Business Analytics 101

Business analytics are a growing field, as all businesses can see benefits to their operations through the optimized performance and decision making that these kinds of analytics enable. Let’s go over business analytics, and how they can be used to your advantage when applied to your technology.

Drawing Insights from Data

This sums up analytics effectively. All that analytics are, are the conclusions that you can draw from data you’ve collected when applied to your business’ situation. If you’ve heard of business intelligence, this is a specific type of analytics.

Taking gigantic data sets and crunching the numbers, business analytics can help you form your strategy by giving you a more accurate answer to many business questions.

Data Sources

Businesses can pull analytical data from many different sources, such as:

• Data Aggregation—Collecting and filtering through data from transactional records and data provided by your customers.
• Forecasting—Examining past trends and using them to form expectations for the future.
• Association and Sequence Identification—Identifying patterns to help predict your future needs.

Making use of this data can seriously benefit numerous aspects of your business, including (but not limited to) profitability and productivity.

Your data can be pulled from a wide variety of sources - your line of business applications, your CRM, your website, your overall marketing, sales opportunities, and more.

There are many technology solutions to help you collect the analytics that will benefit your business’ operations. At Preferred, our team specializes in providing the technology support to help you make the most of them. Give us a call at 708-781-7110 to find out more.