Your business needs data analysis. But let us explain why.
Organisations are making smarter business decisions using text analytics. But many companies are apprehensive to apply these business tools because they lack knowledge and understanding. However, organisations that let their apprehensions get the better of them are noticeably behind in the marketplace. Especially in comparison to those who are embracing forward-thinking tools into their strategic approaches.
Although still evolving, qualitative data analysis is expanding business capabilities dramatically and driving the future of business decision-making.
How can Qualitative Data Analysis Help Business?
When implemented efficiently, qualitative data analysis can produce actionable insights that provide organisations with a competitive advantage in their field. The practice of extracting patterns, information and trends from the data sets, provides a comprehensive understanding of both internal and external worlds of the organisation. What’s more, it highlights how the two worlds connect and mould one other.
Currently, the world generates 2.5 exabytes of data a day. A figure which isn’t surprising when you consider the hundreds of millions of devices around the world. Wearable tech, IoT and smartphones are an integral part of peoples’ lives after all. This vast amount of data offers a wealth of potential to organisations who want to improve their products and services. As well as organisations who react in real-time to the demands and needs of their customers. Through the analysis of these datasets, actionable insights can be derived, and changes/projects can be supported by hard facts. These hard facts reflect the wider scale, which is something that can’t be replicated by any other means available to businesses.
Effective qualitative data analysis is aiding organisations to streamline their processes and reach out to consumers through an understanding of their behaviour. Gone are the days of relying on intuition, conducting extensive focus groups and reviewing last year’s sales. Data analysis can provide real-time, extensive and supported insights. These insights will allow you to make smarter, more-considered decisions without the extensive timeframe.
Advanced analytics allow businesses to make sense of and summarise a wealth of complex information. Information including social media posts, reviews, messaging and images so that companies can gather a complete picture of many areas of their business. Social media is now a fundamental part of everyday life. Qualitative data analysis can allow you to make in-depth customer profiles, achieve personalisation and better serve customers.
Qualitative data analysis techniques are now available as a comprehensive service offered by experienced analysts. What’s more, such services are not restricted to those with large budgets. This means that all businesses can utilise this technology within their operations.
How does your business implement data?
Instead of asking Google queries like ‘does my business need data analysis?’, the question you should be asking is ‘how does my business implement data analysis?’. The answer to this request lies with the professional services of Pansensic.
We work with a multitude of international organisations, from a variety of industries. What they all have in common is the desire to understand the experiences of their customers, staff and stakeholders. And to develop key areas of their business through the game-changing insights.
'It is a capital mistake to theorize before one has data. Insensibly one begins to twist facts
to suit theories, instead of theories to suit facts’. - Sir Arthur Conan Doyle
If you want to learn more about how data analysis can take your business to the next level, get in touch with Pansensic. Ask for a demo. See how qualitative data analysis can aid your business development.