You might have come across the term analytics or analysis many times, so what does it exactly means? Analysis in simple terms means the process of understanding complex topics or data into simpler form in an easy way and analytics is the method of logical analysis.
Analysis vs Analytics
Let us take an example of a Marketer here.
A Marketer can use analysis to simply know: Who all were the customers that showed interest in my promotional offer? How did my promotional campaign performed? What was the conversion rate? Also how such promotions are having impacts on those customers?
But when he is doing analytics on the same data, that time he will beusing applied logic and algorithms to know: How customer retention can be improved? Also which would be the best product to increase profitability and revenue per customer? How he can increase relevancy of the promotional campaign or offer?Also which customers are most likely to respond which will help them to plan a budget accordingly.
Analytics in Business
In business, analytics not only helps you to understand your business but also to take it forward by taking well-informed decisions using your own data.
To understand it better let us take example of Web Analytics:
Imagine you are having a business website or a blog and getting lot of visitors which you might be tracking using some kind of plugin or software but how can you exactly find out from which geographical location the audience are coming or which browser they are mostly using. Also are these people accessing your site using mobile, tablet or laptop and computers.
Why this data was important in respect to your business website or blog?
The reason you should know all this is that it will help you to strategies your next steps.
Let us have few scenarios from the above:
- If the audience are mostly from Asian countries so what steps you should take to target other countries too. If you are having a blog then you can find out which posts are visited most by the Asian countries so that you can maintain it and also improve the same to keep the same audience engaged.
- Secondly, websites and blogs sometimes appear different in different browsers, so if most of the visitors are using Chrome and Firefox then you can enhance your website and blog to look much better in it or check if there are any issues while viewing the same.
- Similarly, they also look different in mobile, tablet and laptops. If you are having a good number of audience reaching you through mobile devices then it’s time to invest or work on your mobile site.
The above were just examples but lot of things can be done while doing analytics for your website or blog. So how can you do it?
There are lot of analytical programs in the market such as Google Analytics, Clicky, Mixpaneland etc. which helps you to get insights of your website or blog and perform web analytics on it.
Similarly when it comes to Business Data Analytics then we use Business Intelligence (BI) tool such as Qlikto get valuable insights.
Using BI tool such as Qlik you can extract data from multiple sources such as ERP, CRM, Excel sheets or any custom applications which you might be using in your organization and combine all the data of these sources into a single window to see the real time business progress dashboard which will help you to monitor your Keys metrics or Key performing indicators (KPI’s). Hence helping you to take informed and speedy decisions.