Distilling valuable information from data is a lengthy and time-consuming process that can take data analysts days, if not weeks, to complete. This process is not only tedious, but it’s also not the best use of your data analyst’s time. There is, however, a better way to extract the valuable information that your team needs from data – data analytics software.
While data analytics is not a new concept, in recent years, it has become an essential component of any company’s tech stack. From the ability to produce useful insights to reducing time of analysis, the benefits of data analytics are virtually endless. One example of a company that leverages data analytics is Netflix. The media giant gathered data about its customers to improve their user experience. One way the company improved its interface was by making the next episode in a series play automatically rather than the user having to manually click “next.” Through data analysis, Netflix found that this feature would make users watch more episodes and help to prevent churn. This simple change introduced the “binge-watching” behavior, or as we like to call it, “one more episode before bed.” By understanding their customer’s behavior through data analysis, Netflix was able to keep viewers engaged longer.
Improving customer experience is not the only use case for data analytics. Saving time and resources in your business is another key benefit. Redirecting data analysts’ and business executives’ time away from tedious activity can have a significant impact on your company’s bottom line. These individuals typically command a high salary, and it would be wasteful to have them spend their time on tasks that machines and systems can do with speed and accuracy. Instead, these individuals can spend their time working on core business initiatives and, with the help of data analytics, they could make better decisions in a fraction of the time. By taking advantage of technology and machine learning, your company can quickly see increased profits and decreased wasted spend.
Not only does data analytics help speed up the business process, but it also improves the accuracy of them. Relying on inherently inaccurate spreadsheets for things such as waterfall distributions and managing business operations leaves companies open to incredible risk. These documents are prone to failure and don’t provide the flexibility that modern BI tools offer to businesses. By using advanced data analytics software, a company can eliminate these vulnerabilities and empower its investors with greater levels of confidence knowing that you’ll be able to make decisions with bull’s eye accuracy.
Improving customer service, freeing up time, and saving money are all key benefits of data analytics, but the most significant advantage of using data analytics is increasing your company’s bottom line. We get it – your business needs to make money. Growing your business starts with finding opportunities to either increase profits or decrease expenses. By harnessing the power of data analytics, your company can be at the forefront of innovation in the commercial real estate industry.
Read Why Data Analytics As a Service Is An Emerging Technology for CRE to learn more about data analytics and software for commercial real estate.