Why is digital analytics important to your organization?
The primary importance behind digital analytics in an organizational setting, is that you are able to more precisely target and advertise to consumers. Digital analytics not only allows for you to improve your marketing strategy to those who are less likely to purchase a given product, but also shows which areas of your marketing strategy are working and the areas that are in need of improvement. In doing so, you increase an organizations effectiveness in marketing and selling their product which ultimately increases your organization’s profit.
In this article from Bloomberg, it is noted that a ‘data lake’ is continuing to grow in size, yet few firms have a coherent understanding as to how to transform said data to gain “strategic insights to produce new digital revenue streams, and eliminating unnecessary costs for managing vast amounts of useless data”. Essentially it discusses the importance of capitalizing on the data that is available to organizations.