Guide on How Data Analytics Services can help Mid-Sized Companies in achieving Better Sales Growth?

Marketing consulting firms in India suggest companies use data analytics that help better decision-making. Data analytics also surveys the newer customer trends and needs, which will help create new and innovative products and services for the market.

What Is the Need for Data Analytics Services for Businesses?

In the last decade, India has witnessed massive growth in the data analytics industry due to significant internet penetration. According to the World Bank, internet usage increased from 20% in 2018 to 41% in 2019 and is expected to continue increasing, adding millions of users by 2025. In 2021, this industry witnessed substantial growth of 26.5%, as the market value touched almost USD 45 billion.

Businesses require data analytics to generate clear insights into the market that help them in decision-making. Data analytics contributes immensely to the growth of businesses as it reduces both costs and the time needed to make prompt decisions. Therefore, data analytics has made a considerable impact on Indian businesses, with a growth percentage of 11%, as these businesses spent around USD 2 billion in 2021.

Data analytics helps boost profitability, streamline business operations, identify new and better opportunities, and enhance customer satisfaction. With huge volumes of data being created in companies, it is very important to develop technologies that enable the storage, recording, and analysis of this extensive data to provide deeper insights into the changing market scenario.

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How Mid-Sized Businesses Develop Comprehensive Strategies using Data Analytics Services?

Mid-sized businesses do not have too much space for experiments/trial and error. Therefore, some of the best strategies these businesses develop using data analytics are:

• Defining business goals by providing a 360-degree view of customer needs. It helps businesses comprehend their customers’ requirements more precisely as data analytics provide insights for future goals. This, therefore, helps in decision-making and planning as it drives growth and analyses performance.
• Adding clarity to financial procedures by preventing small companies from spending largely on unnecessary advertisements. It analyses the correct marketing tools that will be effective in attracting potential customers and help get an insight into what the ROI will be at the end.
• Not having a proper inventory management strategy can disrupt the smooth functioning of any business. Therefore, data analytics contributes immensely to improving inventory management as it upgrades the efficiency of operations to avoid any stockouts. Additionally, it helps marinate adequate stock levels and set proper product descriptions. It eliminates unrestrained warehouse deliveries and reduces errors.
• Data analytics also helps to understand the competitors as it provides comprehensive and valuable insights. It also analyses competitors’ profit margins and their strategies for reaching out to potential customers. This way, small businesses can adapt to the changing market scenario, reduce the cost of products and services and retain more customers by providing exact products and services per their needs.
• By understanding the market scenario and analyzing the movement of the competitors, small businesses can predict upcoming trends. Businesses, therefore, can prevent guesswork and dive into real data to track down customers and promote products as per their needs.
• By using data analytics, small and mid-sized businesses enhance customer satisfaction by providing better customer services. Businesses can develop new ideas to reach out to their potential customers and track down the ones with different needs. Based on proper data analytics, a business can provide customized service through specific marketing channels, triggering customer loyalty to the brand.

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Major Business Sectors that Data Analytics Services has Reshaped

The concept of data analytics in the smooth running of business sectors is not confined to IT sectors only. Other sectors are also implementing the process, providing newer ways to gain deeper insights into everyday business operations. For example, top management consulting firms like Tecnova provide data analytics services to their clients to reshape company strategies and boost growth.

Here are the sectors that have benefitted from data analytics largely:

• BFSI (Banking, Financial Services, and Insurance) sector is the second largest sector in data analytics, comprising a market share of 13.9%. The banking and insurance industry has moved to data analytics to manage branch locations and set appropriate location-based targets and goals. In addition, through analytics, they understand how their customers use their accounts, which allows them to manage security risks. The insurance sector is forecasted to witness a CAGR of 12.5% by 2030, digital lending 33.5% by 2023, and neo-banking 50.4% by 2026.
• A crucial aspect in the Agriculture Sector, data analytics have helped predict weather apart from keeping complete reports and records of the quality of products and the farming elements.
• The Telecommunication Industry uses data analytics to enhance customer experience and reduce fraudulent activities. After 5G’s market entry, data analytics is playing a major role in monitoring, managing, and planning networks.
• The IT Sector has a massive share of nearly 43% in the data analytics industry per 2021 reports. Through this sector, India is witnessing significant growth in other industries.
• The Healthcare Sector uses data analytics to a great extent. From the collection of data for blood tests to keeping records of the diagnosis, big data does it all. Additionally, data is used extensively in healthcare research while making new medications and predicting what effect they may have on the human body. Finally, data analytics suggest various tools that suggest preventive mechanisms for reducing risks.

Importance of Data Analytics Service Providers in India?

The data analytics sector in India is large and is expected to grow further up to USD 118.7 billion by the year 2026. Through the government’s initiation of digitization and establishment of new data services, this industry ensures to create job opportunities for many by 2026.

In addition, it will allow investments in machine learning and AI system by 33% in 2022.

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Reference

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