What is data analytics?
Data analytics is the process of investigating raw data to spot trends, identify opportunities and predict outcomes. This process can often be automated.
Types of data analytics
- This type of data investigation will enable organisations to understand previous outcomes, analyse success or failures. These data metrics could include, in its simplest form, key performance indicators (KPI) and return on investment (ROI).
- Diagnostic data will tell you why things happened. This type of data analysis supplements descriptive data to investigate the cause that contributed the outcomes.
- This form of data analysis will review trends to predict future outcomes. Using descriptive data as a baseline and combining it with diagnostic data, will provide organisations with a predication into what the result is likely to be.
- Similar to predictive data analysis, prescriptive data processes will use a combination of all the above data sets will enable organisations to apply processes to enable the optimum outcome.
Why should a business use data analytics?
Having a better understanding of your data can help you draw reliable conclusions based on facts. We can help you harness all the data within your business to bring about better outcomes and meet your business goals.
Any type of data can be examined using data analytics techniques. This process can extract and reveal metrics - such as insights into customer trends e.g., how frequently a customer purchases, how much - and how this may vary, and what causes that variance such as seasonal demands, outside influences, marketing campaigns. Examining data can also help to identify weaknesses in an organisation's processes such as bottlenecks in production or delivery and the impact that this may have. It enables businesses to put better processes in place and future proof from further impact. We can help you recognise where improvements in internal processes need to be made, or where products and services are not performing well against KPIs and dig deeper into what the cause might be. In short, using data analysis tactics will transform your data and help your organisation meet its goals.
But that's just the tip of the iceberg in how data can be deconstructed. Online gaming companies can use data analytics to keep users within a game - dentifying when they would usually switch off, encouraging them to stay online by offering incentives such as rewards. Digital marketing companies will use data - known as algorithms - to recognise online behaviour and how best to market to their target audience.
Examining data is vital for any business that wants to perform at an optimum for its customers and end users. It helps drive better business decisions, helps reduce costs by demonstrating more effective and efficient ways to do business. For example, rather than your salespeople calling an existing customer on an ad-hoc basis, good data examination will be able to advise when is the optimal time for your customer to purchase (time of the year? late at night?) and your sales approaches or marketing tactics can be scheduled for this time.
How does data analytics work?
There are many forms of data that can be analysed, and in most cases, this can be done from cloud-based files, spreadsheets or databases. We can sort and drill down any data, translating this into tangible information for you to then apply to your business. Our advanced data analytics tools and techniques will help you spot patterns, identify trends and opportunities, and see the bigger picture, rather than just a snapshot.
Our Application Programming Interface (API) services can fully be fully automated to make sure that you get the sharpest data delivered directly into your CRM, databases or reports. This live data feed will help you harness data and use it to your advantage, as well as share insights with colleagues or clients in an instant.
Essentially, effective data analytics will bring all of your data together, take it apart to understand it and deliver it back to you with a solution to improve business performance.
If you would like to discuss your data analytics project with Controlaccount, please get in touch today and speak to one of our sales representatives.