help business will have their pick of jobs, and many of them pay well and offer excellent benefits. Data analytics programs like the online Master of Science in Business Analytics offered at St. Bonaventure University are one way to prepare for a career in this field. Students who enroll in this program will cover topics like data visualization and analysis, prescriptive analytics, predictive analytics, and analytics capstone. It can be completed online in just two years and there is financial aid available.
Those who want to learn how data analytics help business at St. Bonaventure University can apply to join the program with an arts or science bachelor’s degree. It helps if they are familiar with programming languages, as they will encounter them during the course, but it is not a requirement. Knowing these languages in advance makes for a shorter learning curve and frees up more time for exploring other concepts included in the curriculum.
Those who enroll in an advanced marketing course like this become highly desirable in the workplace. Not only do they understand the ins and outs of data management, but they also understand how to use it in the marketplace to grow customer numbers.
But even before students enroll in such a degree, they must understand the transformative power of data analytics in business. Why is data analytics so important to businesses and why are they so keen to hire qualified data analysts?
Why Businesses Care About Data Analytics
Businesses are spending large amounts of money to collect and analyze data. According to Statista, the data analytics market was valued at nearly $17 billion in 2018.
Another source, Fortune Business Insights, shows that the data analytics market was valued at more than $270 million in 2022 and is projected to grow to $745 billion by 2030. For many commercial entities, this is no doubt their biggest spend and will continue to be for the foreseeable future. So, what has made businesses so keen on data collection and analysis?
Gain Insights Into Target Markets
Every business has a target market, and the more it knows about prospective customers, the more it can do to make sure that they become active customers. By understanding the market’s needs and preferences, shopping and purchasing behavior, businesses can position themselves in such a way that they become the preferred vendor for their product or service. The more a business knows about its customers, the better they can fulfill needs, boost sales, and encourage loyalty.
Whether a company is in its beginning stages or has existed for a few decades, nothing better informs strategy than knowing who its customers are and what they want.
Make Strategic Decisions That Pay Off
The primary reason why businesses collect data is so that they can make informed decisions. It is no use gathering information if it isn’t analyzed and used to inform future decisions.
A business that collects information about the buying patterns of customers, for example, knows its slow and fast-moving products. This information can be used in supplies and logistics to prevent tying up capital in products that aren’t big sellers. The money that is saved could be used to maintain supplies of what customers are looking for.
This type of information can also be used during peak seasons, ensuring there is enough stock to take opportunities that arise.
Create Targeted Marketing Campaigns
It isn’t easy for a marketer to create a marketing campaign if they don’t know who they are targeting. They must first ask, what do they want and how much of it are they looking to buy? How much money are they willing to spend on these products and what is the best price point? When are they most likely to buy and what kind of advertising message is likely to convert them into buying customers?
These are all questions that are answered through data collection and analysis. The more a marketer knows about their target market, the more targeted their campaigns are, and the bigger market share they can expect to acquire.
Improve Operational Efficiency And Reduce Risk
Information helps mitigate risk; if a business knows what to anticipate, it can avoid pitfalls and plan the most efficient way to get products and services to market.
To this end, data collection and analysis help businesses understand how best to utilize assets and capital. Employees can be assigned most efficiently, as can equipment, machinery, and software. There is little or no waste of resources and by reducing waste, a business can boost its bottom line.
Identify New Product And Service Opportunities
Understanding the target audience allows businesses to identify gaps in the market that they can fill. Customer feedback is an elemental part of data collection as it informs businesses which product offerings customers are looking for. Those that analyze customer feedback have an easier time fulfilling market needs, and because they get there before their competitors, they tend to receive a bigger share of the market.
Efficiently Boost The Bottom Line And Reduce Operating Costs
It is widely understood that making data-based decisions helps businesses improve their revenue. They can tap into bigger markets, eliminate waste, improve efficiency, and make better use of rising opportunities. Furthermore, data collection and analysis aren’t just external; the best businesses also track trends within the company to identify their biggest cost drivers and work out how they can bring them down.
A business may notice, for example, that it spends a lot of money on shipping certain products which eats into its margins. This is easily identified by collecting data on the shipping costs for every month of the year and on different items.
Using this feedback, the company can determine why these items cost more to ship and whether there are ways to drive the cost down. The business may go as far as deciding to terminate the product.
Improve Customer Service
Everything rests with the customer because if they don’t buy, the business ceases to exist. It is therefore vital that every commercial entity, regardless of its niche, pays close attention to customer feedback.
Properly analyzed, feedback helps the organization to develop a working customer service model. It identifies weaknesses and develops strategies to deal with them. The happier customers are, the more likely they are to return and recommend the business to others.
Respond To Shifts In Market Trends
If the market was once keen on a certain item but sales seem to have tapered off in the last few months, marketers must ask, where have the customers gone? If they are not buying that particular item, what are they buying instead?
Businesses that have their ear to the ground are never caught off-guard by a shift in market trends. They know what is happening and they can move with the times, making use of every opportunity that comes their way, because they have gathered and analyzed data.
Develop A Competitive Advantage
A competitive advantage is all about getting there before others. The only way to do this is with proper data and analysis.
Having a competitive advantage means that a business knows its customers well enough to sell what they are looking for. It understands its suppliers, sources the best prices, and knows what its competitors are selling and how it can outsell them. Best of all, it is always prepared because it has the right information, and shifts in the market do not come as much of a surprise.
How Do Data Analytics And Marketing Intersect?
Why should data analytics students be keen on acquiring a marketing qualification as well? This is simply because the two go hand in hand. Those who are experts in both fields are even more employable and sought-after by businesses and brands in every industry.
The main purpose of data analytics in a business sense is a better understanding of the marketing landscape. If an individual can analyze data and then apply their analysis to the market, they have exactly what businesses are looking for, and they are likely to attract better remuneration too.
It isn’t very difficult to combine the two disciplines, and those who do will find that many areas overlap. Many marketing courses will touch on data analytics and many analytics courses will have a marketing element.
Those who are worried that studying both may take up too much time can look into online courses which take a short time to complete and are flexible enough to be completed concurrently. Keen students can complete advanced degrees in both data analytics and marketing in two or three years when they choose an accredited and accelerated online course.
It is important to enroll in renowned universities that are accredited because prospective employers will want to know where job applicants have studied. Studying online takes commitment and discipline, but it is a guaranteed way to earn degrees in a short time and become gainfully employed.
The best universities offer high-quality courses that cover varied topics, staffed by highly qualified faculty. They provide all necessary learning material online and every enrollee has a guidance counselor at their disposal. Some of them, especially the more advanced courses, will require some basic qualifications, but many of these are easy to meet.
Conclusion
Data analytics is big business, and those who are proficient in it have a good outlook for the future. As just about every business is looking to get ahead using data, there are plenty of job opportunities for data analytics and marketing graduates and they are guaranteed to pay well.
