Get Started Today!  (813) 749-0895    SEARCH SITE

IT Professional Services and Business Continuity

Symmetric Engineering Group Blogs

How to Intelligently Approach Business Analytics

How to Intelligently Approach Business Analytics

A solid business decision needs to be based on more than just a gut feeling. It takes quantifiable data to choose the right path for your company, leveraged in a process known as business analytics. Today, we’ll explore this process, as well as discuss a few ways you can use it to your advantage.

What Are Business Analytics?
To begin, let’s picture a spinner, divided equally into sections numbered “1” through “5.” Each time we spin the spinner, the arrow lands on a different number. Let’s assume we have some time on our hands, so we spin it 100 times. At the end, it has landed on “1” a total of 13 times, “2” a total of 22, “3” a total of 18, “4” a total of 18, and “5” a total of 29 times.

If we were to predict what the outcome of another spin may be, under the same circumstances, this data could help to inform this prediction. For instance, we could predict with reasonable confidence that the spinner would land on an odd number, not only because there is a higher probability of that outcome (3/5 as compared to 2/5), but we have historical data. Out of 100 spins, the outcome was odd exactly 60 times.

Why is this relevant?

When we consider business analytics, the purpose is to make predictions based on past results and statistical likelihood. In this case, we can predict with reasonable confidence that the spinner would land on an odd number if spun again, based on both the probability and the evidence suggesting that probability would be reflected in the results.

Business Analytics in Action
While business analytics tend to be a little more complicated than that, the basic idea is the same. By taking collected data and studying it for patterns you are able to make better decisions from an informed position. This can manifest in your business processes in a few different ways.

  • Data Mining - Data mining, or the analysis of data to identify trends and opportunities that were previously overlooked, is streamlined by the incorporation of business analytics. As a result, the desired improvements are only made better.
  • A/B Testing - Utilizing the A/B testing process, a company is made more able to optimize the decisions they make in the future, as well as revise those that were made in the past. This process hinges on the use of analytics.
  • More Accurate Predictions - Along with a better sense of why a certain outcome was the result of an action, business analytics can be used to identify the best course for an organization to take through statistical analysis and predictive modeling.

Using Analytics to Your Advantage
There are any number of ways that business analytics can be leveraged to directly influence your business procedures. Take your sales process, for example: data can provide you with deeper insights into your client/customers’ behaviors, which can in turn be used to more effectively target your audience and optimize the profit generated through serving your existing base. In addition, analytics can assist you in streamlining your inventory management, managing your business finances, and benefit a great number of other business-essential tasks.

Would you like to do more to leverage analytics and data as a benefit to your business processes? Symmetric Engineering Group can help. Reach out to us at (813) 749-0895 to learn more.

Are Cloud-Based Solutions Right For Your Organizat...
Tip of the Week: 5 Simple Browser Tricks
 

Comments

Already Registered? Login Here
No comments made yet. Be the first to submit a comment

Search

Mobile? Grab this Article!

