Many large data-driven companies consider information as one of their most significant assets. The information gathered provides valuable insights into key business processes which the company can use for making crucial decisions. Business analytics is broken down into two categories:
- Business intelligence
- Statistical analytics
Business intelligence refers to the process of conducting a thorough investigation of historical information to have a clear understanding of a specific department’s productivity and performance. Business intelligence also involves using tools to produce reports out of massive amounts of data. Many mature organisations rely on business intelligence for accomplishing goals.
On the other hand, business analytics like Bright Analytics Data Analysis refers to a more in-depth use of statistical formula and algorithms to come up with predictive analysis for defining the future needs of the company. There are different types of business analytics which are:
- Descriptive analytics. The purpose of descriptive analytics is to identify performance indicators which describe the current situation of the business.
- Predictive analytics. Predictive analytics are useful in observing trends to predict possible outcomes relevant to business processes.
- Prescriptive analytics. Historical information and past performance metrics can be helpful to make decisions that will help prevent or deal with similar scenarios in the future.
Both business intelligence and statistical analytics are valuable tools every business should consider using. In many ways, business analytics can help a company grow.
Planning to expand a business entails detailed research and making use of extensive information about your target audience to come up with a decision that will provide optimum success. A data-driven decision-making process makes use of visuals, reports, and dashboards to create an actionable expansion plan.
Finding the right customer base
Business intelligence is instrumental in examining a company’s current customer base as well as finding effective means to naturally expand the same customer base or venture further into an untapped market. Another useful tool used in business intelligence today is analysing social media channels to combine customer behaviour with internal information gathered from consumers. By combining these data sources, you can create a comprehensive profile of the company’s current consumer base as well as the potential target market.
Develop a marketing campaign
After using business intelligence and analytics to learn more about your consumers, you can use the information to develop a marketing plan which will showcase your brand, and cater to customer preferences. You can gain an edge against competition by being able to create a strategy based on facts you’ve gathered about your intended consumers.
Predictive information can lead to an action plan
Business intelligence is not only meant to make sense of current knowledge. Companies benefit more from data analytics by using it to predict trends and come up with action plans for the future. Relying on current information is not enough to grow a company and reach its potential. Many successful enterprises used business intelligence effectively and made it an integral part of the company’s culture. It is high time that even small companies take advantage of interpreting data to realise goals.