Analytics Tools benefit organizations by helping to put accurate and timely information at the fingertips of decision makers. No doubt that the most important corporate decisions relates to web, customers, sales and financials. It should come as no surprise then, that the most common applications of analytics tools are directed towards optimizing these business processes.
Today the most widely used application by small and medium sized companies (SMB) are Sales, Web, Customer and Financial analytics. These four applications alone can dramatically help companies by helping to identify new sales opportunities, increase customer satisfaction and reduce the revenue cycle. Imagine seamlessly identifying cross sell opportunities, Anticipating customer order issues in advance and quickly invoicing the completed jobs. Apart of these areas of applications, analytics tools are widely used for measurement and improvement of the performance of business operation. These are a few common applications where analytics tool can be applied:
Big Data handling
Financial Reporting & Analytics
Social Media Analytics
Product Management Analytics
Inventory Management Analytics
Identifying the non-performing products/business partners could also be vital to the company’s success. Eliminating non-performing products/business partners could positively impact the overall profitability by reducing allocated resources to manage the product/relationship and hence improve the financial standing of the organization.
For example, if your organization has revenue on successful sales made by business affiliates from leads generated by you, then to maintain maximum profitability you need to attract the right client. Identifying and eliminating non-performing business affiliates is one way to achieve maximum profitability. In this case, a good analytics tool can provide insights as to who are the better performing affiliates. Also, a good tool will cover the applications of reporting, financial, operational, research, sales, project management and social media so as to maximum profit for the organisation.
So anytime you need to crunch large volume of numbers, prepare reports from data spread into multiple internal/external systems, seamlessly share information with peers, managers, customers and regulators or setup proactive alerts based on critical business events, remember that choosing the right analytics tool can make your life much easier. Tools such as analytics, business intelligence and data warehouse are used to enhance enterprise analytics approach with business intelligence so that companies can understand and react to circumstances and opportunity with lightning speed and precision.
When considering using an analytics tool, here is what you should ask yourself:
• Why do I need an analytics tool?
• What sort of data do I need this tool to give me?
• What actions will be driven by that data?
• How will I use the data to inform decisions and activities?
• How to measure and improve the performance of business operations?
The analytics tool you use can make all the difference to your businesses data initiatives. If you feel the tool you are using is not doing complete justice to your business, then contact your trusted technology partner to find out about new emerging data analytics tools and technologies that could improve your businesses profitability.
As important as the tools you use, are the people behind the data. So ensure you have a good team of data analysts to guide your data initiatives in the right direction. Data can help transform your business in ways you never imagined, so go ahead, let data take charge and watch your business soar.