Question & Answer: Research or create an example of how a company has used a data strategy to create…..

Data strategy or Data analytics has evolved as a very significant tool or business strategy to study the customer’s purchasing behavior and also the pattern of marketing by the rivals or competitors. Advanced data analytical tools give a very “to the point” business understanding pertaining to the product’s marketing and sales, which in turn create a better environment of collaboration and outshining the competitors.

Some of the added advantage offered by the data strategy could be as below-

• Evolving and developing a better marketing strategy
• Supporting and enhancing the business growth
• Strengthening the procurement capability and efficiency
• And the most importantly in out-competing the business competitors.

Let’s take an example of online shopping portals such as Amazon, Flipkart or Jabong. Here every shopping portal gets the access of customer’s purchasing behavior and surges in the sales of a particular product. Based on the trends and business opportunities, these portals can adapt to the new marketing strategies to attract the customers and getting an edge over the other.