Analytics can tell you what happened, why it happened, what will happen and how you can make it happen. “It” consists of any goal that you’ve set for your business. Using analytics to inform you about these issues will help you make your business even more prosperous. The insights you get from the data are immeasurably useful for business owners today. They will help you guide all your actions.
* Operate a Better Business – When you use data to help you learn about your business, your competition, where you stand and where you want to go, you’ll truly end up with a better business than you ever thought possible. Today, data can actually be predictive and almost give you directions on what to do next to boost your business and make it better.
* Be More Innovative – As you look at the data you have, and you can see what happened and how it happened, you can take that information to repeat whatever worked so that you can get more good results out of it. But, you can also use that same data to add complementary products and services to your offerings or even change direction altogether.
* Stay Ahead of Trends - Think of Netflix’s decision making. Had they minded their data when they thought they were going to stream only, they would have known in advance that this idea wasn’t ready to work - although it probably will in the future as people who use electronics instead of digital devices will become fewer and fewer.
* Face Challenges – Every business faces challenges and you can even predict some by looking at data. For example, some businesses are seasonal in nature, even though in some cases there is no reason for them to be seasonal. But, if you check the data you might find that your business has times where you make more sales. You can use that information to pump up advertising during the off season.
* Information to Help You Grow – Analytics can help you get to know your audience even better. When you first start a business you choose almost out of thin air who you want to be your target audience. You set up all your advertising and marketing with that in mind. But, you might find through analytics that you have a far different audience than you thought. This can help you narrow down and optimize your marketing materials so that you can grow your business.
If you want to grow your business and plan exactly where it’s going, use analytics to discover insights into your business that will help you accomplish that goal. Predictive analytics can help you make the right decision for your business.