Business analytics is a growing field, as all businesses can see benefits to their operations through the optimized performance and decision-making that these kinds of analytics enable. When you know what is succeeding and what isn’t in your business, you can better assess strategies moving forward. Let’s go over business analytics 101, and how it can be used to your advantage when applied to your technology.
Drawing Insights from Data
This sums up analytics effectively. All that analytics are, are the conclusions that you can draw from data you’ve collected when applied to your business’s situation. If you’ve heard of business intelligence, this is a specific type of analytics.
Taking gigantic data sets and crunching the numbers, business analytics can help you form your strategy by giving you a more accurate answer to many business questions. When you have the numbers, you can actually evaluate your progress.
Data Sources
Businesses can pull analytical data from many different sources, such as:
- Data Aggregation—Collecting and filtering through data from transactional records and data provided by your customers.
- Forecasting—Examining past trends and using them to form expectations for the future.
- Association and Sequence Identification—Identifying patterns to help predict your future needs.
Making use of this data can seriously benefit numerous aspects of your business, including (but not limited to) profitability and productivity.
Your data can be pulled from a wide variety of sources – your line of business applications, your CRM, your website, your overall marketing, sales opportunities, and more.
There are many technology solutions to help you collect the analytics that will benefit your business’s operations. You want to be sure that you are evaluating and pulling the data accurately to help your business propel itself forward. At COMPANYNAME, our team specializes in providing the technology support to help you make the most of them. If looking to learn more about our Managed IT Services and IT Support, check out our Managed IT Services page or give us a call at PHONENUMBER to find out more.