Qr Code

Tag Cloud

Security Tip of the Week IT Services IT Support Best Practices Managed IT Services Cloud Technology Privacy IT Infrastructure Management Email Business Computing Malware IT Companies in Tampa Business Continuity Hackers Hosted Solutions Internet Business Mobility IT Support Services Business IT Solutions Microsoft Business I.T. Management Productivity Software IT Professional Services Managed Service Provider Data Custom Business Solutions Mobile Devices Computer Outsourced IT Business Applications Network Security Tech Term Data Backup IT Management IT Business Solutions Ransomware Technology Consultants Android Managed IT Service Managed IT Service in Florida Business IT Support Windows 10 Data Recovery Managed IT Internet of Things I.T. Support User Tips Google Windows Managed Services in Florida Cloud Computing Innovation Communication I.T. Services Backup Dynamic Solutions Disaster Recovery Workplace Tips IT Risk Management IT Support Services in Tampa Remote Monitoring IT Outsourcing in Tampa IT Services in Florida Hardware Smartphone Browser Data Management Small Business IT Support in Tampa Gmail Managed Services Encryption IT Support Productivity IT Service Network Smartphones Social Media Save Money Upgrade Artificial Intelligence BYOD App Managed Services in Tampa Bay Holiday Cybersecurity Server Microsoft Office IT Managed Services IT Services in Tampa Vendor Management Mobile Device Applications Paperless Office Passwords Phishing VoIP Tampa IT Support Website Mobile Device Management Business Management Collaboration Firewall Tech Companies in Tampa Office 365 Unified Threat Management Efficiency Tip of the week Bandwidth IT Vendor Management Compliance BDR Bring Your Own Device Small Business IT Solutions Content Filtering Customer Relationship Management Risk Management Computer Networking Apple Chrome Word Two-factor Authentication Data Computer Services Managed Service in Tampa IT Service Management IT Company Business Plan IT Outsourcing in Florida Antivirus Operating System IT Outsourcing Infrastructure Facebook Business IT Support Services Router Automation Settings Employer-Employee Relationship Wireless Technology Retail Document Management WiFi Storage Regulations Money IT Management Services Computer Hardware Repair Telephone Systems Data loss Wi-Fi Project Management Vulnerability The Internet of Things IT Company Robot Saving Money Hosted Solution Remote Computing Managed IT Services SaaS Managed Service Analytics Mobile Computing Government Miscellaneous Data Security Windows 10 IT solutions Data storage Big Data Unified Communications Net Neutrality VPN File Sharing Laptop Quick Tips Uninterrupted Power Supply IBM Solid State Drive Managed IT Outsourcing Licensing LiFi Augmented Reality Monitors Business Continuity Services Files Wireless Customer Service Redundancy Help Desk How To Alert HIPAA Patch Management IoT IT Consulting Digital Payment Server Management Administration Virtual Desktop Office Network Management IT Support Helpdesk Google Drive Scam Internet Exlporer Virtual Reality Microsoft Virtual Server Hosting in Tampa and Florida Computer Network Services Mouse IT Companies in Florida Network Congestion Computer Support Healthcare I.T. Company IT Management Service Tablet Virtualization Mobile Security Computer Networking Services Assessment YouTube Spam Virtual Private Network Office Tips End of Support Computing Apps Search communications Smart Technology Information Mobility Maintenance Business Technology Training Recovery Business Application Blockchain Budget User Error Outlook Flexibility Presentation Information Technology Techology IT Solutions for Small Business Language Technology Consulting Firms Current Events Company Culture IT Support Companies in Tampa Cost Management Cyber Monday Display Full Service IT Business Continuity Service Providers Asset Tracking Samsung Corporate Profile Sports Computer Repair Recycling Chromebook Safety Marketing Google Calendar Chatbots Information Technology Consulting Legal MSP Managed it Services in Tampa Travel Tech Support Address Lenovo Permissions Printer Wearable Technology Drones Development IT Vendor Management in Tampa Sync Health Shortcut Cortana Application Break Fix Connectivity Windows 8 Data Technology Professional Service Star Wars Consulting Server Hosting Disaster Resistance Microsoft Affiliate Program Computing Infrastructure Going Green Managing Stress IT Support and Solutions Servers Education Modem OneNote Password WannaCry eWaste Read Only Managed Services in Floirda Hacking Time Management Legislation Identity IT Consulting Services Proactive Managed Service Providers Hard Disk Drive Intranet Alt Codes Superfish Fraud Top IT Outsourcing Company Access Control Server Hosting in Florida Cables Network Support in Florida Mobile Device Managment Software Tips Knowledge Dark Web Writing IT Managed Service Provider Utility Computing Managed Services Provider Proactive IT Microsoft Business Solutions Alerts Printing Enterprise Content Management IT Managed Service in Tampa Undo Fun USB Software as a Service Cookies IT Consulting Service Employee-Employer Relationship Buisness Management IT Company in Tampa Websites Identity Theft Comparison Remote Monitoring and Management Tech Company in Tampa Typing Dark Data Politics History Computer Care User Firefox Hacker Downtime SharePoint IT Technicians Tampa IT Services Wires Domains Experience Deep Learning Data Warehousing Social Engineering E-Commerce Data Breach Cooperation Vulnerabilities Help Desk Support in Tampa Business Growth Competition Statistics Technology Tips Nanotechnology Careers Remote Workers Best Practice VoIP Trending Networking Consulting Services Social Enterprise Resource Planning Managed Service in Florida Digital Signature Hard Drives Touchscreen Co-managed IT Specifications Social Networking Health Care IT Services Google Docs WPA3 Halloween Features Disaster Avoiding Downtime Downloads Mirgation Outsourced Computer Support Save Time G Suite Cabling Public Speaking Microsoft Excel Healthcare IT Hard Drive CIO Technology Laws Staff Geography Help Desk Support Automobile Google Maps Bluetooth IT Service in Tampa Screen Reader Cryptocurrency Jobs Humor Server Hosting in Tampa Heating/Cooling Digital Service IT Hotspot IT Tech Support Hacks Mobile Machine Learning Black Friday Computers Motherboard Business IT Solutions Fleet Tracking Point of Sale Scary Stories Cache Electronic Health Records Gadgets Consultation Users Multi-Factor Security Migration Backups Programming Mail Merge Identities Spyware Unified Threat Management Operations Google Wallet High-Speed Internet Distributed Denial of Service Smart Tech Bitcoin Monitoring Relocation Supercomputer Web Server Cyberattacks Tracking Law Enforcement CrashOverride Unsupported Software Private Cloud Saving Time IT Budget Notifications Physical Security Motion Sickness Cybercrime Gadget Cleaning Mobile Data Error Lithium-ion Battery Personal Information How To I.T. Managament Printers Meetings Running Cable Public Cloud Crowdsourcing Cameras Upgrades Botnet 5G Twitter Webcam Thank You Emergency Telephony Staffing IP Address CCTV 3D Printing Emoji IT Consultant Refrigeration Processors Congratulations Update GPS Mobile Office Regulation Black Market Virus Taxes Business Appplications Administrator Hiring/Firing Electronic Medical Records Managed Servers Work/Life Balance

Latest Blog Entry

You open a lot of files and folders during your duties around the office, but some of them might seem a little different from others. These files are marked as “read-only.” What is the significance behind these files, and what does this marking mean? Find out in this week’s ...

Latest News

SEG Awarded Small Business of the Year Award!

Symmetric Engineering Group was awarded the Upper Tampa Bay Chamber Small Business of the Year Award for their understanding technical service and support throughout the Tampa Bay area

Read more ...

Account Login