Business analytics are quite popular nowadays, as businesses of all shapes and sizes are eager to use data to improve their processes and performance. Let’s consider how your technological strategy could benefit from such analytical considerations.
Data Equals Insights
This simple equation does a good job of summarizing the benefits of analytics. Because analytics are just data-driven predictions applied to your business’ circumstances, you can infer quite a bit just from the data you collect during your normal operations. One type of analytics you may have heard of before is business analysis.
By drawing out the value from massive data sets by processing the numbers, analytics can provide you with the answers to your business questions and—as a result—assist you in shaping the most effective business strategy.
The data your business uses to generate these analytics can come from a variety of sources. These sources include:
- 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.
Properly using your data to generate such analytics has been shown to provide businesses with considerable benefits to various aspects of these organizations, including their productivity and profitability, among others. Many of your resources can be considered a gold mine for data: your CRM solution, your line of business applications, your marketing statistics, your sales opportunities, and of course, your website.
Many solutions are available to help you collect and leverage the analytics that will most assist your business’ operations. WheelHouse IT can help you put them to use with our proactive support services. Give us a call at (877) 771-2384 to find out how we can help your business accomplish more.