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3 Things You Must Know About Business Analytics
October 5, 2020
Business
Over the past few years, businesses have realized the significance of social media for their corporate strategies. These insights from digital platforms are similar to other data gathered by your company, helping you become aware of your audiences and their needs. The data is obtained through multiple digital channels. However, businesses now also consider social platforms a critical source of data for (BA) Business analytics.
The insight gathered from business analytics allows you to optimize and automate your business processes. Data-driven companies that use business analytics achieve a competitive edge because they utilize the key findings to propel their products and processes to succeed.
With business analytics, you can better understand the consumers, such as the liking about the company’s product and services, which provides a more in-depth insight into the sales volume for a particular product.
However, it is crucial to create a cohesion between business analytics data and social network insights to avoid inaccuracy, information silos, and duplication of data sets.
Now that you know what business analytics is, let’s dive deeper into how it works, different types that can help you in decision-making, and ways to integrate business analytics with social media listening.
How Business Analytics Work?
Business analytics is a company-specific data collection process starts with setting parameters for the data collection to collate it accordingly. The decided parameters ensure that a particular dataset will give insights about a specific business need.
Furthermore, the insights gained are organized using analytics tools and software to prepare a forward-looking and insightful report, making business analytics an advanced form of statistics.
Additionally, the analytics software and tools are so advanced that you can carry out every step from collecting data to preparing reports, using the right one. The report findings help you gauge current and anticipate future trends, enabling you to devise strategies based on insights.
Being data-driven future proofs your company and allows you to make decisions mindfully. It’s imperative to map and integrate business analytics and customer data from digital platforms to understand existing and potential customers better.
4 Types Of Data Analytics To Improve Decision-Making
As mentioned earlier, leveraging business analytics and social data can help you identify the prevalent trends. For instance, you can tell why a product or service sells well in a particular market with amalgamated insights gained from the data.
There are four types of business analytics. Each serves its specific purpose and delivers detailed data. They are interlinked, but they come in handy at different stages of decision making and provide additional data according to the respective phase.
1. Descriptive Analysis
Descriptive analytics is the primary business analytics stage that gives a clear picture and idea of past trends and the current scenario. It allows you to analyze the present state of your business critically.
Furthermore, it lets you know your company’s strengths and weaknesses. These insights also help managers develop strategies to improve their shortcomings. You also have the relevant statistics to make better decisions. However, this stage can only help you make fundamental changes to your business processes.
2. Diagnostic Analysis
Once you identify the past and current scenarios in the first stage, it’s time to know the reasons behind it. The diagnostic analysis gives more in-depth insights into the past and present business trends and helps you understand why the issues occurred.
Moreover, the diagnostic analysis approach provides you with the possibilities and likelihoods stating why a particular thing happened, and according to that, you can simultaneously strategize to augment your operations.
3. Predictive Analysis
The third in business analytics is the predictive analysis stage that lets you look at future things. It’s an acute phase to predict future scenarios for the business. Also, it gives you detailed reports that allow you to make complex forecasts for the company.
4. Prescriptive Analysis
The final stage is the prescriptive analysis that goes beyond the predictive analysis. This stage allows you to create models that help you make precise projections and concurrently make real-time modifications that produce the best possible outcomes.
Furthermore, it also provides you actionable insights built on the outcomes your business aims to achieve. The recommendation mechanism works in real-time and is the most useful by-product of prescriptive analysis that produces valuable results.
After all, prescriptive analysis and findings are based on comprehensive data and profound learning that gives you significant recommendations.
Integration Of Business Analytics And Social Media Analytics
As business owners realize the need and importance of business analytics, its benefits substantiate that business analytics is an integral part of the industry.
The international business analytics and big data market were worth 168.8 billion US dollars in 2018, and this number is projected to grow to $274.3 billion US dollars by 2022.
All in all, big data can help you analyze findings that lead to strategic decisions and business move. Every comment or transaction you have on social media would likely produce big data. The data generated can be leveraged by businesses to provide a better experience to the customers.
What Is Social Media Analytics And Listening?
The advanced listening tools available lets you measure and keep track of top media channels, brand mentions, most used words, sentiment, etc.
Several other metrics help you gain back-end insights that mostly relate to a company’s website, such as conversion rates, duration of page visits, keyword searches, etc.
Naturally, when you have useful data about your customers, you make informed and rational decisions, so business analytics lets you access vital insights that help you with decision making.
Here are some of the advantages of integrating business analytics and social media analytics, which drives better decision-making.
Real-Time Updates
Since business analytics is a part of business intelligence, companies can get real-time social media data about their consumers with the right brand monitoring tools in place. For instance, if you know what customers say or think about your product or service, you get an idea about how well your offerings perform.
If you overlook such sources of data, you can lose market share to your competitors. Therefore, it is essential to incorporate business analytics into social media to reap the benefits.
Finally, business analytics is continually becoming easier to execute and use as you don’t need professionals to gather thee insights.
Customer Satisfaction
The conversations and comments that take place on social media are quick and spontaneous. The insights you gain from these can give you a good idea of how your brand and business are faring with the customer.
On the other hand, traditional sources of business data take their sweet time getting you the information you need. It’s a time-consuming process to aggregate the data, such as transaction reports, customer surveys, etc. to find relevant information.
Business analytics does better with access to social media conversations and comments in real-time. It enables brands to measure the success of their products/services, campaigns, and other activities.
The immediacy of social media monitoring tools and business analytics allow marketers to get instantaneous feedback on their current campaigns and optimize them. Also, they can personalize and improve their future promotional campaigns.
Monitor The Competition
One of the exceptionally good things about business analytics that it processes data with so much precision that you can also anticipate future trends with accuracy. The high responsiveness to consumers lets you access highly relevant and accurate data.
Customers tend to express honest opinions and views about a brand’s products or services or describe their bad experiences if any. That way, companies obtain direct insights from their customers instantly as compared to a structured survey.
The strategies can revolve around those concerns to provide a seamless experience to your customers and stay ahead of competitors. Business analytics lets you track past mistakes and analyze them to fix the errors, or you can try to avoid them.
On the whole, integrating social media analytics and business analytics allow you to monitor competitors, follow consumer behaviors and patterns, etc. through social networks in different online settings.
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About the author:
George Mastorakis is a co-founder of Mentionlytics supervising Financial Planning and Analysis and our Cloud Architecture. He is an Associate Professor on Emerging Technologies and Marketing Innovation. His interests include Cloud Computing, Web Applications, and the Internet of Things.
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