Leading companies understand how important it is to conduct business intelligence in real-time and quickly respond to changes in the company’s work. This article will explain the purpose of business analytics and the best firms to do it.
The purpose of the business analytics
The concept of “business analytics” has been around for a long time. As soon as market relations appeared, people became interested in how much they could earn tomorrow, in a week or a month. Of course, the analytics of the past and the present are fundamentally different. Now, this is almost completely digitized information, the collection and processing of which is an automatic process in most cases.
The purpose of business analytics is to bring the company to a new stage of development. It allows and obliges to development of new ways to solve existing problems – less costly and more effective. To achieve this goal, business analysts must perform the following tasks:
- find ways to reduce costs,
- understand the reasons for the decline and growth of sales,
- track the movement of goods,
- to identify trends in the impact of stocks in warehouses on sales,
- monitor the performance of staff and the use of other resources.
The best data analytics firms
All of the above tasks of business intelligence can be reduced to a single formula – the development and description of universal schemes and ways to solve a particular problem so that in the future, the company will act according to a new plan and avoid unnecessary time and money. Companies’ information from data analytics helps them develop and implement an optimal business strategy.
Scaling should always be linked to the analysis results and the strategic plan based on quantitative and qualitative indicators. However, it is not only when expanding the business that you need to connect analytics. It is essential to routinely monitor sales dynamics, advertising results, and conversion rates. It is the only way to maintain a position in a highly competitive market.
The top 6 leading data analytics firms for your business are:
- Alpine Data Labs
- Continuum Analytics
How to implement analytics in your business?
To get some data, you first need to decide which sources you need to collect. After that, think about which analytics tools to use and how to monitor and analyze all this eventually. Then you need to choose sources for analytics. It can be any source of advertising or sales – company social networks, online promotions, etc. But do not spray and do not run everything possible at one moment, so you can get confused and get lost in the data. After that, you can process the received data and move on to the next indicator. Usually, in second place are the company’s social networks. Each has its statistics and rules, so determine the most promising for you and collect data for further analysis.
If you have many sources and even more business intelligence tools, keeping track of all the data can be very difficult. It is much better to automate the collection and display of analytics in one convenient workspace provided by VDR, ERP, or CRM. You can automatically transfer any data to dashboards to be able to make management decisions quickly and balanced.