What happens when you make decisions based upon incomplete data? You can end up making a decision that hurts your business rather than helps it.
In today’s data-driven world, there are important details being collected every minute. How a customer first found your company, which employees are shouldering the biggest workload, what follow up methods convert the most sales… all of these are data points that can help you drill down into what’s working and fix what’s not.
But, how do you harness all that data and make sense of it?
At Technical Evolutions we work to take complicated technology and create simple IT solutions for our clients. By understanding some basics of how data and IT work, you can cut through the fog and gain some real insights that will help you energize your business and bottom line.
Data that Delivers
Using business intelligence (BI) dashboards, companies can have data pulled in from multiple sources and delivered in comprehensive visual graphics and displays that help them “read the tea leaves” of their business.
According to a survey of 2,600 users scoring good or moderate benefits, business analytics helped them achieve:
- Faster reporting, analysis, or planning (91%)
- Better accuracy (88%)
- Better business decisions (84%)
- Improved data quality (78%)
- Improved operational efficiency (74%)
- Improved customer satisfaction (66%)
Profitable Ways to Use Business Analytics
With so much data to work with, it can be a daunting task to know where to start when it comes to gaining insights via business analytics. Here are some of the most powerful ways to use BI to get you started on learning how to apply data analytics to your business decisions on a regular basis.
Understanding Consumer Behavior
A customer’s journey through your sales pipeline starts when they first contact your company either by phone, visit, email, or through your website and it ends once all your marketing and lead nurturing efforts have finally won a sale.
Understanding that journey from your customer’s point of view can help you gain valuable insights into the types of marketing activities that are working and those that aren’t.
For example, if you know that a particular email results in 10% more purchases than any other, it makes sense to look at why that is and replicate it in other marketing.
Organizations that strategically use customer behavior data outperform their peers by 85% in sales growth margins.
Are certain business processes taking more time than they should and not producing results? Something as simple as analyzing call and lead activities and seeing how long it takes to enter data into a spreadsheet, can spur an organization to automate and reduce time consuming manual entry tasks.
Business analytics can play a big role in helping reduce inefficiencies that are costing you time and money and help shine a light on metrics that can help you measure whether a new workflow is giving you the benefits you expected.
Where to Spend Your Advertising Dollars
Are you spending tons on advertising in a certain area, but then finding the larger ticket sales are coming from a completely different place? Business analytics let you get a better understanding of where your sales are coming from, broken down by region, city, industry, and multiple other demographics.
This data can help you make smarter decisions about where to focus advertising dollars to make your efforts more effective at getting the types of sales you want.
Businesses can lose money through stolen inventory, damaged shipments, order errors, and a number of other ways. By analyzing data targeted at a particular issue, such as damaged shipments, you may just find a surprising insight to help with the solution.
For example, your packaging costs went down recently, sounds good at first. But then you see a correlation in increased damaged shipments that are costing you much more to replace than that savings. Without the data to correlate the two, you might not have realized that your shipping department needed to stop skimping on packaging material.
Employee Satisfaction & Productivity
Can more days off actually result in higher productivity? Some companies have found this hidden secret only after analyzing a lot of business data related to worker attention span, stress levels, and happiness factors.
You can improve both employee wellbeing and your company’s productivity by finding the right balance for your workforce. Without the hard data to tell the story, it’s difficult to know that giving everyone Friday afternoon off actually improves their spirits, accuracy, and productivity.
Are you thinking of switching to a lower priced vendor for your building security? If you’re not analyzing data both before and after the switch, you might not truly know if you’ve made the right decision and whether you’re getting a better deal than you already had.
Using business analytics to gauge how your vendors are delivering and what type of ROI you’re seeing from their services can help you make better decisions on the companies you choose to work with.
Exceptional, Affordable Solutions… That’s Our Specialty!
No matter what type of business IT solutions you’re looking for, whether it’s streamlining your operations through technology or setting up a new BI dashboard for data analytics, Technical Evolutions is at your service with top-level support.
Contact us today to talk tech! We’re here for you at 708-540-6201 or online anytime.