What are Business Analytics Tools?

A business owner
should make and make critical decisions every day, and it will be easy to make
the right decision when you have the right information. Here, business
intelligence tools come into use. The intelligence tools help you identify the
outcomes and know the risks for making the right decision.

What is business analytics?

Business analytics
helps you collect data from multiple sources and then utilize the data to
improve your Business. You will get to know what’s working and what’s not with
the help of analytics software so that you can develop strategies for your
business growth.

Let’s discuss with an
example if you track your daily sales through business analytics tools on
Saturdays, Sundays, and Mondays in mid-mornings and evenings. You can get to
know how your staff your shop, how you can set your hours, and stock inventory.

Here are some tasks
that these tools help to your Business, they are.

  • Forecasting and
    budgeting
  • Performance tracking
  • Increasing
    productivity
  • Identifying trends
  • Identifying issues
  • Improving your
    customer experience
  • Improving supply chain
    efficiencies.

So, if you have more
data, then the business tools allow you to describe and understand it, and it
will be easy to make essential decisions for your Business. 

Data analytics
includes analytics and statistics and shifting the data, and it is just part of
business intelligence. So, business owners can develop an actionable plan to
improve their Business as business intelligence software makes connections from
data.

 Types of Analytics tools for small
Business
:

If you start using
business analytics tools, then it will turn your business success. It helps
with everything on what and when to sell, engaging customers, and
everything. 

Below are some tools
of intelligence and analytics capabilities to use in your Business.

  1. Web Analytics:

Web analytics tools
help you identify how many people visit your site, how they are visiting, and
what they are doing after visiting your site. It is crucial to understand how
your customers interact with your site to increase sales and drive success if
you own an online site. 

You can use Google
Analytics, one of the most commonly used analytics tool, which is free.

2. Social Media Analytics:

You should identify
how people are engaging with your content if you are marketing on social media.
Each tool has its analytics features that help with much information and also
provide detailed reporting tools. Hootsuite or Buffer, these social media analytics
provides an aggregated view across your accounts.

3. Point of Sale Analytics

Point of sale
analytics transforms all your transactions into reports to be easy to read and
act accordingly. You can have a view of sales trends over distinct periods with
the product category, location, and also with the employee.

4. Customer analytics:

A customer
relationship management (CRM) allows you to store your customers’ information
to communicate with them easily. After that, you should collect all the
insights about your customers from the communications you had with them and
from marketing activities.

 Make sure what
kind of emails they like to receive. Paint a picture of your buyer’s habits if
you have CRM, which integrates with your POS or else if your POS has any built
in customer directories like Square. You can identify new versus return
customers and average spend per customer.

Selection of Business Analytics tools:

You think to use the
same criteria when evaluating all the possibilities if you decide which tools
are right for you. It’s not like the same criteria you have to use for social
media tools for web analytics. Make sure that you use the same questions for
all the vendors you are evaluating in a single category. 

Here are Some
questions you have to ask when selecting business analytics tools.

  • Goal by getting this
    intelligence tool? What are the insights I want from it?
  • What are the cost and
    expected returns for the investment? 
  • Is it easy to use the
    analytics tools? How long I learn it and train the employees?
  • Where all my data is
    stored? How to access that data?
  • Does it integrate with
    other business tools?
  • Do it scale with me as
    I grow and how will?

Once you analyze all
these, then the analytics tools you have will fit with your needs.

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  • ONPASSIVE
  • ONPASSIVE
  • 15 November, 2020
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