You Can No Longer Ignore Data Analytics

What do you mean by Data Analytics?

Data Analytics refers to the process of collecting, organizing, interpreting and extracting the useful insights from the raw facts and figures in the huge amounts of data generated by a business on a daily basis. The main responsibility of the data analyst is to translate the burgeoning data into useful perceptions and then into valuable information, assisting the organizations to make smart decisions based on data instead of relying on instincts.

How important is Data Analytics?

In today’s world, accumulation and storage of the massive amount of data streaming into an organization’s databases has become a concern. Volumes have increased to millions and millions of gigabytes. Companies have moved far from just directories, datasheets, and documents.

But at the end of the day, it is almost impossible to analyze and interpret all this data. This data includes not only text but videos, photos, sound recordings and sensor data.

The data streaming into an organization’s data warehouses is increasing at an exponential pace and is expected to grow by up to 50 zettabytes by 2020. A zettabyte is over 931 million gigabytes! Each and every action we do online leaves a digital trace. Every single action we make when we go online such as online shopping, chatting with the friends through social media applications or using GPS equipped smartphones generates data which businesses mine for information. We basically leave digital footprints with every action we take digitally involving the use of the internet.

The amount of data generated is growing rapidly and this requires the use of advanced technology and tools specifically designed for the analysis and interpretation of this enormous amount of data. This is where data analytics come to the rescue. The thorough and in-depth analysis of this “Big Data” requires the use of data analytics software such as Python, SAS, R and Hadoop which were developed specifically for handling Big Data.

Data analysis using these tools with mathematical and statistical algorithms will further assist an organization with developing good decision-making processes and allow it to respond to customer queries rapidly, resulting in an increase in goodwill for the organization. The high accuracy in Big Data analysis also ultimately helps the organizations to increase profits and lower costs.

Developing new products based on ongoing market trends can be done only when Big Data is accurately and precisely analyzed. Customer satisfaction matters a great deal if a business wants to be successful and popular with its target audience. The market trends and customer preferences must be analyzed properly and specifically so as to develop products which are trendy and acceptable to the target audience. The data findings may even assist companies in taking advantage of new market revenue opportunities and ultimately improve customer satisfaction, thereby enhancing the operating efficiency and profitability of the company.

An Old-School Thank You Is Still a Brilliant Move

Want to know one of the best ways to get someone’s attention?

Send them a thank you–in the mail.

My team and I are always saying “thank you” in our business. In fact, one of the most successful activities we have done as it relates to business development is to send an initial email about the work we do and if people click into the links for more information, we follow-up with a thank you.

Human nature is often consistent, and the fact of the matter is that people appreciate being thanked for taking a few moments of their time to do what you want them to do.

Old-School Magic

Recently, we were in a meeting with a client with one of our clients in our marketing division, and we spoke about another technique that we use. A thank you in the mail with the personal touch. I’ve written about this in the past, but it works–well–and yet in the digital age, so many people hear that this is an excellent way to communicate with older audiences above the age of 40, which is almost like magic, but they never try it out for themselves.

Job Interview Follow-up

I know that Millennials seem to think that putting pen to paper is one of the worst things they can do; it’s like going to the dentist. Maybe even worse! But, not too long ago, I heard about a Millennial that interviewed with a manager that was in his 50′s. Like any smart interviewee, he knew that he had to follow-up on an excellent interview with an acknowledgment. But, he didn’t send the email as we expect in today’s day and age.

Instead, he penned a note into a professional card and then walked it over to the UPS office and sent it for overnight delivery. The manager received the personalized note card and not too long after–the candidate got the job.

Why did he get the job, aside from the fact that he was a talented candidate?

He got the job, it turns out, when the manager told him later when he was working on staff, that the manager appreciated the receipt of the personalized card. The candidate edged out other talented and qualified candidates because he went a step further and did it creatively.

It demonstrated the job candidate was serious about the job.
The personalized note, which was taken to UPS, set the candidate apart from the rest and showed the manager he was willing to go the extra mile.
Finally, and very importantly, Generation X grew up receiving mail from the postman–not emails. So, the manager told the candidate he hired that it demonstrated he understood what resonated with him. And, since the job was in sales, the candidate proved that he was willing to understand what motivated the other person, and not limit himself to what he preferred.

Biggest Mistake Millennials & Gen Z Make in Business

I’m going to call out Millennials and Generation Z in this article because there is something that I’ve noticed. It’s not limited to their generation and others before them have done it. I’ve seen that often the “thank you” is lost; forget about a note in the post. I can’t tell you the number of times candidates come and meet with my managers and don’t bother to follow-up in any way. It’s such a small act that can make a big difference and it always surprises me that this straightforward thing is often overlooked.

Not too long ago, a successful business professional who was networked to money people happened to meet someone who impressed her. The young Millennial was creating a new business, and the successful professional was fascinated by the young entrepreneur’s platform for university students. The young entrepreneur sensed the senior professional’s excitement and asked for two to three contacts that she could be introduced to and who might consider investing in her business.

After that day, within a few hours, the young Millennial sent the senior executive a quick text. This was the extent of it, “Looking forward to meeting the two people you’d say you’d introduce me to!”

That was it.

The senior professional waited, expecting to hear a simple thank you. One day, two days, a week passed, and there was no other message from the young entrepreneur. The senior professional never did introduce the Millennial business owner.

Why?

The young professional had not mastered the art of a thank you, not to mention going above and beyond with a personalized note, and that didn’t impress the older (and networked) professional. Not in the slightest.

The best business professionals understand that success in business comes with relationship building. Always close with a “thank you,” and if you want to be successful with older professionals, try a little old-school thank you magic if that’s who you happen to be talking to and want to impress.