Is data Analytics worth it?
Primarily, knowledgeable business people don’t develop their skills overnight; they understand the abilities and components it takes to successfully run a business. However, when it comes right down to it, you need a statistical form of facts to fall back on in fields as important as business and marketing.
Everything, in one form or another, requires the analysis of data. Data analysis is the careful scrutiny of information to define whether or not it is useful. This is a beneficial system, but with so much information available on and offline it is quite possible that you can become swamped with unnecessary details which don’t pertain to your business’ interest.
It is important to justify the models you are running, and detail your data to find out whether or not you are getting results from information concerning customers. With this idea in mind the next item on the agenda is to insure your data is correlated with facts. This will prevent you running in circles behind every bit of information; relevant or not. You will only analysis what is important.
Defining whether you are getting prospective customers or just visitors on your website through data analytics is the prime goal, but how does one go about it? Do you give up the system altogether? That would be impractical.
The successful way to make analyzing pay is through the ‘recommender systems’. This system is based on the messages you see where it says ‘customer who bought X also bought Y’. This information won’t exactly tell you who will be interested in your product, but it gives a rough idea of what people like and whether the people on your site are customers or ‘commenters’.
Getting the ‘feel’ for working data analytics effectively takes human intuition as well as using statistical information. Finding the right balance for both and combining them is the key.