Contact Us Today! 1-844-237-4300

Central Technology Solutions Blog

How to Intelligently Approach Business Analytics

How to Intelligently Approach Business Analytics

A solid business decision needs to be based on more than just a gut feeling. It takes quantifiable data to choose the right path for your company, leveraged in a process known as business analytics. Today, we’ll explore this process, as well as discuss a few ways you can use it to your advantage.

What Are Business Analytics?
To begin, let’s picture a spinner, divided equally into sections numbered “1” through “5.” Each time we spin the spinner, the arrow lands on a different number. Let’s assume we have some time on our hands, so we spin it 100 times. At the end, it has landed on “1” a total of 13 times, “2” a total of 22, “3” a total of 18, “4” a total of 18, and “5” a total of 29 times.

If we were to predict what the outcome of another spin may be, under the same circumstances, this data could help to inform this prediction. For instance, we could predict with reasonable confidence that the spinner would land on an odd number, not only because there is a higher probability of that outcome (3/5 as compared to 2/5), but we have historical data. Out of 100 spins, the outcome was odd exactly 60 times.

Why is this relevant?

When we consider business analytics, the purpose is to make predictions based on past results and statistical likelihood. In this case, we can predict with reasonable confidence that the spinner would land on an odd number if spun again, based on both the probability and the evidence suggesting that probability would be reflected in the results.

Business Analytics in Action
While business analytics tend to be a little more complicated than that, the basic idea is the same. By taking collected data and studying it for patterns you are able to make better decisions from an informed position. This can manifest in your business processes in a few different ways.

  • Data Mining - Data mining, or the analysis of data to identify trends and opportunities that were previously overlooked, is streamlined by the incorporation of business analytics. As a result, the desired improvements are only made better.
  • A/B Testing - Utilizing the A/B testing process, a company is made more able to optimize the decisions they make in the future, as well as revise those that were made in the past. This process hinges on the use of analytics.
  • More Accurate Predictions - Along with a better sense of why a certain outcome was the result of an action, business analytics can be used to identify the best course for an organization to take through statistical analysis and predictive modeling.

Using Analytics to Your Advantage
There are any number of ways that business analytics can be leveraged to directly influence your business procedures. Take your sales process, for example: data can provide you with deeper insights into your client/customers’ behaviors, which can in turn be used to more effectively target your audience and optimize the profit generated through serving your existing base. In addition, analytics can assist you in streamlining your inventory management, managing your business finances, and benefit a great number of other business-essential tasks.

Would you like to do more to leverage analytics and data as a benefit to your business processes? Central Technology Solutions can help. Reach out to us at 1-844-237-4300 to learn more.

Data Security Issues of 2018
Tip of the Week: 5 Simple Browser Tricks
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Thursday, November 15 2018

Captcha Image

Join our mailing list!

  • Company Name *
  • First Name *
  • Last Name *

      Mobile? Grab this Article!

