Business Realities of several successful companies today whether they are based on electronic platforms and/or bricks and mortars have started to utilize some sort of technologies to support their key business functions like storing customer details, tracking sales and marketing activities; and handling entire finances. They recognized that investing in technology could drive better business results. Especially, technology is most commonly used to solve some complex business problems associated with management, advertising, customer support, and decision-making. In addition, enterprises are turning towards advanced tools for help.
Data Analytics is one such technology and the analytics tools are significantly used by businesses to diagnose and address business problems.
As a prelude to the highlight of business problems that can be addressed with analytical solutions which I wish to share in a couple of days, for starters I will be introducing analytics here.
What about analytics
Analytics make businesses understand what they are doing right and what they are doing wrong. In addition, it displays what is working and what is not working on all sides of marketing, including content, social media, and email marketing. The action of measuring instead of guessing enables businesses to attain almost a sure thing. As an example, analytics allow discovering content that the audience really likes and shares. Spending devoted time on social media activities usually provides a net benefit, but in several cases, spending some of those hours on analysis will lead to a large benefit. That offers the knowledge to streamline business activities and results in better outcomes from those activities.
Arguments for Analytics Tools to Solve the Business Problems
Businesses often forget that the most complex business issues can be solved using analytics by involving the latest data analytics tools. It is important to realize that around 70% – 80 % of the analyst’s time is spent on generating the analytical files. Only the remaining 20% -30% is spent on building a solution. Here, the approach to solution development involves predictive models or straightforward business rules. With analytics tools, a business can extract simple structured data and reduce its effort in extracting unstructured and semi-structured information. The analytics tools used in problem-solving have two criteria:
- Ease in the generation of analytic files
- A simple business algorithm in the formation of a solution
The rapid demand for an analytical solution has forced the enterprises to invest in analytics tools that can enable the business users and employees across the enterprise to obtain answers to, what they require. With these powerful tools, businesses can allow them to do advanced analytics without demanding any programming support from data scientists. Thereby enterprises will find a new competitive advantage and power to uncover previously unseen trends that project them into an influential position.
In my very near future posts, I shall be focusing on the sundry problems that we can easily resolve in the business world using analytic tools including detail of very handy analytic tools.
It is my belief that everyone will afford themselves the opportunity of the refresher by staying tuned.