Business owners are often searching for the right technology and platforms to improve and expand their business, serve customers better, and build resilience in the operations. Data analytics has been a game-changer in how companies do business. But many business leaders are still unsure of how they can benefit from the technology. Here is why they should think about including analytics in their tech tool kit.
Analytics in Business
Data analytics can provide a wealth of information that can help businesses become more efficient and make more informed decisions. There are multiple uses for analytics throughout business processes from growth, expansion, customer service, marketing, operations, and more.
Use insights to become proactive
The pandemic has caused disruption across industries globally. Business leaders are finding out that traditional KPIs (key performance indicators) are no longer enough to help determine the path ahead. Customer requirements have changed overnight, sales numbers are no longer reliable to deliver forecasts and industries have had to pivot quickly to meet new demand. Organizations now need more data sets and micro and macroeconomic data to map out trends and customer behavior in order to respond. This where analytics platforms step in, providing key insights that the organizations can act on. Business leaders can take advantage of the predictive insights that business analytics tools generate to optimize expansion plans and identify niche markets. What is particularly exciting is the fact that business analytics study the factors that are impacting specific industries – this is what helps organizations make better decisions. This has a significant impact on how the company responds to the crises – if it can get the edge or risk a slump into irrelevance.
Develop a business plan
Data can provide a clear picture of how the business is currently faring. Business analytics platforms can go a step further and provide forecasts about trends in growth and sales. These insights help develop a long-term business plan going forward. These business plans can be tweaked as the situation demands when more insights and data come into play. Business analytics provide insights via dashboards. These dashboards provide data visualizations that are easy to understand, like graphs and charts, and they can be customized by users so that they have only relevant data and are not inundated with excess information. This can considerably assist planners as they go about building strategy.
Build a marketing strategy
Analytics tools and platforms can provide granular details on customers which can help business owners design and tweak their marketing strategy. For example, tools like Google Analytics can analyze a website’s reach and audience to help develop a marketing strategy that is more precise.
These tools give you key metrics like which pages attract the most viewers and which show most engagement. It tracks the visitor’s actions on the site, all of which can provide insights into how to improve customer engagement. It also reports on keywords that people search and how they land on your site, which gives more information on website traffic.
Similarly, your social business strategy can be improved with Twitter analytics tools that track hashtag trends that connect with customers. This data can help fine-tune the brand messaging and advertising/marketing campaigns. Analytics can help businesses research the competition and eventually narrow down on which audience segment has the most scope to develop and identify opportunities with maximum potential.
As companies begin to chart out a pandemic recovery plan, they should adopt analytics tools and platforms that will provide them with the relevant insights to make informed decisions and move quickly. There is a wide variety of analytics tools available, which can be confusing. So, it is good practice to work with a reliable IT-services provider to ensure that your business is getting the right analytics programs. Tricon Infotech has partnered with multinational enterprises and start-ups alike on their data analytics processes over the long term. Connect with us today to learn how your business can gain the edge with business analytics.