Business Analytics
How Can Your Business Benefit From Analytics?
Analytics are a means of recording large amounts of data using computer technology. Such data is often presented as stats or graphs and can be used to make improvements.
In business, there are many ways to effectively use analytics. Below are some of the ways you could be using analytics to boost your business.
Making better financial decisions
Analytics can be used to compare your earnings and expenses from week to week to help you understand how much profit or loss you’re making. This can be useful for helping you to make better financial decisions such as setting budgets, making cutbacks or investing more into certain areas of your business. You may be able to use accounting software or sales software to give you the analytics you need. Using graphs, you can more easily determine how well things are going in your business.
Improving marketing strategy
There are many aspects of marketing that can be improved by using analytics. For example, when launching a PPC advertising campaign, analytics can be used to check the success of your ads such as how many people clicked on them and which types of people clicked on them.You may even be able to compare results of current campaigns with past campaigns to see whether your marketing has improved. Things like A/B testing can also be used to compare two separate advertising campaigns running simultaneously in order to see which one does best (and which one to therefore continue).
Personalising customer experience
Analytics can be used along with automation to create a more personalised customer experience. By getting customers to sign up as members, you can record their purchases and make recommendations based on their purchase history. You could even target select discounts at select customers. CRM software is typically used to generate these analytics.
Reducing safety and security threats
You can also use analytics to improve safety and security within your business. Geospatial analytics are used in many industries to provide data on the climate and landscape of a location – this can be used to protect against threats such as natural disasters or building wear and tear. For example, a dam may use analytics to check factors like water volume, rainfall, bank erosion and dam wear in order to carry out necessary closures or maintenance. When it comes to security, things like attempted network attacks can be plotted on a graph, helping to determine which parts of a network need to be strengthened.
Improving machinery performance
The performance of machinery may even be improved using analytic data. This is particularly the case in industries such as manufacturing. With some modern machinery, analytics can be used to detect faults early – sensors on the machinery can pick up issues such as lack of oil, overheating and wear of parts. This can allow maintenance to be made when necessary. Analytics may also be able to pick up on things such as energy consumption as well as general output to help determine how cost-effective the machinery is.
