With analytics, businesses can utilize large amounts of data at their disposal to draw valuable insights and make an impact.
Business analytics is the solution that all businesses, big and small, need to stay afloat.
If you want to be ahead of the competition, you need to start investing in the right analytics tools and make sure that they are optimized for your business. Business analytics in business is also important for other purposes, such as training your staff to use the new technologies available to them and make them aware of them, making your workforce future-ready.
To help your organization accelerate to the future, the right technology with useful analytics can take you where you want to go.
In this article, we explain some of the key benefits of business analytics and how it can impact your business.
What can analytics mean to your business?
Knowledge is power and information is a commodity that businesses can utilize to accelerate towards success. Large organizations are at a distinct advantage when it comes to information. With the large amount of data that your business collects, it only makes sense to utilize it the right way. That’s where analytics comes in. Analytics leverage all this data and derive meaningful insights that lead to informed decisions, fast growth, and competitive advantage. For modern businesses, analytics can mean the difference between success and failure.
What are the types of business analytics?
Business analytics comes in different forms and each of them is important for creating a comprehensive analytics strategy. Here are the four main types of analytics widely used in businesses today:
Descriptive analytics describe or summarize existing data using business intelligence tools to assess the current situation.
Diagnostic analytics analyze past performance and diagnose the issues in it.
Predictive analysis uses statistical models and machine learning to predict possible outcomes.
Prescriptive analytics prescribes a course of action after analyzing all the data.
What are business analytics and business intelligence solutions?
Organizations now have the capability to leverage the power of technological tools to manage work, increase profit, and retain competitiveness. Among the host of tools and techniques available to organizations, business intelligence, and business analytics are two techniques that stand out. While both are considered valuable data management tools, there are some key differences between the two.
Business intelligence tools are used to provide insight that optimized business operations by analyzing current data. With business intelligence, you can discover vulnerabilities in your workflow, analyze big data to derive useful insights, and understand your business better. On the other hand, business analytics utilizes similar methods but its primary purpose is to predict business trends. It is used to bring about improvement or change based on the analysis of data.
Why is Analytics important for businesses?
No modern business is complete without the use of analytics. Here are some reasons why analytics are so important for your business:
- Analyzing customer behavior and patterns can help businesses enhance customer experience.
- Analytics can help executives make informed decisions.
- Data regarding employee performance and satisfaction can be analyzed to reduce the turnover rate.
- Multiple business operations can be analyzed to improve overall efficiency.
- Analytics can help you launch more effective marketing campaigns that resonate with your audience.
What are the benefits of business analytics?
Business analytics can help businesses stay one step ahead of the competition by utilizing the data that is readily available in your organization. Here are some benefits of business analytics:
Set Effective Goals
Business analytics ensure that you set goals that are realistic and effective using historic trends and past actions.
Simplifies Decision Making
With business analytics, you are no longer guessing the right answers. Analytics utilizes data to inform you of the best course of action.
Helps Target the Right Demographic
Business analytics can take data from your current customers to ensure that you’re targeting the right demographic.
Lowers Costs and maximizes Revenue
Business analytics can help you improve resource utilization to cut back on extra costs and boost revenue.
Is Business Analytics the future?
The past two years have made business analytics a buzz word across all business sectors. Technology and social media have given a further boost to the popularity of analytics. Business analytics is no longer something that is way too complex for the layman to understand. Social media platforms have made analytics user friendly and digestible enough for everyone to grasp and benefit from.
Judging by this upward trend, it can safely be said that analytics is the future. And this future seems bright as people stop asking the question, “Do we need analytics?” and start focusing on “ How can we use analytics?” All businesses which are not yet on board need business analytics to prepare for the highly digital and fast-moving business landscape that shows no signs of slowing down.
How do you implement business analytics in the workplace using KanBo?
KanBo leverages its cutting-edge analytics tools to help you optimize workflows, make intelligent decisions, and increase productivity. Here are some important analytics features of KanBo:
KanBo’s board analytics unlocks powerful decision making, real-time visibility, alignment, and more by analyzing useful data captured in KanBo. With user-friendly and interactive widgets, KanBo displays metrics and charts in an easy to understand manner.
KanBo helps you focus on every fragment of work with the ability to group cards by users, labels, time, status, or list. This makes scopes of work truly visible and actionable, calculating how much work has been completed, and how much is due. This allows you to identify bottlenecks and perform work more efficiently.
Portfolio Analytics for C-Suite & Executives
KanBo gives executives an in-depth look into business performance so they can make better decisions faster. KanBo’s portfolio analytics include:
• Portfolio Tracker • Portfolio Roadmap • Portfolio Risks & Issues • Portfolio Overview • Portfolio Financial Details • Portfolio Pipeline • Executive Summary
This performance data can guide initiatives, decisions, and compliance in the company. KanBo helps save time by making reporting a part of the KanBo ecosystem
Instead of taking decisions blindly and flailing around in the dark, analytics present a unique opportunity for you to get actionable insights that drive intelligent decision making. Businesses need to pay special attention to analytics and implement them at different stages for the best results. As technology accelerates change and uncertainty, business analytics can help you retain your focus and pave the way to success.
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