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
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Thursday, April 18 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

Tip of the Week Security Technology Best Practices Business Computing Cloud Productivity Privacy Malware Hackers Business Network Security Email Software Tech Term Hosted Solutions Internet IT Support Data Backup Data Data Recovery Computer User Tips Efficiency Mobile Devices Google Backup IT Services Microsoft Ransomware Managed IT Services Innovation Business Management Hardware Cloud Computing Small Business Productivity Workplace Tips Outsourced IT Managed IT Services Managed Service Provider Collaboration Android Paperless Office Smartphone Encryption Business Continuity Upgrade Social Media Communication Remote Monitoring Windows 10 Phishing Office 365 Server Data Management Disaster Recovery Smartphones Save Money Windows 10 Browser Communications Bandwidth Cybersecurity VoIP Holiday Government Passwords Employer-Employee Relationship Antivirus Scam Risk Management Saving Money Internet of Things Windows Vulnerability Compliance IT Management App Wi-Fi Managed Service Quick Tips Business Technology Information Healthcare Artificial Intelligence BYOD Apps Chrome Unified Threat Management Work/Life Balance Document Management Facebook Infrastructure Tip of the week BDR Automation Vendor Management How To Network Mobile Device SaaS Blockchain VPN Maintenance Two-factor Authentication Word Analytics Hosted Solution Office Politics Password Microsoft Office Money File Sharing Chromebook Customer Relationship Management Virtual Reality Big Data Applications Tablet Bring Your Own Device Automobile Alert Health Machine Learning Router Data loss Remote Monitoring and Management Wireless Employees Identity Theft Networking Mobile Device Management How To Remote Workers Samsung Point of Sale Company Culture Electronic Medical Records Physical Security Twitter Telephone Systems Gmail G Suite Regulations Computing Data Security Storage Server Management IoT Private Cloud Computer Care Settings Virtual Private Network Robot Firewall Taxes Downtime Tech Support Recovery Professional Services Social Training Remote Computing Access Control HIPAA Hacker Websites Management Mobile Security Meetings Botnet Smart Technology Website Patch Management Proactive Wasting Time Law Enforcement CCTV Cables Authorization Administrator Hotspot Assessment Customer Service Dongle Managed Services Provider Disaster Heating/Cooling Project Management Smart Tech Employee-Employer Relationship ROI Webcam Downloads IT Technicians Read Only Education Distributed Denial of Service Test Cortana Black Market Financial Unified Threat Management Staff Time Management Mobile Database Gadget Comparison Wires Emoji Language Internet Exlporer Spam Service Level Agreement E-Commerce Crowdsourcing Uninterrupted Power Supply Servers Vulnerabilities Conferencing WiFi Connectivity Notes Multi-Factor Security Mirgation Relocation Cleaning Managed IT Service Modem YouTube WPA3 RMM Procurement Travel User Error Network Management Voice over Internet Protocol Specifications Managed IT Zero-Day Threat Supercomputer Computing Infrastructure Value Utility Computing Features Personal Information Geography Instant Messaging Update GPS Permissions PowerPoint Google Calendar Touchscreen Managing Stress Help Desk Legal Break Fix Cookies Augmented Reality Fleet Tracking Operating System Security Cameras Motion Sickness Printer Wearable Technology IT Support Net Neutrality Black Friday Social Networking Corporate Profile Outlook Backup and Disaster Recovery IT Budget Alerts Google Drive Electronic Health Records Legislation Chatbots Solid State Drive Statistics High-Speed Internet Finance Office Tips Tracking Fraud Star Wars IBM Lenovo Monitoring Notifications Virtual Assistant Web Server Cabling Enterprise Content Management Bookmarks Sports Error Dark Web Nanotechnology The Internet of Things Digital Mail Merge Asset Tracking Tech Terms IT Solutions Printing Windows 7 IT Consultant Cyber Monday Motherboard WannaCry Shortcut MSP Human Error Virtualization Digital Payment Licensing Gadgets Budget VoIP Techology Cyberattacks Computer Repair Cameras Mouse Identity Hard Disk Drive Bluetooth Development Authentication Cost Management Firefox USB Superfish Consulting Software as a Service Unified Communications Favorites Search Staffing Microsoft Excel Screen Reader Spyware Address OneNote Theft Upgrades Processors Remote Worker SharePoint Monitors Permission Cybercrime Cooperation Users Avoiding Downtime Enterprise Resource Planning Files Miscellaneous Mobile Office CrashOverride Domains Emergency Printers Public Speaking Presentation Hiring/Firing Lithium-ion battery Fun Wireless Technology 5G Regulation Safety Marketing Competition Hard Drives IP Address Transportation