The amount of data businesses generate has reached incredible rates, and that data is essential for companies that are looking to create business analytics strategies.
This is why the business analytics market has skyrocketed in the past few years and in 2020, it was valued at $103.65 billion.
No matter what industry you’re in, data analytics plays a key part in driving your success, creating strategic planning, and actionable decision-making. With the right strategies, you will manage to bring your business to new heights and turn a hefty profit.
So without further ado, let’s take a look at the best strategies for successful business analytics.
Use the right analytics tools
Big data is one of the biggest assets of any business, but it’s hard to leverage such a large amount of data without a proper strategy in place. That is why it’s essential to use the right tool that will allow you to derive valuable insights and trends that can later be used for decision making.
It’s practically impossible to process all of that data without the proper tool, as some processes can be extremely hard to do without one.
For example, if you're pulling data from DynamoDB, you need a good tool for data analysis that will make the whole process easier. When you analyze DynamoDB with Tableau, you will be able to see and understand the data much better, and this will improve your decision-making process.
You need to keep in mind that not all data analytics tools were created equal and some of them won’t be a good fit for your business, as they won’t be efficient in the task you purchased them for. Company owners are often looking at GA4 vs Kissmetrics comparisons to figure out which system is the best for their needs. This information can help you choose the most suitable tool for your data analysis task.
You need to keep in mind that not all data analytics tools were created equal and some of them won’t be a good fit for your business, as they won’t be efficient in the task you purchased them for.
Here are some of the fundamental features of a good big data analytics tool:
- Multiple different analytic capabilities such as predictive mining, decision trees, time series, and neutral networks
- Integrations such as tools and programming languages that allow for custom analysis
- Scalability feature that allows you to scale up effortlessly when you capture new data
- Version control that adjusts the parameters of data analytics models
- Security features such as data inscription that help keep your data safe
- Identity management that allows you to access all the systems as well as the information related to an individual computer or computer software/hardware
Know how to get started
A lot of companies are hesitant to implement business analytics because they believe they need to hire a team of analysts and data engineers to help make sense of the data. While you could do this, there is no reason to spend so much of your budget at the very beginning.
Instead, turn to your existing employees and see if anyone has some amount of analytical skills and is willing to learn basic data techniques. There is a high chance many of your employees in multiple departments are already using a program such as Excel for data entry and storage.
You can use the employees who already have advanced Excel skills to create some basic data analytic results and also have them trained to use the new tool you choose for your business. Most of these tools are highly intuitive and don’t have a steep learning curve.
Of course, if you're looking to get things done fairly quickly, you can jumpstart your progress by consulting an expert to make sure you're doing things correctly. This way, you add value to your employees by equipping them with a new skill, and at the same time, you save money by not paying the full price of outsourcing someone to do it for you.
In the early stages of your business analytics, you need to get a good understanding of your current data landscape. Find out what kind of data your company is already collecting and start your analytics initiative around it with a small program by setting up Google Analytics.
Before you determine your initial goals, you also need to know the location of your data, how clean it is, what its quality is, and also get a handle on your data’s limitations and accessibility.
Know the difference between reporting and analytics
If you want to create a framework that can answer your business questions and help you determine your goals, you need to implement both reporting and analytics. However, some people don’t understand the difference between the two.
Reports allow you to see what’s going on in your business and help you transform the data you collect into an easily understandable format.
Analytics, on the other hand, requires you to explore and interpret data or reports so you can gain insight into why something happened the way it did. It provides you with a deeper understanding of your company and customers, as well as prospects.
Create better marketing strategies
Every business owner is always looking for ways to stay ahead of the competition, mostly through clever marketing strategies. Data can be extremely useful for that, and as much as 83% of enterprise executives are pursuing big data projects to gain a competitive advantage.
When you use big data and business analytics to monitor the reactions customers have towards different marketing campaigns and promotions, you can see what works and what doesn’t. That way, you can create strategies that allow you to capitalize on your most successful campaigns.
It has become a common practice for companies to use predictive analytics as a way to drive customer experience and build locality and reliability between the business and its consumers.
To do this, you need to conduct real-time investigative research, monitor internet searches and customer purchase habits, as well as make fact-based conclusions. With all of these insights, you will be able to make smart decisions that will benefit both your sales and marketing department.
Streamline your customer service
Even if you have amazing products and a great website, you won’t be able to succeed and grow without exceptional customer service.
As much as63% of consumers expect businesses to know their unique needs and expectations, so it’s safe to say the customer experience is very important for a business’s overall success. And you can have a direct impact on that customer experience through data insight.
If you identify the patterns your customers create after every interaction with a customer service employee as well as their reactions, you can start to cater to customer needs. And with the right adjustments, you can start to derive some extremely profitable outcomes.
If you’re just getting into business analytics, it can seem like a daunting task that requires a lot of time, money, and patience. While it can be hard at first, with the right tools and strategies, you can start to discover some invaluable insight.
If you’re looking to drive growth and enhance business performance, you can’t go wrong with business analytics. Just remember everything you read about and start applying the right strategies that will help you keep up with competitors and achieve goals you never thought were possible.