Utilize Data Analytics Consulting To Grow & Transform Your Business

Have you ever wondered how Netflix recommends movies based on your watch history? Or how Amazon notifies you when products you search for go on sale? It’s data and analytics!

In today’s world, data is like gold. If a business knows how to use it, it’s sure to boom and stay ahead of competitors. And there comes the role of data analytics consulting services.

Data consulting services help you gather your raw data, give shape to it in a meaningful way, and utilize it.

Be it keeping track of your customers’ behavior, predicting sales, or planning the best marketing strategy; data consultants can guide you in every aspect of your business.

Gone are those days when business relied on gut feeling – it’s time for understanding numbers and tweaking them for better decisions in every aspect of life, including business.

An IDC white paper reveals that companies practicing mature data operations have gained 2.5x better business outcomes.

This is no doubt why industries—from banking to retail—are relying more and more on data analytics and AI for their business decisions.

Let’s dive further and understand what these Data Analytics Consulting Services do that enhances business decisions drastically.

By 2016, the big data analytics market was already worth $136 billion yearly. But, in the same year, it was noticed that the impact of bad data was humongous, i.e., in the US market itself, it was around 3.1 trillion.

Therefore, it’s crucial to partner with the correct data & analytics consulting providers.

Let’s see how can data and analytics consulting help you:

• Data analyst experts with a keen eye for precision and backed with data analytics knowledge will help you collect, clean, and prepare data for analysis. They can guide you in understanding the current business trends and help you with strategic business planning.
• Analytics consulting experts can further help you identify trends and proactive problem-solving. This nurtures business growth and profitability by predicting market shifts.
• Moreover, by analyzing the operational data, they can guide you in pinpointing bottlenecks and optimizing operation costs. So, you won’t just gain a competitive edge but will also reduce costs.

Now that we’ve explored how data analytics improves efficiency let’s dive into the role of data analysts in business growth.

Marketing and customer experience expert Jay Baer has rightly said – We are surrounded by data but starved for insights.

One of the best examples of how a company can leverage data to get insights is the study of Amazon’s inventory management strategy. By using data analytics services, they improve inventory management, reduce delivery times, and thus lead to cost savings.

Their BI reports with key insights on sell-through & stock cover help them to optimize storage. Using real-time data and AI-backed systems, the warehouses decide where to store items for easy and quick delivery.

By implementing analytics services, organizations can identify inefficiencies and optimize business operations. Research shows embracing data-driven decisions has increased companies’ yearly revenue by approximately 15%.

Furthermore, if you can leverage AI and machine learning, you’re bound to achieve extensive improvements in every performance metric. Around 8 years back, Accenture research highlighted the potential of AI. It revealed a boost of up to 40% in labor productivity by 2035.

Data and analytics services provided can be majorly clubbed under the following two categories:

• Data collection and processing : Using multiple sources like CRM tools, web analytics, and data analytics, integrate data from multiple sources. Then, with cloud-based storage and enhanced data governance, they streamline the data and store it.
• Business intelligence and reporting : Once the data is cleaned and transformed, BI tools, like Power BI, are used to transform this raw data into actionable insights. With these reports, businesses can track KPIs, study trends, and identify future opportunities.

Self-service analytics features of these tools empower employees to explore data. Thus, the power of data is passed on to all departments and employees.

Industries That Benefit from Data Analytics Consulting

As already highlighted above, every industry is making use of big data analytics services. Let’s understand it better with examples:

• Retail: By studying the buying patterns of consumers, Walmart was prepared for the shift that took place in the US market in 2024. While retail companies started getting into bankruptcies, this retail giant realized that households with more than $100,000 annual income formed the clientele. And to retain them, they expanded their online business with more sophisticated clothes and mannequins.
• Healthcare: Using Predictive Analytics, the healthcare industry can now predict more precisely risks for critical diseases like heart attack or sepsis. Thus helping patients take early preventative care measures.
• Finance: With data being available online, fraudulent activities have seen rapid growth. Financial industries started using data & analytics services to control this and make customers aware. They studied the historical fraud cases and the hidden patterns associated with them to recognize similar patterns in real-time transactions.
• Manufacturing: Using data & BI reports, manufacturing companies can not only understand the market demand and plan their production, but they can also minimize stock out. Moreover, supplier performance data help them track delivery times, cost & quality of materials, and better relationships with reliable suppliers.

Now that we have discussed the impact of data, it’s very crucial to know how to select the correct business and consulting services.

When choosing a data analytics consulting partner, it’s essential to keep in mind the following.

• Expertise in data strategy, analytics, and AI.
• Being able to offer scalable solutions with a proven record of delivering actionable insights.
• Strong & secured data governance.
• The analysis is for your business. So, the partner should understand your requirements & provide solutions accordingly.
• Experience in similar industry data & domain-specific knowledge will help the firm give consulting services for business more accurately.

If you have already read here, you must know why it’s time to start collaborating with a suitable data & analytics firm. In whichever sector your business might be, data is available. If it’s analyzed correctly, it can boost your business.

Big giants are growing bigger by making the most of the data. So, if you’re a start-up or have been planning to invest in data, don’t wait anymore. To succeed in this ever-changing, competitive world, the more you wait, the more you’ll lose.

Want to see how data analytics can transform your business? Schedule a free consultation today and get actionable insights!

At SR Analytics transforms raw data into actionable insights, faster decisions, and measurable impact. Our blog explores the latest in data analytics, AI, big data, and business intelligence, offering practical advice and real-world insights to drive smarter decisions. Let’s propel your business forward!