301-571-5040    Get SUPPORT

Washington Works 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? Washington Works can help. Reach out to us at 301-571-5040 to learn more.

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


No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Monday, January 21 2019
If you'd like to register, please fill in the username, password and name fields.

Captcha Image

Mobile? Grab this Article!

QR-Code dieser Seite

Tag Cloud

Security Tip of the Week Technology Best Practices Business Computing Cloud Privacy Malware Hackers Productivity Network Security Business Software Email Tech Term Hosted Solutions Internet Data Backup Mobile Devices Computer Data Managed IT Services Backup Ransomware IT Support User Tips Data Recovery Google Microsoft Efficiency Cloud Computing Outsourced IT Productivity Innovation Hardware Managed Service Provider IT Services Smartphone Small Business Business Management Social Media Android Paperless Office Business Continuity Encryption Workplace Tips Data Management Browser Save Money Office 365 Managed IT Services Collaboration Smartphones Remote Monitoring Windows 10 Communication Windows 10 Disaster Recovery Bandwidth Government Holiday Employer-Employee Relationship Server Communications Infrastructure Tip of the week Scam Antivirus Healthcare Vulnerability App IT Management Cybersecurity BYOD BDR VoIP Artificial Intelligence Wi-Fi Work/Life Balance Internet of Things Unified Threat Management Phishing Facebook Passwords Blockchain Apps Risk Management How To Managed Service Information Network Windows Customer Relationship Management SaaS Mobile Device Big Data Saving Money Upgrade Hosted Solution Office Quick Tips Maintenance Password Word Applications Politics Money Two-factor Authentication Chrome Chromebook Virtual Reality File Sharing Document Management Compliance Remote Workers Meetings Hacker Company Culture Gmail Alert Botnet Health Microsoft Office Regulations Patch Management Automobile Vendor Management IoT Storage Samsung Machine Learning Electronic Medical Records Identity Theft Website Physical Security Twitter Data loss Computing Point of Sale How To Telephone Systems Access Control HIPAA Robot G Suite VPN Mobile Security Data Security Wireless Business Technology Mobile Device Management Recovery Firewall Server Management Social Private Cloud Computer Care Virtual Private Network Downtime Remote Computing Taxes Smart Technology Training Bring Your Own Device Router Websites Remote Monitoring and Management Automation Employees Tech Support Staffing Firefox Connectivity Superfish Vulnerabilities Conferencing Multi-Factor Security Hard Disk Drive Mirgation Bluetooth IBM Managed IT Service Spyware Modem Address Cybercrime User Error The Internet of Things WPA3 RMM Gadgets Budget Utility Computing Administrator Features Computing Infrastructure Avoiding Downtime Value Cortana Black Market Law Enforcement CCTV Zero-Day Threat Printing Specifications Monitors Permissions Emoji Geography Webcam Instant Messaging Google Calendar Crowdsourcing Break Fix Cookies Managing Stress Help Desk Printer Disaster Wearable Technology Heating/Cooling Fleet Tracking Education Operating System Users Electronic Health Records Alerts Time Management Gadget Backup and Disaster Recovery Remote Worker Black Friday Social Networking Professional Services Monitoring WiFi Fraud Star Wars Networking High-Speed Internet Finance Legislation Chatbots Customer Service Personal Information Dark Web Nanotechnology Update Enterprise Content Management Travel Bookmarks Uninterrupted Power Supply Servers Relocation Asset Tracking Cleaning Tech Terms Legal Management Cyberattacks Supercomputer Licensing Network Management MSP Human Error ROI Cyber Monday YouTube Motherboard USB Consulting GPS Cost Management Development Authentication Financial Mouse Identity Managed IT Spam Microsoft Excel Analytics Screen Reader Unified Communications Motion Sickness Favorites SharePoint Notifications OneNote Theft Sports Enterprise Resource Planning Files IT Budget IT Support Cooperation Touchscreen IT Solutions Proactive Permission Settings Dongle Office Tips Managed Services Provider Tracking Hotspot Google Drive Assessment Virtualization Cables Web Server Authorization Procurement Tablet Corporate Profile Outlook Computer Repair Employee-Employer Relationship Smart Tech Lenovo Project Management Downloads Solid State Drive IT Technicians Statistics Error Distributed Denial of Service Digital Mail Merge Search Mobile Read Only Digital Payment Unified Threat Management Cabling Staff Upgrades Augmented Reality Processors IT Consultant Test Service Level Agreement E-Commerce Language VoIP Internet Exlporer Techology Wires Cameras Security Cameras Comparison WannaCry Shortcut Safety Marketing Printers Competition CrashOverride IP Address Regulation Hiring/Firing Miscellaneous Emergency Mobile Office Fun Domains Public Speaking Notes Presentation Hard Drives Lithium-ion battery Wireless Technology 5G