      QR-Code dieser Seite

      Tag Cloud

      Security Tip of the Week Best Practices Cloud Technology Business Computing Privacy Email Malware Hosted Solutions Hackers IT Services Internet Productivity Managed IT Services Outsourced IT Network Security IT Support Data Software Data Backup Business Mobile Devices Tech Term Ransomware Computer Microsoft Productivity Backup Innovation Data Recovery Smartphone Managed Service Provider Google Business Continuity Internet of Things Hardware Small Business Cloud Computing Android Disaster Recovery Data Management Windows 10 Remote Monitoring Browser Artificial Intelligence Efficiency Encryption Managed IT User Tips Social Media Communication Windows Smartphones IT Support Facebook Paperless Office BYOD VoIP App Workplace Tips Cybersecurity Risk Management Save Money Business Management Mobile Device Phishing Upgrade Server Mobile Device Management BDR Network Firewall Recovery Saving Money Applications Government Unified Threat Management Collaboration Gmail Robot Password Telephone Systems SaaS Big Data Windows 10 Chrome Office 365 Tip of the week Virtualization Bandwidth Project Management Hosted Solution Money Website Data storage Holiday Bring Your Own Device Going Green Wi-Fi Document Management Infrastructure Apps Vendor Management Compliance Passwords Vulnerability Content Filtering Miscellaneous Regulations Analytics Remote Computing Office IT Service Managed Service Training Computers IT Management Storage Unified Communications Apple Managed IT Services File Sharing Automation Files Antivirus Computing Help Desk Employer-Employee Relationship Customer Service Customer Relationship Management Router Two-factor Authentication Healthcare Politics Virtual Reality Work/Life Balance Data Security Data loss Wireless Assessment Business Technology Outlook Websites Identity Theft Mouse How To Server Management Sports Remote Workers Licensing Google Drive Internet Exlporer End of Support Health Blockchain Uninterrupted Power Supply communications HIPAA Settings Business Growth Monitors IoT Information Microsoft Office Alert Mobile Security Users Mobile Computing Machine Learning Mobility Word Redundancy Social Spam Hacker How To Samsung WiFi Tablet YouTube Quick Tips Scam Wireless Technology Legal Flexibility Chromebook Administration Avoiding Downtime VPN Education The Internet of Things Patch Management LiFi Tech Support Budget Virtual Private Network Smart Technology Upgrades Maintenance IT solutions Information Technology Twitter Network Management Printing Remote Monitoring and Management Digital Payment Cortana Cost Management E-Commerce Microsoft Excel Modem Physical Security Wires Human Error Disaster Trending Multi-Factor Security Wearable Technology Retail Mail Merge Distributed Denial of Service Annual Convention Windows 8 Save Time 3D Printing Vulnerabilities Authentication Telephony Technology Laws Printer Alerts Display Connectivity Sync Identities Processors Enterprise Resource Planning Bookmarks Law Enforcement Touchscreen Techology Marketing WPA3 Public Cloud VoIP Sponsor Comparison Identity Hard Drive Features Travel Consultation Lenovo Gadgets Cookies Office Tips Permission Botnet Buisness Google Calendar Software Tips Address Managed IT Service San Diego Unsupported Software Virus Geography Authorization Statistics Access Control Cooperation Google Wallet Update Mobile Device Managment Hard Drives Google Docs Mobile Favorites Gadget Disaster Resistance Electronic Medical Records Fleet Tracking Automobile Computer Care Digital Obstacle Specifications Social Engineering USB Cache Electronic Health Records Superfish Permissions Nanotechnology Humor Test Search Legislation IT Technicians Break Fix Social Networking Backups Mobile Data High-Speed Internet Employees GPS Bluetooth SharePoint Staff Drones Star Wars Monitoring Black Friday Roanoke — Central Technology Solutions Solid State Drive Company Culture Conferencing Proactive IT Unified Threat Management Hotspot Deep Learning Asset Tracking Spyware Course Safety Recycling Cyberattacks Crowdsourcing Meetings Fraud Screen Reader Current Events Dark Data Personal Information MSP Supercomputer Shortcut Downtime Mirgation G Suite History Firefox Dark Web Motherboard Development Zero-Day Threat Tracking Downloads Augmented Reality Alt Codes Utility Computing Consulting Cyber Monday technology services provider Cryptocurrency Notifications Managing Stress Instant Messaging Taxes Heating/Cooling IT Consulting User Error Language OneNote Google Maps Black Market eWaste Read Only Time Management Networking Smart Tech Proactive Private Cloud IT Budget WannaCry Software as a Service Migration Managed Services Provider Cabling Virtual Desktop Data Warehousing Hacks Cables Hacking Operations Typing Writing Emoji Technology Assurance Group ’s 18 Bitcoin Enterprise Content Management Finance Servers Data Breach Computing Infrastructure Best Practice Network Congestion Employee-Employer Relationship Operating System Management Point of Sale Net Neutrality Computer Repair Technology Tips Chatbots Cybercrime Web Server Cameras Motion Sickness Regulation CCTV Administrator Relocation Hard Disk Drive Webcam Emergency Backup and Disaster Recovery IT Consultant CrashOverride Printers Error