Tracking a company’s internal business performance is a very important step towards identifying the critical areas within an organization that deserve immediate attention. Basing decisions on data and statistical methods is a unique way that ensures outstanding business results and this is exactly what business analytics stand for.
Business intelligence, also known as data mining, used to be an expensive method reserved for big enterprises. But now, thanks to the rapid development of technology and software, it has become something that all businesses, from startups and small businesses to medium sized businesses and large corporations, can use.
Here is a compiled list of ways in which business analytics can improve a business overall.
Business analytics can provide your sales team with valuable data on what are the most effective ways to generate leads. Merging data with tools such as AdWords and Google Analytics transforms business analysis into intelligence, making your investments safer. Furthermore, by adding product IDs, churn rates, geo locations and order tallies, you will have a valuable insight into which sources of sales leads are driving business growth.
Customer data is a powerful source that can lead to promotional effectiveness. Business analysis is a method which provides integrated customer data from social media and Web interactions. When an organization is able to precisely define customer segments by delivery channels and locations, it becomes very easy for them to determine their effectiveness.
Besides identifying key performance indicators, business intelligence is a unique way to do accurate forecasts in order to avoid bottlenecks and indicate a perfect time for making investments or hiring new people.