It's no secret that the key to unlocking valuable business insights lies in data. Businesses make better decisions and generate more revenue when they understand their data. The biggest corporations out there, from Walmart and Amazon to Netflix and McDonalds, to the top IT companies in the world, use it to drive their business planning and decision-making processes.
And you've probably encountered how these corporations use analytics in their businesses before. Just think of Netflix who, based on your previous viewing history, gives you artificial intelligence-powered recommendations. Likewise, Walmart uses predictive models to anticipate demand during certain hours of certain days, allowing them to place the correct number of associates and improve their in-store experience.
But here's the thing, to unlock the value of the data and use it for your gain, you need data scientists and software engineers that can wrangle insights from the data.
The problem is that businesses often don't have the resources to employ data scientists or software engineers to unlock this value. Even freelance data scientists and software engineers come at a steep price. So, especially for small businesses where cash flow is at a premium and costs should be controlled, this is an issue.
Fortunately, ease of use is where no code data analytics shines. It effectively eliminates the high barriers to entry to data science, democratizes it, and gives businesses the key to unlock value from their data.
But what exactly is no code data analytics, and what are the benefits of using it? With this post, we’ll look at this question in more detail and show you why it might be a perfect option for your business to consider data analytics without code.
As the name suggests, no code data analytics is a way of data analysis and gaining insights from data without writing a single line of code. Unlike traditional forms of data analytics where data must be cleaned and algorithms must be written and then applied to the problem, no code data analytics eliminates complexity. With no-code, anyone, regardless of technical experience, can extract value from their data.
With no code data analytics, you simply give the platform data and it gives you back the patterns. The new generation of machine learning and artificial intelligence no-code platforms create predictive models to help forecast your revenue and plan your business. You can use your historical business data to train a model that can, in turn, predict forward-looking metrics like lead conversion, revenue, churn, or costs. KPI’s are just one of many use cases where you can use no-code AI platforms to deliver impactful value.
The most exciting part is that you don't need engineering skills to take advantage of data analytics without code. Compared to traditional data analytics, you don't need data science teams or teams of data engineers, a variety of code tools, and massive amounts of money to improve your business processes and increase your revenue. All you need is your historical data, subject matter knowledge, and the ability to act on insights.
When you adopt a no-code data analytics platform, your business will likely benefit in some concrete ways.
Let's explore each of these in greater detail, which examples from lead scoring to churn prediction, fraud prevention, and beyond.
The biggest benefit of using a no-code data analytics platform is that your team will be much more efficient. You don't need significant resources or IT capabilities to unlock the value in your business data. The people you already have who know your business and data best can develop analytics models without any additional costs or resources.
For example, if you wanted to use Akkio to improve your lead scoring process, you could do it all without code. You could easily connect to your CRM, define the criteria for a good lead, and create a model that automatically scores leads based on those criteria—all without writing a single line of code.
Another big benefit of no-code data analytics is that you’ll be able to get insights faster. Since you don't need to write any code, you can create models quickly to get the answers you need. This means you'll be able to make decisions quicker.
For example, let's say you're trying to decide whether to enter a new market. With no-code data analytics, you could quickly connect and forecast data on the potential market, including information on the size of the market, demographics of the people in it, and what kinds of products or services are popular there. Armed with this information, you can make a decision about whether or not to enter the market much faster than if you had to code everything from scratch.
No-code data analytics also allows you to make changes quickly. Often developers are required to make changes to models as a business’s requirements or needs change. Technical changes usually take time and money, something you don't necessarily have when you need to make decisions in an instant. With a no-code platform, you’ll be able to make changes with ease to adapt the insights you need to your business’s requirements.
For example, let's say your company decides it wants to start selling in a new country. With no-code data analytics, you can quickly adapt your models to include information on the new country, such as currency conversion rates and shipping times. This way, you can start selling in the new country much faster than if you had to wait for developers to make these changes for you.
The combination of all the benefits of no-code data analytics means that you save money compared to traditional data analytics workflows. And if you save money while making better decisions that allow you to increase your revenue, your return on investment is so much higher.
For example, let's say you're using data analytics to improve your customer retention rates. With a no-code platform, you can quickly build a model that predicts which customers are at risk of churning. Armed with this information, you can reach out to these customers and offer them discounts or other incentives to stay with your company. This is much cheaper than losing these customers and having to acquire new ones.
The bottom line is that no-code data analytics provides a number of advantages for businesses, including increased efficiency, faster insights, quicker changes, and lower costs. If you're not using a no-code platform, now is the time to consider it for your business.
Hopefully, this post explained in some detail what no-code data analytics is and what it can mean for your business. It gives you the ability to do something that was previously only reserved for multimillion-dollar corporations. In simple terms, it supercharges your data analytics.
If you want to know more about no-code data analytics or our no-code AI platform, visit our website or contact us for more information.
The Akkio platform is a complete end-to-end, no-code AI solution. You can build, deploy, and integrate AI models, all in one place, without technical expertise. With this ability, you’ll be able to get insights faster, make decisions quicker, and generate more revenue.