Digital Analytics & Business Value

Digital Analytics & Business Value

Today’s business organizations must apply analytics to create new and incremental value. A significant and important source of analytical data today is digital experiences—from websites to social networks to mobile applications and more. Thus, it is critical in today’s economy for businesses to develop and enhance their understanding of how digital data is collected and analyzed to either or both generate new or incremental profitable revenue or reduce cost.

Although digital analytics can significantly maximize profits in today’s competitive global markets regardless of sector or industry, creating and staffing a fully functional digital analytics organization is a complex and multifaceted initiative. Building a digital analytics organization requires rethinking and re-engineering the people, processes, and technology used
for creating analysis. Many companies believe digital analytics is about tools and technology. That belief is not accurate. While the technology and tools that support analysis are critical and necessary, they are insufficient by themselves in creating business value.

Digital analytics teams enable fact-based decision making and measure the performance and profitability of digital business channels and can yield new insights and opportunities. If your company isn’t forming a team of analysts to address its digital data, whether you have big data or not then it’s operating at a competitive disadvantage.A lack of data analysis leads to missing enormous business opportunities. A well-resourced, funded, process-oriented digital analytics team backed up by cross-functional teams from IT to marketing to finance can help your business in many ways—from determining ways to reduce costs, improve efficiency, generate new and incremental revenue, improve customer satisfaction, and boost the profitability and impact of the digital business channel